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Encore Wire (WIRE) Stock Moves -0.18%: What You Should Know

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Encore Wire (WIRE - Free Report) closed the most recent trading day at $170.38, moving -0.18% from the previous trading session. Elsewhere, the Dow lost 0.15%, while the tech-heavy Nasdaq lost 2.33%.

Prior to today's trading, shares of the copper wire maker had gained 5.36% over the past month. This has outpaced the Industrial Products sector's loss of 1.44% and the S&P 500's gain of 1.03% 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 $6.55 per share, which would represent a year-over-year decline of 38.84%.

Investors should also note any recent changes to analyst estimates for Encore Wire. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about 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.

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 is currently a Zacks Rank #1 (Strong Buy).

Looking at its valuation, Encore Wire is holding a Forward P/E ratio of 7.47. This represents a no noticeable deviation compared to its industry's average Forward P/E of 7.47.

The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 7, which puts it in the top 3% 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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