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Encore Wire (WIRE) Gains But Lags Market: What You Should Know
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Encore Wire (WIRE - Free Report) closed the most recent trading day at $185.54, moving +0.2% from the previous trading session. The stock lagged the S&P 500's daily gain of 0.69%. At the same time, the Dow added 0.43%, and the tech-heavy Nasdaq lost 8.94%.
Prior to today's trading, shares of the copper wire maker had gained 11.6% over the past month. This has outpaced the Industrial Products sector's gain of 6.44% and the S&P 500's gain of 5.41% in that time.
Wall Street will be looking for positivity from Encore Wire as it approaches its next earnings report date. The company is expected to report EPS of $6.55, down 38.84% from the prior-year quarter.
It is also important to note the 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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. Within the past 30 days, our consensus EPS projection remained stagnant. Encore Wire is currently a Zacks Rank #2 (Buy).
In terms of valuation, Encore Wire is currently trading at a Forward P/E ratio of 8.11. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 8.11.
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 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.
To follow WIRE in the coming trading sessions, be sure to utilize Zacks.com.
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Encore Wire (WIRE) Gains But Lags Market: What You Should Know
Encore Wire (WIRE - Free Report) closed the most recent trading day at $185.54, moving +0.2% from the previous trading session. The stock lagged the S&P 500's daily gain of 0.69%. At the same time, the Dow added 0.43%, and the tech-heavy Nasdaq lost 8.94%.
Prior to today's trading, shares of the copper wire maker had gained 11.6% over the past month. This has outpaced the Industrial Products sector's gain of 6.44% and the S&P 500's gain of 5.41% in that time.
Wall Street will be looking for positivity from Encore Wire as it approaches its next earnings report date. The company is expected to report EPS of $6.55, down 38.84% from the prior-year quarter.
It is also important to note the 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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. Within the past 30 days, our consensus EPS projection remained stagnant. Encore Wire is currently a Zacks Rank #2 (Buy).
In terms of valuation, Encore Wire is currently trading at a Forward P/E ratio of 8.11. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 8.11.
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 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.
To follow WIRE in the coming trading sessions, be sure to utilize Zacks.com.