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Encore Wire (WIRE) Outpaces Stock Market Gains: What You Should Know
Encore Wire (WIRE - Free Report) closed at $178.79 in the latest trading session, marking a +0.93% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.3%. Elsewhere, the Dow gained 0.24%, while the tech-heavy Nasdaq added 0.34%.
Prior to today's trading, shares of the copper wire maker had lost 5.82% over the past month. This has lagged the Industrial Products sector's loss of 4.87% and the S&P 500's loss of 1.21% in that time.
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 $5.44 per share, which would represent a year-over-year decline of 31.66%.
Investors might also notice 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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, 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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Encore Wire currently has a Zacks Rank of #1 (Strong Buy).
Digging into valuation, Encore Wire currently has a Forward P/E ratio of 8.96. For comparison, its industry has an average Forward P/E of 8.96, which means Encore Wire is trading at a no noticeable deviation 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 4, which puts it in the top 2% 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 Zacks.com.