Nucor (NUE) Stock Falls Amid Market Uptick: What Investors Need to Know
Nucor (NUE) closed the most recent trading day at $177.87, moving -0.21% from the previous trading session. This change lagged the S&P 500's daily gain of 0.14%. Meanwhile, the Dow gained 0.3%, and the Nasdaq, a tech-heavy index, added 0.16%.
Shares of the steel company witnessed a gain of 10.6% over the previous month, beating the performance of the Basic Materials sector with its gain of 8.36% and the S&P 500's gain of 4.89%.
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 is predicted to post an EPS of $2.93, indicating a 40.08% decline compared to the equivalent quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $7.54 billion, indicating a 13.54% downward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $17.78 per share and a revenue of $34.55 billion, signifying shifts of -38.24% and -16.77%, respectively, from the last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections 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 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 varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.9% lower within the past month. Nucor currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Nucor has a Forward P/E ratio of 10.03 right now. This indicates a premium in contrast to its industry's Forward P/E of 9.95.
The Steel - Producers industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 65, positioning it in the top 26% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Nucor Corporation (NUE) : Free Stock Analysis Report
