Nucor (NUE) Stock Moves -1.22%: What You Should Know
Nucor (NUE) closed at $175.69 in the latest trading session, marking a -1.22% move from the prior day. This change was narrower than the S&P 500's 1.47% loss on the day. On the other hand, the Dow registered a loss of 1.27%, and the technology-centric Nasdaq decreased by 1.5%.
The steel company's shares have seen an increase of 12.72% over the last month, surpassing the Basic Materials sector's gain of 8.65% and the S&P 500's gain of 5.77%.
Market participants will be closely following the financial results of Nucor in its upcoming release. The company plans to announce its earnings on January 29, 2024. On that day, Nucor is projected to report earnings of $2.93 per share, which would represent a year-over-year decline of 40.08%. Meanwhile, the latest consensus estimate predicts the revenue to be $7.54 billion, indicating a 13.54% decrease compared to the same quarter of the previous year.
NUE's full-year Zacks Consensus Estimates are calling for earnings of $17.78 per share and revenue of $34.55 billion. These results would represent year-over-year changes of -38.24% and -16.77%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Nucor. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.26% lower. Nucor is currently sporting a Zacks Rank of #3 (Hold).
Looking at valuation, Nucor is presently trading at a Forward P/E ratio of 10.01. This signifies a premium in comparison to the average Forward P/E of 9.95 for its industry.
The Steel - Producers industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 86, placing it within the top 35% of over 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Nucor Corporation (NUE) : Free Stock Analysis Report
