Nucor (NUE) Ascends But Remains Behind Market: Some Facts to Note
Nucor (NUE) closed at $166.79 in the latest trading session, marking a +0.23% move from the prior day. This move lagged the S&P 500's daily gain of 1.23%. Elsewhere, the Dow saw an upswing of 1.06%, while the tech-heavy Nasdaq appreciated by 1.7%.
Heading into today, shares of the steel company had lost 5.79% over the past month, outpacing the Basic Materials sector's loss of 6.13% and lagging the S&P 500's gain of 0.94% in that time.
Investors will be eagerly watching for the performance of Nucor in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on January 29, 2024. The company's upcoming EPS is projected at $2.83, signifying a 42.13% drop compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $7.56 billion, indicating a 13.3% downward movement from the same quarter last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Nucor. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 0.32% lower within the past month. Nucor is currently a Zacks Rank #3 (Hold).
From a valuation perspective, Nucor is currently exchanging hands at a Forward P/E ratio of 13.25. This signifies a premium in comparison to the average Forward P/E of 9.34 for its industry.
The Steel - Producers industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 93, finds itself in the top 37% echelons of all 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Nucor Corporation (NUE) : Free Stock Analysis Report
