Nucor (NUE) Stock Falls Amid Market Uptick: What Investors Need to Know
Nucor (NUE) ended the recent trading session at $184.65, demonstrating a -0.08% swing from the preceding day's closing price. The stock fell short of the S&P 500, which registered a gain of 0.51% for the day. At the same time, the Dow added 0.2%, and the tech-heavy Nasdaq gained 0.58%.
The steel company's shares have seen an increase of 1.9% over the last month, not keeping up with the Basic Materials sector's gain of 4.25% and the S&P 500's gain of 2.94%.
Analysts and investors alike will be keeping a close eye on the performance of Nucor in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $3.84, reflecting a 13.71% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $8.26 billion, indicating a 5.16% downward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $13.47 per share and a revenue of $32.58 billion, representing changes of -25.17% and -6.13%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Nucor. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 2.79% higher within the past month. Nucor is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Nucor is currently trading at a Forward P/E ratio of 13.72. Its industry sports an average Forward P/E of 10.67, so one might conclude that Nucor is trading at a premium comparatively.
The Steel - Producers industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 171, positioning it in the bottom 33% 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.
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
