The most recent trading session ended with Encore Wire (WIRE - Free Report) standing at $268.65, reflecting a +1.78% shift from the previouse trading day's closing. The stock exceeded the S&P 500, which registered a gain of 1.11% for the day. Elsewhere, the Dow gained 0.8%, while the tech-heavy Nasdaq added 1.24%.
The copper wire maker's shares have seen an increase of 17.5% over the last month, surpassing the Industrial Products sector's gain of 4.27% and the S&P 500's gain of 0.48%.
Market participants will be closely following the financial results of Encore Wire in its upcoming release. The company is forecasted to report an EPS of $3.73, showcasing a 42.62% downward movement from the corresponding quarter of the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Encore Wire. 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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. As of now, Encore Wire holds a Zacks Rank of #2 (Buy).
Looking at valuation, Encore Wire is presently trading at a Forward P/E ratio of 15.98. This represents a discount compared to its industry's average Forward P/E of 16.37.
The Wire and Cable Products industry is part of the Industrial Products sector. Currently, this industry holds a Zacks Industry Rank of 17, positioning it in the top 7% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.
Top 5 ChatGPT Stocks Revealed
Zacks Senior Stock Strategist, Kevin Cook names 5 hand-picked stocks with sky-high growth potential in a brilliant sector of Artificial Intelligence. By 2030, the AI industry is predicted to have an internet and iPhone-scale economic impact of $15.7 Trillion.
Today you can invest in the wave of the future, an automation that answers follow-up questions … admits mistakes … challenges incorrect premises … rejects inappropriate requests. As one of the selected companies puts it, “Automation frees people from the mundane so they can accomplish the miraculous.”
Download Free ChatGPT Stock Report Right Now >>
The most recent trading session ended with Encore Wire (WIRE - Free Report) standing at $268.65, reflecting a +1.78% shift from the previouse trading day's closing. The stock exceeded the S&P 500, which registered a gain of 1.11% for the day. Elsewhere, the Dow gained 0.8%, while the tech-heavy Nasdaq added 1.24%.
The copper wire maker's shares have seen an increase of 17.5% over the last month, surpassing the Industrial Products sector's gain of 4.27% and the S&P 500's gain of 0.48%.
Market participants will be closely following the financial results of Encore Wire in its upcoming release. The company is forecasted to report an EPS of $3.73, showcasing a 42.62% downward movement from the corresponding quarter of the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Encore Wire. 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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. As of now, Encore Wire holds a Zacks Rank of #2 (Buy).
Looking at valuation, Encore Wire is presently trading at a Forward P/E ratio of 15.98. This represents a discount compared to its industry's average Forward P/E of 16.37.
The Wire and Cable Products industry is part of the Industrial Products sector. Currently, this industry holds a Zacks Industry Rank of 17, positioning it in the top 7% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.
Top 5 ChatGPT Stocks Revealed
Zacks Senior Stock Strategist, Kevin Cook names 5 hand-picked stocks with sky-high growth potential in a brilliant sector of Artificial Intelligence. By 2030, the AI industry is predicted to have an internet and iPhone-scale economic impact of $15.7 Trillion.
Today you can invest in the wave of the future, an automation that answers follow-up questions … admits mistakes … challenges incorrect premises … rejects inappropriate requests. As one of the selected companies puts it, “Automation frees people from the mundane so they can accomplish the miraculous.”
Download Free ChatGPT Stock Report Right Now >>
Get the latest research report on WIRE - FREE