Nucor (NUE) Beats Stock Market Upswing: What Investors Need to Know
Nucor (NUE) closed the most recent trading day at $189.99, moving +1.79% from the previous trading session. The stock's performance was ahead of the S&P 500's daily gain of 0.04%. On the other hand, the Dow registered a gain of 0.16%, and the technology-centric Nasdaq decreased by 0.28%.
The steel company's stock has climbed by 6.84% in the past month, exceeding the Basic Materials sector's gain of 1.21% and the S&P 500's gain of 5.01%.
Market participants will be closely following the financial results of Nucor in its upcoming release. The company's earnings per share (EPS) are projected to be $3.84, reflecting a 13.71% decrease from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $8.26 billion, down 5.16% from the prior-year quarter.
NUE's full-year Zacks Consensus Estimates are calling for earnings of $12.97 per share and revenue of $32.58 billion. These results would represent year-over-year changes of -27.94% and -6.13%, respectively.
Investors should also pay attention to any latest changes in analyst estimates for Nucor. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 3.33% 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 14.39. This denotes a premium relative to the industry's average Forward P/E of 10.88.
The Steel - Producers industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 166, placing it within the bottom 35% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Nucor Corporation (NUE) : Free Stock Analysis Report
