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Encore Wire (WIRE) Gains But Lags Market: What You Should Know
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In the latest trading session, Encore Wire (WIRE - Free Report) closed at $179.95, marking a +1.36% move from the previous day. This move lagged the S&P 500's daily gain of 1.42%. At the same time, the Dow added 1%, and the tech-heavy Nasdaq gained 5.16%.
Prior to today's trading, shares of the copper wire maker had lost 8.02% over the past month. This has lagged the Industrial Products sector's loss of 4.45% and the S&P 500's gain of 0.27% in that time.
Encore Wire will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $5.44, down 31.66% from the prior-year quarter.
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. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Encore Wire currently has a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Encore Wire is currently trading at a Forward P/E ratio of 8.98. This represents a no noticeable deviation compared to its industry's average Forward P/E of 8.98.
The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 3, which puts it in the top 2% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Encore Wire (WIRE) Gains But Lags Market: What You Should Know
In the latest trading session, Encore Wire (WIRE - Free Report) closed at $179.95, marking a +1.36% move from the previous day. This move lagged the S&P 500's daily gain of 1.42%. At the same time, the Dow added 1%, and the tech-heavy Nasdaq gained 5.16%.
Prior to today's trading, shares of the copper wire maker had lost 8.02% over the past month. This has lagged the Industrial Products sector's loss of 4.45% and the S&P 500's gain of 0.27% in that time.
Encore Wire will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $5.44, down 31.66% from the prior-year quarter.
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. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Encore Wire currently has a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Encore Wire is currently trading at a Forward P/E ratio of 8.98. This represents a no noticeable deviation compared to its industry's average Forward P/E of 8.98.
The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 3, which puts it in the top 2% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
You can find more information on all of these metrics, and much more, on Zacks.com.