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Nucor (NUE - Free Report) closed the latest trading day at $174.70, indicating a +1.2% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily gain of 0.53%. Elsewhere, the Dow saw an upswing of 0.64%, while the tech-heavy Nasdaq appreciated by 0.19%.
The steel company's shares have seen a decrease of 2.95% over the last month, surpassing the Basic Materials sector's loss of 7.42% and falling behind the S&P 500's gain of 2.48%.
The upcoming earnings release of Nucor will be of great interest to investors. The company's earnings report is expected on January 29, 2024. The company is expected to report EPS of $2.83, down 42.13% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $7.56 billion, down 13.3% from the prior-year quarter.
Investors should also pay attention to any latest changes in analyst estimates for Nucor. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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 0.32% lower. Nucor is holding a Zacks Rank of #3 (Hold) right now.
From a valuation perspective, Nucor is currently exchanging hands at a Forward P/E ratio of 13.75. This indicates a premium in contrast to its industry's Forward P/E of 9.43.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 102, putting it in the top 41% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Why Nucor (NUE) Outpaced the Stock Market Today
Nucor (NUE - Free Report) closed the latest trading day at $174.70, indicating a +1.2% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily gain of 0.53%. Elsewhere, the Dow saw an upswing of 0.64%, while the tech-heavy Nasdaq appreciated by 0.19%.
The steel company's shares have seen a decrease of 2.95% over the last month, surpassing the Basic Materials sector's loss of 7.42% and falling behind the S&P 500's gain of 2.48%.
The upcoming earnings release of Nucor will be of great interest to investors. The company's earnings report is expected on January 29, 2024. The company is expected to report EPS of $2.83, down 42.13% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $7.56 billion, down 13.3% from the prior-year quarter.
Investors should also pay attention to any latest changes in analyst estimates for Nucor. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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 0.32% lower. Nucor is holding a Zacks Rank of #3 (Hold) right now.
From a valuation perspective, Nucor is currently exchanging hands at a Forward P/E ratio of 13.75. This indicates a premium in contrast to its industry's Forward P/E of 9.43.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 102, putting it in the top 41% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.