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Encore Wire (WIRE) Gains As Market Dips: What You Should Know
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Encore Wire (WIRE - Free Report) closed the most recent trading day at $124.76, moving +1.84% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.43%. At the same time, the Dow lost 0.34%, and the tech-heavy Nasdaq lost 0.62%.
Heading into today, shares of the copper wire maker had gained 0.25% over the past month, outpacing the Industrial Products sector's loss of 5.06% and the S&P 500's loss of 6.57% in that time.
Encore Wire will be looking to display strength as it nears its next earnings release. On that day, Encore Wire is projected to report earnings of $2.38 per share, which would represent year-over-year growth of 19.6%.
It is also important to note the recent changes to analyst estimates 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 10.04% higher within the past month. Encore Wire is currently sporting a Zacks Rank of #1 (Strong Buy).
Looking at its valuation, Encore Wire is holding a Forward P/E ratio of 11.41. For comparison, its industry has an average Forward P/E of 11.13, which means Encore Wire is trading at a premium to the group.
The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 42, which puts it in the top 17% of all 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.
To follow WIRE in the coming trading sessions, be sure to utilize Zacks.com.
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Encore Wire (WIRE) Gains As Market Dips: What You Should Know
Encore Wire (WIRE - Free Report) closed the most recent trading day at $124.76, moving +1.84% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.43%. At the same time, the Dow lost 0.34%, and the tech-heavy Nasdaq lost 0.62%.
Heading into today, shares of the copper wire maker had gained 0.25% over the past month, outpacing the Industrial Products sector's loss of 5.06% and the S&P 500's loss of 6.57% in that time.
Encore Wire will be looking to display strength as it nears its next earnings release. On that day, Encore Wire is projected to report earnings of $2.38 per share, which would represent year-over-year growth of 19.6%.
It is also important to note the recent changes to analyst estimates 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 10.04% higher within the past month. Encore Wire is currently sporting a Zacks Rank of #1 (Strong Buy).
Looking at its valuation, Encore Wire is holding a Forward P/E ratio of 11.41. For comparison, its industry has an average Forward P/E of 11.13, which means Encore Wire is trading at a premium to the group.
The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 42, which puts it in the top 17% of all 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.
To follow WIRE in the coming trading sessions, be sure to utilize Zacks.com.