Nucor (NUE) Beats Stock Market Upswing: What Investors Need to Know
Nucor (NUE) ended the recent trading session at $189.80, demonstrating a +0.7% swing from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily gain of 0.63%. Meanwhile, the Dow gained 0.2%, and the Nasdaq, a tech-heavy index, added 0.82%.
The the stock of steel company has risen by 1.56% in the past month, lagging the Basic Materials sector's gain of 5.32% and the S&P 500's gain of 1.76%.
The upcoming earnings release of Nucor will be of great interest to investors. It is anticipated that the company will report an EPS of $3.83, marking a 13.93% fall compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $8.11 billion, showing a 6.93% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates project earnings of $13.52 per share and a revenue of $32.12 billion, demonstrating changes of -24.89% and -7.47%, respectively, from the preceding year.
Investors should also take note of any recent adjustments to analyst estimates for Nucor. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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 3.95% higher within the past month. Right now, Nucor possesses a Zacks Rank of #3 (Hold).
From a valuation perspective, Nucor is currently exchanging hands at a Forward P/E ratio of 13.94. This represents a premium compared to its industry's average Forward P/E of 10.27.
The Steel - Producers industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 181, positioning it in the bottom 29% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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
