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Here's Why Nucor (NUE) Fell More Than Broader Market
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Nucor (NUE - Free Report) closed the most recent trading day at $143.75, moving -0.94% from the previous trading session. This move lagged the S&P 500's daily loss of 0.85%. On the other hand, the Dow registered a loss of 0.75%, and the technology-centric Nasdaq decreased by 0.96%.
The steel company's shares have seen a decrease of 6.62% over the last month, not keeping up with the Basic Materials sector's loss of 6.34% and the S&P 500's loss of 3.02%.
The investment community will be closely monitoring the performance of Nucor in its forthcoming earnings report. The company is scheduled to release its earnings on October 24, 2023. On that day, Nucor is projected to report earnings of $4.18 per share, which would represent a year-over-year decline of 35.69%. Meanwhile, the latest consensus estimate predicts the revenue to be $8.51 billion, indicating a 18.99% decrease compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $17.63 per share and revenue of $34.4 billion, which would represent changes of -38.76% and -17.13%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Nucor. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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 shifted 2.73% downward. Currently, Nucor is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, Nucor is currently trading at a Forward P/E ratio of 8.23. This signifies a discount in comparison to the average Forward P/E of 8.24 for its industry.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 156, which puts it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Here's Why Nucor (NUE) Fell More Than Broader Market
Nucor (NUE - Free Report) closed the most recent trading day at $143.75, moving -0.94% from the previous trading session. This move lagged the S&P 500's daily loss of 0.85%. On the other hand, the Dow registered a loss of 0.75%, and the technology-centric Nasdaq decreased by 0.96%.
The steel company's shares have seen a decrease of 6.62% over the last month, not keeping up with the Basic Materials sector's loss of 6.34% and the S&P 500's loss of 3.02%.
The investment community will be closely monitoring the performance of Nucor in its forthcoming earnings report. The company is scheduled to release its earnings on October 24, 2023. On that day, Nucor is projected to report earnings of $4.18 per share, which would represent a year-over-year decline of 35.69%. Meanwhile, the latest consensus estimate predicts the revenue to be $8.51 billion, indicating a 18.99% decrease compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $17.63 per share and revenue of $34.4 billion, which would represent changes of -38.76% and -17.13%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Nucor. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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 shifted 2.73% downward. Currently, Nucor is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, Nucor is currently trading at a Forward P/E ratio of 8.23. This signifies a discount in comparison to the average Forward P/E of 8.24 for its industry.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 156, which puts it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.