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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 the most recent trading day at $165.81, moving -1.77% from the previous trading session. This change lagged the S&P 500's 0.01% loss on the day. Meanwhile, the Dow lost 0.23%, and the Nasdaq, a tech-heavy index, added 0.97%.
Coming into today, shares of the copper wire maker had lost 6.21% in the past month. In that same time, the Industrial Products sector gained 5.08%, while the S&P 500 gained 6.23%.
Encore Wire will be looking to display strength as it nears its next earnings release, which is expected to be April 25, 2023. On that day, Encore Wire is projected to report earnings of $5.44 per share, which would represent a year-over-year decline of 31.66%.
Investors might also notice recent changes to analyst estimates for Encore Wire. Recent revisions tend to reflect the latest 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. 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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Encore Wire is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Encore Wire is holding a Forward P/E ratio of 8.54. Its industry sports an average Forward P/E of 8.54, so we one might conclude that Encore Wire is trading at a no noticeable deviation comparatively.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 42, putting it in the top 17% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Encore Wire (WIRE) Dips More Than Broader Markets: What You Should Know
Encore Wire (WIRE - Free Report) closed the most recent trading day at $165.81, moving -1.77% from the previous trading session. This change lagged the S&P 500's 0.01% loss on the day. Meanwhile, the Dow lost 0.23%, and the Nasdaq, a tech-heavy index, added 0.97%.
Coming into today, shares of the copper wire maker had lost 6.21% in the past month. In that same time, the Industrial Products sector gained 5.08%, while the S&P 500 gained 6.23%.
Encore Wire will be looking to display strength as it nears its next earnings release, which is expected to be April 25, 2023. On that day, Encore Wire is projected to report earnings of $5.44 per share, which would represent a year-over-year decline of 31.66%.
Investors might also notice recent changes to analyst estimates for Encore Wire. Recent revisions tend to reflect the latest 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. 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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Encore Wire is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Encore Wire is holding a Forward P/E ratio of 8.54. Its industry sports an average Forward P/E of 8.54, so we one might conclude that Encore Wire is trading at a no noticeable deviation comparatively.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 42, putting it in the top 17% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.