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Encore Wire (WIRE) Outpaces Stock Market Gains: What You Should Know
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Encore Wire (WIRE - Free Report) closed at $165.85 in the latest trading session, marking a +1.99% move from the prior day. This change outpaced the S&P 500's 1.33% gain on the day. Meanwhile, the Dow gained 1.14%, and the Nasdaq, a tech-heavy index, added 2.94%.
Coming into today, shares of the copper wire maker had lost 3.69% in the past month. In that same time, the Industrial Products sector lost 0.81%, while the S&P 500 gained 6.11%.
Wall Street will be looking for positivity from Encore Wire as it approaches its next earnings report date. This is expected to be April 25, 2023. The company is expected to report EPS of $5.44, down 31.66% from the prior-year quarter.
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 such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Encore Wire currently has a Zacks Rank of #1 (Strong Buy).
Valuation is also important, so investors should note that Encore Wire has a Forward P/E ratio of 8.23 right now. This represents a no noticeable deviation compared to its industry's average Forward P/E of 8.23.
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 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Encore Wire (WIRE) Outpaces Stock Market Gains: What You Should Know
Encore Wire (WIRE - Free Report) closed at $165.85 in the latest trading session, marking a +1.99% move from the prior day. This change outpaced the S&P 500's 1.33% gain on the day. Meanwhile, the Dow gained 1.14%, and the Nasdaq, a tech-heavy index, added 2.94%.
Coming into today, shares of the copper wire maker had lost 3.69% in the past month. In that same time, the Industrial Products sector lost 0.81%, while the S&P 500 gained 6.11%.
Wall Street will be looking for positivity from Encore Wire as it approaches its next earnings report date. This is expected to be April 25, 2023. The company is expected to report EPS of $5.44, down 31.66% from the prior-year quarter.
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 such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Encore Wire currently has a Zacks Rank of #1 (Strong Buy).
Valuation is also important, so investors should note that Encore Wire has a Forward P/E ratio of 8.23 right now. This represents a no noticeable deviation compared to its industry's average Forward P/E of 8.23.
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 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.