Nucor (NUE) Advances While Market Declines: Some Information for Investors
In the latest trading session, Nucor (NUE) closed at $195.48, marking a +0.53% move from the previous day. The stock's change was more than the S&P 500's daily loss of 0.31%. On the other hand, the Dow registered a loss of 0.41%, and the technology-centric Nasdaq decreased by 0.27%.
Prior to today's trading, shares of the steel company had gained 2.34% over the past month. This has lagged the Basic Materials sector's gain of 5.14% and the S&P 500's gain of 3.05% in that time.
The upcoming earnings release of Nucor will be of great interest to investors. The company's earnings report is expected on April 22, 2024. In that report, analysts expect Nucor to post earnings of $3.86 per share. This would mark a year-over-year decline of 13.26%. In the meantime, our current consensus estimate forecasts the revenue to be $8.08 billion, indicating a 7.21% decline compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $14.04 per share and a revenue of $32.07 billion, signifying shifts of -22% and -7.61%, respectively, from the last year.
Investors might also notice recent changes to analyst estimates for Nucor. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 4.21% higher. Nucor is holding a Zacks Rank of #3 (Hold) right now.
In the context of valuation, Nucor is at present trading with a Forward P/E ratio of 13.85. This denotes a premium relative to the industry's average Forward P/E of 11.09.
The Steel - Producers industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 173, placing it within the bottom 32% of over 250 industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Nucor Corporation (NUE) : Free Stock Analysis Report
