Back to top

Image: Bigstock

Encore Wire (WIRE) Outpaces Stock Market Gains: What You Should Know

Read MoreHide Full Article

In the latest trading session, Encore Wire (WIRE - Free Report) closed at $138.65, marking a +0.92% move from the previous day. This change outpaced the S&P 500's 0.62% gain on the day. Elsewhere, the Dow gained 0.55%, while the tech-heavy Nasdaq lost 0.03%.

Coming into today, shares of the copper wire maker had lost 6.25% in the past month. In that same time, the Industrial Products sector lost 2.2%, while the S&P 500 gained 0.87%.

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 $2.42 per share, which would represent year-over-year growth of 106.84%.

Investors might also notice 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.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Encore Wire currently has a Zacks Rank of #1 (Strong Buy).

Looking at its valuation, Encore Wire is holding a Forward P/E ratio of 6.37. This valuation marks a discount compared to its industry's average Forward P/E of 9.9.

The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 1, which puts it in the top 1% of all 250+ industries.

The Zacks Industry Rank includes is listed in order 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.

Be sure to follow all of these stock-moving metrics, and many more, on

In-Depth Zacks Research for the Tickers Above

Normally $25 each - click below to receive one report FREE:

Encore Wire Corporation (WIRE) - free report >>

Published in