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Nucor (NUE) Suffers a Larger Drop Than the General Market: Key Insights
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Nucor (NUE - Free Report) closed the most recent trading day at $194.06, moving -0.73% from the previous trading session. This change lagged the S&P 500's 0.28% loss on the day. Elsewhere, the Dow saw a downswing of 0.08%, while the tech-heavy Nasdaq depreciated by 0.42%.
Coming into today, shares of the steel company had gained 2.03% in the past month. In that same time, the Basic Materials sector gained 4.7%, while the S&P 500 gained 2.67%.
Investors will be eagerly watching for the performance of Nucor in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on April 22, 2024. In that report, analysts expect Nucor to post earnings of $3.86 per share. This would mark a year-over-year decline of 13.26%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $8.08 billion, down 7.21% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $14.04 per share and a revenue of $32.07 billion, signifying shifts of -22% and -7.61%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Nucor. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Over the past month, there's been a 4.21% rise in the Zacks Consensus EPS estimate. Nucor is currently a Zacks Rank #3 (Hold).
With respect to valuation, Nucor is currently being traded at a Forward P/E ratio of 13.93. This expresses a premium compared to the average Forward P/E of 11.18 of its industry.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 156, putting it in the bottom 39% 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.
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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Nucor (NUE) Suffers a Larger Drop Than the General Market: Key Insights
Nucor (NUE - Free Report) closed the most recent trading day at $194.06, moving -0.73% from the previous trading session. This change lagged the S&P 500's 0.28% loss on the day. Elsewhere, the Dow saw a downswing of 0.08%, while the tech-heavy Nasdaq depreciated by 0.42%.
Coming into today, shares of the steel company had gained 2.03% in the past month. In that same time, the Basic Materials sector gained 4.7%, while the S&P 500 gained 2.67%.
Investors will be eagerly watching for the performance of Nucor in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on April 22, 2024. In that report, analysts expect Nucor to post earnings of $3.86 per share. This would mark a year-over-year decline of 13.26%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $8.08 billion, down 7.21% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $14.04 per share and a revenue of $32.07 billion, signifying shifts of -22% and -7.61%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Nucor. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Over the past month, there's been a 4.21% rise in the Zacks Consensus EPS estimate. Nucor is currently a Zacks Rank #3 (Hold).
With respect to valuation, Nucor is currently being traded at a Forward P/E ratio of 13.93. This expresses a premium compared to the average Forward P/E of 11.18 of its industry.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 156, putting it in the bottom 39% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.