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Encore Wire (WIRE) Stock Moves -0.01%: What You Should Know

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In the latest trading session, Encore Wire (WIRE - Free Report) closed at $157.80, marking a -0.01% move from the previous day. This change was narrower than the S&P 500's 1.3% loss on the day. At the same time, the Dow lost 0.77%, and the tech-heavy Nasdaq lost 5.51%.

Heading into today, shares of the copper wire maker had gained 14.73% over the past month, outpacing the Industrial Products sector's gain of 5.07% and the S&P 500's gain of 6.41% 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 $4.61 per share, which would represent 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. 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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Encore Wire is currently sporting a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that Encore Wire has a Forward P/E ratio of 10.23 right now. Its industry sports an average Forward P/E of 10.23, 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 207, which puts it in the bottom 18% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our 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 to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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