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Encore Wire (WIRE) Registers a Bigger Fall Than the Market: Important Facts to Note
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Encore Wire (WIRE - Free Report) closed the most recent trading day at $173.20, moving -1.14% from the previous trading session. The stock's change was less than the S&P 500's daily loss of 0.85%. Elsewhere, the Dow lost 0.75%, while the tech-heavy Nasdaq lost 0.96%.
Shares of the copper wire maker witnessed a loss of 1.26% over the previous month, beating the performance of the Industrial Products sector with its loss of 4.87% and the S&P 500's loss of 3.02%.
Investors will be eagerly watching for the performance of Encore Wire in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on October 24, 2023. The company is expected to report EPS of $4.66, down 53.26% from the prior-year quarter.
Investors should also note any 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. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Encore Wire is holding a Zacks Rank of #3 (Hold) right now.
From a valuation perspective, Encore Wire is currently exchanging hands at a Forward P/E ratio of 8.21. This valuation marks a discount compared to its industry's average Forward P/E of 9.11.
The Wire and Cable Products industry is part of the Industrial Products sector. With its current Zacks Industry Rank of 226, this industry ranks in the bottom 11% of all industries, numbering over 250.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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) Registers a Bigger Fall Than the Market: Important Facts to Note
Encore Wire (WIRE - Free Report) closed the most recent trading day at $173.20, moving -1.14% from the previous trading session. The stock's change was less than the S&P 500's daily loss of 0.85%. Elsewhere, the Dow lost 0.75%, while the tech-heavy Nasdaq lost 0.96%.
Shares of the copper wire maker witnessed a loss of 1.26% over the previous month, beating the performance of the Industrial Products sector with its loss of 4.87% and the S&P 500's loss of 3.02%.
Investors will be eagerly watching for the performance of Encore Wire in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on October 24, 2023. The company is expected to report EPS of $4.66, down 53.26% from the prior-year quarter.
Investors should also note any 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. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Encore Wire is holding a Zacks Rank of #3 (Hold) right now.
From a valuation perspective, Encore Wire is currently exchanging hands at a Forward P/E ratio of 8.21. This valuation marks a discount compared to its industry's average Forward P/E of 9.11.
The Wire and Cable Products industry is part of the Industrial Products sector. With its current Zacks Industry Rank of 226, this industry ranks in the bottom 11% of all industries, numbering over 250.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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.