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Why Encore Wire (WIRE) Dipped More Than Broader Market Today
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Encore Wire (WIRE - Free Report) closed the latest trading day at $209.52, indicating a -0.98% change from the previous session's end. This change lagged the S&P 500's 0.56% loss on the day. At the same time, the Dow lost 0.25%, and the tech-heavy Nasdaq lost 0.59%.
Shares of the copper wire maker have depreciated by 1.99% over the course of the past month, underperforming the Industrial Products sector's loss of 0.85% and the S&P 500's gain of 1.2%.
The investment community will be paying close attention to the earnings performance 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.
Investors should also take note of any recent adjustments to analyst estimates for Encore Wire. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent 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 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. As of now, Encore Wire holds a Zacks Rank of #3 (Hold).
Looking at its valuation, Encore Wire is holding a Forward P/E ratio of 13.32. This denotes a discount relative to the industry's average Forward P/E of 13.46.
The Wire and Cable Products industry is part of the Industrial Products sector. Currently, this industry holds a Zacks Industry Rank of 244, positioning it in the bottom 4% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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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Why Encore Wire (WIRE) Dipped More Than Broader Market Today
Encore Wire (WIRE - Free Report) closed the latest trading day at $209.52, indicating a -0.98% change from the previous session's end. This change lagged the S&P 500's 0.56% loss on the day. At the same time, the Dow lost 0.25%, and the tech-heavy Nasdaq lost 0.59%.
Shares of the copper wire maker have depreciated by 1.99% over the course of the past month, underperforming the Industrial Products sector's loss of 0.85% and the S&P 500's gain of 1.2%.
The investment community will be paying close attention to the earnings performance 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.
Investors should also take note of any recent adjustments to analyst estimates for Encore Wire. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent 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 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. As of now, Encore Wire holds a Zacks Rank of #3 (Hold).
Looking at its valuation, Encore Wire is holding a Forward P/E ratio of 13.32. This denotes a discount relative to the industry's average Forward P/E of 13.46.
The Wire and Cable Products industry is part of the Industrial Products sector. Currently, this industry holds a Zacks Industry Rank of 244, positioning it in the bottom 4% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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.