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Nucor (NUE) closed the most recent trading day at $107.83, moving -1.08% from the previous trading session. This change was narrower than the S&P 500's daily loss of 1.15%. At the same time, the Dow lost 0.52%, and the tech-heavy Nasdaq lost 0.34%.
Coming into today, shares of the steel company had lost 9.29% in the past month. In that same time, the Basic Materials sector lost 24.26%, while the S&P 500 lost 5.08%.
Investors will be hoping for strength from Nucor as it approaches its next earnings release, which is expected to be July 21, 2022. On that day, Nucor is projected to report earnings of $8.65 per share, which would represent year-over-year growth of 71.63%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $11.42 billion, up 29.94% from the year-ago period.
NUE's full-year Zacks Consensus Estimates are calling for earnings of $29.75 per share and revenue of $42.29 billion. These results would represent year-over-year changes of +28.45% and +15.93%, respectively.
Investors should also note any recent changes to analyst estimates for Nucor. These revisions help to show the ever-changing nature of 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. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Over the past month, the Zacks Consensus EPS estimate has moved 0.55% higher. Nucor currently has a Zacks Rank of #2 (Buy).
In terms of valuation, Nucor is currently trading at a Forward P/E ratio of 3.66. This valuation marks a premium compared to its industry's average Forward P/E of 2.61.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 71, putting it in the top 29% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
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