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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 at $177.13 in the latest trading session, marking a -1.67% move from the prior day. This move lagged the S&P 500's daily loss of 1.37%. Elsewhere, the Dow lost 1.29%, while the tech-heavy Nasdaq lost 1.87%.
Prior to today's trading, shares of the copper wire maker had gained 8.04% over the past month. This has outpaced the Industrial Products sector's loss of 7.35% and the S&P 500's loss of 4.93% in that time.
Encore Wire will be looking to display strength as it nears its next earnings release. In that report, analysts expect Encore Wire to post earnings of $4.66 per share. This would mark a year-over-year decline of 53.26%.
Investors might also notice recent changes to analyst estimates for Encore Wire. These recent revisions tend to reflect the evolving nature of short-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, 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 sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Encore Wire currently has a Forward P/E ratio of 8.44. For comparison, its industry has an average Forward P/E of 8.44, 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 51, putting it in the top 21% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Encore Wire (WIRE) Dips More Than Broader Markets: What You Should Know
Encore Wire (WIRE - Free Report) closed at $177.13 in the latest trading session, marking a -1.67% move from the prior day. This move lagged the S&P 500's daily loss of 1.37%. Elsewhere, the Dow lost 1.29%, while the tech-heavy Nasdaq lost 1.87%.
Prior to today's trading, shares of the copper wire maker had gained 8.04% over the past month. This has outpaced the Industrial Products sector's loss of 7.35% and the S&P 500's loss of 4.93% in that time.
Encore Wire will be looking to display strength as it nears its next earnings release. In that report, analysts expect Encore Wire to post earnings of $4.66 per share. This would mark a year-over-year decline of 53.26%.
Investors might also notice recent changes to analyst estimates for Encore Wire. These recent revisions tend to reflect the evolving nature of short-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, 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 sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Encore Wire currently has a Forward P/E ratio of 8.44. For comparison, its industry has an average Forward P/E of 8.44, 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 51, putting it in the top 21% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.