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Nucor (NUE) Outpaces Stock Market Gains: What You Should Know
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Nucor (NUE - Free Report) closed the most recent trading day at $169.67, moving +0.79% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.74%. Meanwhile, the Dow gained 0.25%, and the Nasdaq, a tech-heavy index, added 11.47%.
Prior to today's trading, shares of the steel company had gained 9.05% over the past month. This has outpaced the Basic Materials sector's gain of 1.61% and the S&P 500's gain of 3.34% 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. On that day, Nucor is projected to report earnings of $5.54 per share, which would represent a year-over-year decline of 42.71%. Meanwhile, our latest consensus estimate is calling for revenue of $9.76 billion, down 17.27% from the prior-year quarter.
NUE's full-year Zacks Consensus Estimates are calling for earnings of $18.42 per share and revenue of $36.04 billion. These results would represent year-over-year changes of -36.02% and -13.18%, respectively.
It is also important to note the 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.
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.
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 4.55% higher. Nucor is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Nucor is holding a Forward P/E ratio of 9.14. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 9.14.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 113, putting it in the top 45% 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) Outpaces Stock Market Gains: What You Should Know
Nucor (NUE - Free Report) closed the most recent trading day at $169.67, moving +0.79% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.74%. Meanwhile, the Dow gained 0.25%, and the Nasdaq, a tech-heavy index, added 11.47%.
Prior to today's trading, shares of the steel company had gained 9.05% over the past month. This has outpaced the Basic Materials sector's gain of 1.61% and the S&P 500's gain of 3.34% 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. On that day, Nucor is projected to report earnings of $5.54 per share, which would represent a year-over-year decline of 42.71%. Meanwhile, our latest consensus estimate is calling for revenue of $9.76 billion, down 17.27% from the prior-year quarter.
NUE's full-year Zacks Consensus Estimates are calling for earnings of $18.42 per share and revenue of $36.04 billion. These results would represent year-over-year changes of -36.02% and -13.18%, respectively.
It is also important to note the 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.
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.
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 4.55% higher. Nucor is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Nucor is holding a Forward P/E ratio of 9.14. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 9.14.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 113, putting it in the top 45% 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.