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Encore Wire (WIRE) Gains As Market Dips: What You Should Know
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In the latest trading session, Encore Wire (WIRE - Free Report) closed at $178.49, marking a +1.54% move from the previous day. This move outpaced the S&P 500's daily loss of 0.22%. Meanwhile, the Dow lost 0.31%, and the Nasdaq, a tech-heavy index, lost 0.23%.
Heading into today, shares of the copper wire maker had gained 9.99% over the past month, outpacing the Industrial Products sector's gain of 1.72% and the S&P 500's gain of 2.08% in that time.
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 $4.66 per share, which would represent a year-over-year decline of 53.26%.
It is also important to note the recent changes to analyst estimates for Encore Wire. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
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. Within the past 30 days, our consensus EPS projection remained stagnant. Encore Wire currently has a Zacks Rank of #4 (Sell).
Digging into valuation, Encore Wire currently has a Forward P/E ratio of 8.23. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 8.23.
The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 49, which puts it in the top 20% 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.
To follow WIRE in the coming trading sessions, be sure to utilize Zacks.com.
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Encore Wire (WIRE) Gains As Market Dips: What You Should Know
In the latest trading session, Encore Wire (WIRE - Free Report) closed at $178.49, marking a +1.54% move from the previous day. This move outpaced the S&P 500's daily loss of 0.22%. Meanwhile, the Dow lost 0.31%, and the Nasdaq, a tech-heavy index, lost 0.23%.
Heading into today, shares of the copper wire maker had gained 9.99% over the past month, outpacing the Industrial Products sector's gain of 1.72% and the S&P 500's gain of 2.08% in that time.
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 $4.66 per share, which would represent a year-over-year decline of 53.26%.
It is also important to note the recent changes to analyst estimates for Encore Wire. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
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. Within the past 30 days, our consensus EPS projection remained stagnant. Encore Wire currently has a Zacks Rank of #4 (Sell).
Digging into valuation, Encore Wire currently has a Forward P/E ratio of 8.23. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 8.23.
The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 49, which puts it in the top 20% 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.
To follow WIRE in the coming trading sessions, be sure to utilize Zacks.com.