Encore Wire (WIRE) closed the most recent trading day at $129.88, moving -0.17% from the previous trading session. This change lagged the S&P 500's daily gain of 0.3%. At the same time, the Dow added 0.46%, and the tech-heavy Nasdaq lost 0.09%.
Heading into today, shares of the copper wire maker had gained 6.64% over the past month, outpacing the Industrial Products sector's loss of 4.51% and the S&P 500's loss of 4.13% in that time.
Investors will be hoping for strength from Encore Wire as it approaches its next earnings release. On that day, Encore Wire is projected to report earnings of $4.63 per share, which would represent a year-over-year decline of 45.59%.
Any recent changes to analyst estimates for Encore Wire should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Encore Wire is currently sporting a Zacks Rank of #1 (Strong Buy).
Investors should also note Encore Wire's current valuation metrics, including its Forward P/E ratio of 4.84. This represents a discount compared to its industry's average Forward P/E of 7.85.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 2, putting it in the top 1% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
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
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