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Encore Wire (WIRE) Gains As Market Dips: What You Should Know
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The latest trading session saw Encore Wire (WIRE - Free Report) ending at $215.02, denoting a +0.66% adjustment from its last day's close. The stock outperformed the S&P 500, which registered a daily loss of 0.57%. On the other hand, the Dow registered a gain of 0.07%, and the technology-centric Nasdaq decreased by 1.64%.
Shares of the copper wire maker witnessed a gain of 12.48% over the previous month, beating the performance of the Industrial Products sector with its gain of 7.71% and the S&P 500's gain of 4%.
The investment community will be closely monitoring the performance of Encore Wire in its forthcoming earnings report. The company is forecasted to report an EPS of $4.05, showcasing a 51.09% downward movement from the corresponding quarter of the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Encore Wire. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Right now, Encore Wire possesses a Zacks Rank of #3 (Hold).
From a valuation perspective, Encore Wire is currently exchanging hands at a Forward P/E ratio of 13.44. Its industry sports an average Forward P/E of 13.64, so one might conclude that Encore Wire is trading at a discount comparatively.
The Wire and Cable Products industry is part of the Industrial Products sector. With its current Zacks Industry Rank of 228, this industry ranks in the bottom 10% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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 As Market Dips: What You Should Know
The latest trading session saw Encore Wire (WIRE - Free Report) ending at $215.02, denoting a +0.66% adjustment from its last day's close. The stock outperformed the S&P 500, which registered a daily loss of 0.57%. On the other hand, the Dow registered a gain of 0.07%, and the technology-centric Nasdaq decreased by 1.64%.
Shares of the copper wire maker witnessed a gain of 12.48% over the previous month, beating the performance of the Industrial Products sector with its gain of 7.71% and the S&P 500's gain of 4%.
The investment community will be closely monitoring the performance of Encore Wire in its forthcoming earnings report. The company is forecasted to report an EPS of $4.05, showcasing a 51.09% downward movement from the corresponding quarter of the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Encore Wire. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Right now, Encore Wire possesses a Zacks Rank of #3 (Hold).
From a valuation perspective, Encore Wire is currently exchanging hands at a Forward P/E ratio of 13.44. Its industry sports an average Forward P/E of 13.64, so one might conclude that Encore Wire is trading at a discount comparatively.
The Wire and Cable Products industry is part of the Industrial Products sector. With its current Zacks Industry Rank of 228, this industry ranks in the bottom 10% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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.