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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 $170.78, moving -0.84% from the previous trading session. This move lagged the S&P 500's daily loss of 0.45%. Meanwhile, the Dow lost 0.04%, and the Nasdaq, a tech-heavy index, added 3.58%.
Coming into today, shares of the copper wire maker had gained 0.9% in the past month. In that same time, the Industrial Products sector gained 7.3%, while the S&P 500 gained 5.01%.
Wall Street will be looking for positivity from Encore Wire as it approaches its next earnings report date. On that day, Encore Wire is projected to report earnings of $6.55 per share, which would represent a year-over-year decline of 38.84%.
Any recent changes to analyst estimates for Encore Wire should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. 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. Within the past 30 days, our consensus EPS projection remained stagnant. Encore Wire is currently sporting a Zacks Rank of #2 (Buy).
Digging into valuation, Encore Wire currently has a Forward P/E ratio of 7.54. For comparison, its industry has an average Forward P/E of 8.1, 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 industry currently has a Zacks Industry Rank of 6, which puts it in the top 3% 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.
Be sure to follow all of these stock-moving metrics, and many 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 $170.78, moving -0.84% from the previous trading session. This move lagged the S&P 500's daily loss of 0.45%. Meanwhile, the Dow lost 0.04%, and the Nasdaq, a tech-heavy index, added 3.58%.
Coming into today, shares of the copper wire maker had gained 0.9% in the past month. In that same time, the Industrial Products sector gained 7.3%, while the S&P 500 gained 5.01%.
Wall Street will be looking for positivity from Encore Wire as it approaches its next earnings report date. On that day, Encore Wire is projected to report earnings of $6.55 per share, which would represent a year-over-year decline of 38.84%.
Any recent changes to analyst estimates for Encore Wire should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. 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. Within the past 30 days, our consensus EPS projection remained stagnant. Encore Wire is currently sporting a Zacks Rank of #2 (Buy).
Digging into valuation, Encore Wire currently has a Forward P/E ratio of 7.54. For comparison, its industry has an average Forward P/E of 8.1, 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 industry currently has a Zacks Industry Rank of 6, which puts it in the top 3% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.