Encore Wire (WIRE - Free Report) closed the most recent trading day at $235, moving +1.56% from the previous trading session. The stock exceeded the S&P 500, which registered a loss of 0.17% for the day. Meanwhile, the Dow lost 0.06%, and the Nasdaq, a tech-heavy index, lost 0.55%.
Coming into today, shares of the copper wire maker had gained 0.7% in the past month. In that same time, the Industrial Products sector gained 5.62%, while the S&P 500 gained 3.98%.
The investment community will be paying close attention to the earnings performance of Encore Wire in its upcoming release. The company is predicted to post an EPS of $3.73, indicating a 42.62% decline compared to the equivalent quarter last year.
Any recent changes to analyst estimates for Encore Wire should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 3.96% higher. At present, Encore Wire boasts a Zacks Rank of #2 (Buy).
Valuation is also important, so investors should note that Encore Wire has a Forward P/E ratio of 14.01 right now. For comparison, its industry has an average Forward P/E of 14.88, 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. At present, this industry carries a Zacks Industry Rank of 56, placing it within the top 23% of over 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
Encore Wire (WIRE - Free Report) closed the most recent trading day at $235, moving +1.56% from the previous trading session. The stock exceeded the S&P 500, which registered a loss of 0.17% for the day. Meanwhile, the Dow lost 0.06%, and the Nasdaq, a tech-heavy index, lost 0.55%.
Coming into today, shares of the copper wire maker had gained 0.7% in the past month. In that same time, the Industrial Products sector gained 5.62%, while the S&P 500 gained 3.98%.
The investment community will be paying close attention to the earnings performance of Encore Wire in its upcoming release. The company is predicted to post an EPS of $3.73, indicating a 42.62% decline compared to the equivalent quarter last year.
Any recent changes to analyst estimates for Encore Wire should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 3.96% higher. At present, Encore Wire boasts a Zacks Rank of #2 (Buy).
Valuation is also important, so investors should note that Encore Wire has a Forward P/E ratio of 14.01 right now. For comparison, its industry has an average Forward P/E of 14.88, 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. At present, this industry carries a Zacks Industry Rank of 56, placing it within the top 23% of over 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
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