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Encore Wire (WIRE) Dips More Than Broader Markets: What You Should Know
In the latest trading session, Encore Wire (WIRE - Free Report) closed at $150.58, marking a -1.3% move from the previous day. This change lagged the S&P 500's 0.02% loss on the day. Elsewhere, the Dow gained 0.03%, while the tech-heavy Nasdaq added 5.44%.
Heading into today, shares of the copper wire maker had gained 8.37% over the past month, outpacing the Industrial Products sector's gain of 4.37% and the S&P 500's gain of 4.57% in that time.
Investors will be hoping for strength from Encore Wire as it approaches its next earnings release. In that report, analysts expect Encore Wire to post earnings of $4.61 per share. This would mark a year-over-year decline of 33.29%.
Investors should also note any recent changes to analyst estimates for Encore Wire. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. The Zacks Consensus EPS estimate remained stagnant within the past month. Encore Wire is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that Encore Wire has a Forward P/E ratio of 9.89 right now. Its industry sports an average Forward P/E of 9.89, so we one might conclude that Encore Wire is trading at a no noticeable deviation comparatively.
The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 208, which puts it in the bottom 18% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.