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Encore Wire (WIRE) Dips More Than Broader Markets: What You Should Know

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Encore Wire (WIRE - Free Report) closed the most recent trading day at $175.36, moving -1.96% from the previous trading session. This change lagged the S&P 500's daily loss of 1.47%. Meanwhile, the Dow lost 1.14%, and the Nasdaq, a tech-heavy index, lost 1.57%.

Prior to today's trading, shares of the copper wire maker had gained 9.74% over the past month. This has outpaced the Industrial Products sector's loss of 2.35% and the S&P 500's loss of 1.43% 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 $4.66, down 53.26% from the prior-year quarter.

Investors might also notice recent changes to analyst estimates for Encore Wire. Recent revisions tend to reflect the latest 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. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering 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).

Investors should also note Encore Wire's current valuation metrics, including its Forward P/E ratio of 8.38. Its industry sports an average Forward P/E of 8.38, so we one might conclude that Encore Wire is trading at a no noticeable deviation comparatively.

The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 21, which puts it in the top 9% 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.

You can find more information on all of these metrics, and much more, on

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