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In the latest trading session, Encore Wire (WIRE) closed at $109.18, marking a -0.48% move from the previous day. This change lagged the S&P 500's 0.22% gain on the day. At the same time, the Dow lost 0.13%, and the tech-heavy Nasdaq gained 0.22%.
Heading into today, shares of the copper wire maker had lost 9.26% over the past month, outpacing the Industrial Products sector's loss of 11.34% and the S&P 500's loss of 10.02% in that time.
Wall Street will be looking for positivity from Encore Wire as it approaches its next earnings report date. In that report, analysts expect Encore Wire to post earnings of $4.15 per share. This would mark a year-over-year decline of 52.95%.
Investors might also notice recent changes to analyst estimates for Encore Wire. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Encore Wire is holding a Zacks Rank of #1 (Strong Buy) right now.
Valuation is also important, so investors should note that Encore Wire has a Forward P/E ratio of 5.69 right now. For comparison, its industry has an average Forward P/E of 7.23, which means Encore Wire is trading at a discount to the group.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 1, putting it in the top 1% 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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