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Encore Wire (WIRE) Stock Sinks As Market Gains: What You Should Know
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Encore Wire (WIRE - Free Report) closed the most recent trading day at $180.14, moving -1.27% from the previous trading session. This move lagged the S&P 500's daily gain of 0.01%. Elsewhere, the Dow lost 0.22%, while the tech-heavy Nasdaq added 0.67%.
Heading into today, shares of the copper wire maker had gained 9.43% over the past month, outpacing the Industrial Products sector's loss of 4.88% and the S&P 500's loss of 4.45% in that time.
Wall Street will be looking for positivity from Encore Wire as it approaches its next earnings report date. On that day, Encore Wire is projected to report earnings of $4.66 per share, which would represent a year-over-year decline of 53.26%.
Any recent changes to analyst estimates for Encore Wire should also be noted by investors. 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.
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 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Encore Wire is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Encore Wire has a Forward P/E ratio of 8.55 right now. For comparison, its industry has an average Forward P/E of 8.55, which means Encore Wire is trading at a no noticeable deviation to the group.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 22, putting 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.
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) Stock Sinks As Market Gains: What You Should Know
Encore Wire (WIRE - Free Report) closed the most recent trading day at $180.14, moving -1.27% from the previous trading session. This move lagged the S&P 500's daily gain of 0.01%. Elsewhere, the Dow lost 0.22%, while the tech-heavy Nasdaq added 0.67%.
Heading into today, shares of the copper wire maker had gained 9.43% over the past month, outpacing the Industrial Products sector's loss of 4.88% and the S&P 500's loss of 4.45% in that time.
Wall Street will be looking for positivity from Encore Wire as it approaches its next earnings report date. On that day, Encore Wire is projected to report earnings of $4.66 per share, which would represent a year-over-year decline of 53.26%.
Any recent changes to analyst estimates for Encore Wire should also be noted by investors. 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.
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 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Encore Wire is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Encore Wire has a Forward P/E ratio of 8.55 right now. For comparison, its industry has an average Forward P/E of 8.55, which means Encore Wire is trading at a no noticeable deviation to the group.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 22, putting 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.