Encore Wire (WIRE) Dips More Than Broader Markets: What You Should Know
In the latest trading session, Encore Wire (WIRE) closed at $169.68, marking a -0.43% move from the previous day. This change lagged the S&P 500's daily loss of 0.2%. Meanwhile, the Dow lost 0.59%, and the Nasdaq, a tech-heavy index, lost 1.54%.
Heading into today, shares of the copper wire maker had gained 2.27% over the past month, lagging the Industrial Products sector's gain of 2.92% and the S&P 500's gain of 4.14% in that time.
Wall Street will be looking for positivity from Encore Wire as it approaches its next earnings report date. On that day, Encore Wire is projected to report earnings of $6.55 per share, which would represent a year-over-year decline of 38.84%.
Investors might also notice recent changes to analyst estimates for Encore Wire. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Encore Wire is holding a Zacks Rank of #1 (Strong Buy) right now.
Digging into valuation, Encore Wire currently has a Forward P/E ratio of 7.46. For comparison, its industry has an average Forward P/E of 7.46, which means Encore Wire is trading at a no noticeable deviation to the group.
The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 6, which puts it in the top 3% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Encore Wire Corporation (WIRE) : Free Stock Analysis Report
