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Nucor (NUE) Stock Drops Despite Market Gains: Important Facts to Note
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In the latest trading session, Nucor (NUE - Free Report) closed at $192.11, marking a -0.98% move from the previous day. This move lagged the S&P 500's daily gain of 0.03%. Elsewhere, the Dow saw an upswing of 0.41%, while the tech-heavy Nasdaq appreciated by 0.12%.
The steel company's shares have seen an increase of 2.22% over the last month, surpassing the Basic Materials sector's gain of 0.24% and the S&P 500's loss of 0.9%.
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 $3.62 per share. This would mark a year-over-year decline of 18.65%. Alongside, our most recent consensus estimate is anticipating revenue of $8.04 billion, indicating a 7.68% downward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $13 per share and a revenue of $32.07 billion, signifying shifts of -27.78% and -7.63%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Nucor. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.2% lower. Nucor is holding a Zacks Rank of #3 (Hold) right now.
In the context of valuation, Nucor is at present trading with a Forward P/E ratio of 14.93. For comparison, its industry has an average Forward P/E of 10.44, which means Nucor is trading at a premium to the group.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 180, putting it in the bottom 29% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Nucor (NUE) Stock Drops Despite Market Gains: Important Facts to Note
In the latest trading session, Nucor (NUE - Free Report) closed at $192.11, marking a -0.98% move from the previous day. This move lagged the S&P 500's daily gain of 0.03%. Elsewhere, the Dow saw an upswing of 0.41%, while the tech-heavy Nasdaq appreciated by 0.12%.
The steel company's shares have seen an increase of 2.22% over the last month, surpassing the Basic Materials sector's gain of 0.24% and the S&P 500's loss of 0.9%.
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 $3.62 per share. This would mark a year-over-year decline of 18.65%. Alongside, our most recent consensus estimate is anticipating revenue of $8.04 billion, indicating a 7.68% downward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $13 per share and a revenue of $32.07 billion, signifying shifts of -27.78% and -7.63%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Nucor. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.2% lower. Nucor is holding a Zacks Rank of #3 (Hold) right now.
In the context of valuation, Nucor is at present trading with a Forward P/E ratio of 14.93. For comparison, its industry has an average Forward P/E of 10.44, which means Nucor is trading at a premium to the group.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 180, putting it in the bottom 29% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.