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Nucor (NUE) Gains As Market Dips: What You Should Know
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Nucor (NUE - Free Report) closed at $151.90 in the latest trading session, marking a +1.59% move from the prior day. This change outpaced the S&P 500's 0.53% loss on the day.
Coming into today, shares of the steel company had gained 9.2% in the past month. In that same time, the Basic Materials sector gained 1.55%, while the S&P 500 gained 4.86%.
Nucor will be looking to display strength as it nears its next earnings release, which is expected to be July 25, 2023. On that day, Nucor is projected to report earnings of $5.34 per share, which would represent a year-over-year decline of 44.78%. Our most recent consensus estimate is calling for quarterly revenue of $9.04 billion, down 23.36% from the year-ago period.
NUE's full-year Zacks Consensus Estimates are calling for earnings of $16.99 per share and revenue of $35.43 billion. These results would represent year-over-year changes of -40.99% and -14.65%, respectively.
It is also important to note the recent changes to analyst estimates for Nucor. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 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 past month, the Zacks Consensus EPS estimate has moved 1.61% higher. Nucor is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Nucor is holding a Forward P/E ratio of 8.8. Its industry sports an average Forward P/E of 8.42, so we one might conclude that Nucor is trading at a premium comparatively.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 50, which puts it in the top 20% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the 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 (NUE) Gains As Market Dips: What You Should Know
Nucor (NUE - Free Report) closed at $151.90 in the latest trading session, marking a +1.59% move from the prior day. This change outpaced the S&P 500's 0.53% loss on the day.
Coming into today, shares of the steel company had gained 9.2% in the past month. In that same time, the Basic Materials sector gained 1.55%, while the S&P 500 gained 4.86%.
Nucor will be looking to display strength as it nears its next earnings release, which is expected to be July 25, 2023. On that day, Nucor is projected to report earnings of $5.34 per share, which would represent a year-over-year decline of 44.78%. Our most recent consensus estimate is calling for quarterly revenue of $9.04 billion, down 23.36% from the year-ago period.
NUE's full-year Zacks Consensus Estimates are calling for earnings of $16.99 per share and revenue of $35.43 billion. These results would represent year-over-year changes of -40.99% and -14.65%, respectively.
It is also important to note the recent changes to analyst estimates for Nucor. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 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 past month, the Zacks Consensus EPS estimate has moved 1.61% higher. Nucor is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Nucor is holding a Forward P/E ratio of 8.8. Its industry sports an average Forward P/E of 8.42, so we one might conclude that Nucor is trading at a premium comparatively.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 50, which puts it in the top 20% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the 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.