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Encore Wire (WIRE) Dips More Than Broader Markets: What You Should Know
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In the latest trading session, Encore Wire (WIRE - Free Report) closed at $176.13, marking a -1.9% move from the previous day. This change lagged the S&P 500's daily loss of 0.1%. Elsewhere, the Dow gained 0.33%, while the tech-heavy Nasdaq lost 5.8%.
Heading into today, shares of the copper wire maker had gained 0.94% over the past month, lagging the Industrial Products sector's gain of 5.2% and the S&P 500's gain of 3.39% in that time.
Investors will be hoping for strength from Encore Wire as it approaches its next earnings release. The company is expected to report EPS of $6.55, down 38.84% from the prior-year quarter.
Any recent changes to analyst estimates for Encore Wire should also be noted by investors. These revisions help to show the ever-changing nature of 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.
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 #3 (Hold).
Valuation is also important, so investors should note that Encore Wire has a Forward P/E ratio of 7.86 right now. For comparison, its industry has an average Forward P/E of 8.64, which means Encore Wire is trading at a discount to the group.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 114, putting it in the top 46% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Encore Wire (WIRE) Dips More Than Broader Markets: What You Should Know
In the latest trading session, Encore Wire (WIRE - Free Report) closed at $176.13, marking a -1.9% move from the previous day. This change lagged the S&P 500's daily loss of 0.1%. Elsewhere, the Dow gained 0.33%, while the tech-heavy Nasdaq lost 5.8%.
Heading into today, shares of the copper wire maker had gained 0.94% over the past month, lagging the Industrial Products sector's gain of 5.2% and the S&P 500's gain of 3.39% in that time.
Investors will be hoping for strength from Encore Wire as it approaches its next earnings release. The company is expected to report EPS of $6.55, down 38.84% from the prior-year quarter.
Any recent changes to analyst estimates for Encore Wire should also be noted by investors. These revisions help to show the ever-changing nature of 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.
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 #3 (Hold).
Valuation is also important, so investors should note that Encore Wire has a Forward P/E ratio of 7.86 right now. For comparison, its industry has an average Forward P/E of 8.64, which means Encore Wire is trading at a discount to the group.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 114, putting it in the top 46% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.