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Nucor (NUE) Gains As Market Dips: What You Should Know
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Nucor (NUE - Free Report) closed the most recent trading day at $161.12, moving +0.22% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.04%. Meanwhile, the Dow lost 0.22%, and the Nasdaq, a tech-heavy index, added 2.93%.
Heading into today, shares of the steel company had gained 20.87% over the past month, outpacing the Basic Materials sector's gain of 5.33% and the S&P 500's gain of 4.22% in that time.
Investors will be hoping for strength from Nucor as it approaches its next earnings release, which is expected to be July 25, 2023. In that report, analysts expect Nucor to post earnings of $5.56 per share. This would mark a year-over-year decline of 42.5%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.37 billion, down 20.52% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $17.95 per share and revenue of $35.13 billion, which would represent changes of -37.65% and -15.37%, respectively, from the prior year.
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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. Within the past 30 days, our consensus EPS projection has moved 1.92% higher. Nucor currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Nucor is currently trading at a Forward P/E ratio of 8.95. This represents a premium compared to its industry's average Forward P/E of 8.49.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 73, putting it in the top 29% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Nucor (NUE) Gains As Market Dips: What You Should Know
Nucor (NUE - Free Report) closed the most recent trading day at $161.12, moving +0.22% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.04%. Meanwhile, the Dow lost 0.22%, and the Nasdaq, a tech-heavy index, added 2.93%.
Heading into today, shares of the steel company had gained 20.87% over the past month, outpacing the Basic Materials sector's gain of 5.33% and the S&P 500's gain of 4.22% in that time.
Investors will be hoping for strength from Nucor as it approaches its next earnings release, which is expected to be July 25, 2023. In that report, analysts expect Nucor to post earnings of $5.56 per share. This would mark a year-over-year decline of 42.5%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.37 billion, down 20.52% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $17.95 per share and revenue of $35.13 billion, which would represent changes of -37.65% and -15.37%, respectively, from the prior year.
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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. Within the past 30 days, our consensus EPS projection has moved 1.92% higher. Nucor currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Nucor is currently trading at a Forward P/E ratio of 8.95. This represents a premium compared to its industry's average Forward P/E of 8.49.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 73, putting it in the top 29% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.