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Encore Wire (WIRE) Stock Dips While Market Gains: Key Facts
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Encore Wire (WIRE - Free Report) closed at $214.83 in the latest trading session, marking a -0.08% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.14% for the day. Elsewhere, the Dow gained 0.3%, while the tech-heavy Nasdaq added 0.16%.
Prior to today's trading, shares of the copper wire maker had gained 14.77% over the past month. This has outpaced the Industrial Products sector's gain of 10.3% and the S&P 500's gain of 4.89% in that time.
Market participants will be closely following the financial results of Encore Wire in its upcoming release. The company's upcoming EPS is projected at $4.05, signifying a 51.09% drop compared to the same quarter of the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Encore Wire presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Encore Wire is presently being traded at a Forward P/E ratio of 9.99. This signifies a discount in comparison to the average Forward P/E of 11.04 for its industry.
The Wire and Cable Products industry is part of the Industrial Products sector. Currently, this industry holds a Zacks Industry Rank of 227, positioning it in the bottom 10% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Encore Wire (WIRE) Stock Dips While Market Gains: Key Facts
Encore Wire (WIRE - Free Report) closed at $214.83 in the latest trading session, marking a -0.08% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.14% for the day. Elsewhere, the Dow gained 0.3%, while the tech-heavy Nasdaq added 0.16%.
Prior to today's trading, shares of the copper wire maker had gained 14.77% over the past month. This has outpaced the Industrial Products sector's gain of 10.3% and the S&P 500's gain of 4.89% in that time.
Market participants will be closely following the financial results of Encore Wire in its upcoming release. The company's upcoming EPS is projected at $4.05, signifying a 51.09% drop compared to the same quarter of the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Encore Wire presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Encore Wire is presently being traded at a Forward P/E ratio of 9.99. This signifies a discount in comparison to the average Forward P/E of 11.04 for its industry.
The Wire and Cable Products industry is part of the Industrial Products sector. Currently, this industry holds a Zacks Industry Rank of 227, positioning it in the bottom 10% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.