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Encore Wire (WIRE) Dips More Than Broader Markets: What You Should Know
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Encore Wire (WIRE - Free Report) closed at $138.13 in the latest trading session, marking a -1.88% move from the prior day. This change lagged the S&P 500's 1.2% loss on the day. At the same time, the Dow lost 1.1%, and the tech-heavy Nasdaq lost 2.86%.
Prior to today's trading, shares of the copper wire maker had lost 2.88% over the past month. This has lagged the Industrial Products sector's loss of 2.62% and was narrower than the S&P 500's loss of 4.77% in that time.
Investors will be hoping for strength from Encore Wire as it approaches its next earnings release. The company is expected to report EPS of $4.61, down 33.29% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Encore Wire. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Encore Wire is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Encore Wire is holding a Forward P/E ratio of 4.22. This valuation marks a discount compared to its industry's average Forward P/E of 7.95.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 12, putting it in the top 5% 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.
To follow WIRE in the coming trading sessions, be sure to utilize Zacks.com.
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Encore Wire (WIRE) Dips More Than Broader Markets: What You Should Know
Encore Wire (WIRE - Free Report) closed at $138.13 in the latest trading session, marking a -1.88% move from the prior day. This change lagged the S&P 500's 1.2% loss on the day. At the same time, the Dow lost 1.1%, and the tech-heavy Nasdaq lost 2.86%.
Prior to today's trading, shares of the copper wire maker had lost 2.88% over the past month. This has lagged the Industrial Products sector's loss of 2.62% and was narrower than the S&P 500's loss of 4.77% in that time.
Investors will be hoping for strength from Encore Wire as it approaches its next earnings release. The company is expected to report EPS of $4.61, down 33.29% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Encore Wire. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Encore Wire is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Encore Wire is holding a Forward P/E ratio of 4.22. This valuation marks a discount compared to its industry's average Forward P/E of 7.95.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 12, putting it in the top 5% 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.
To follow WIRE in the coming trading sessions, be sure to utilize Zacks.com.