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Why Encore Wire (WIRE) Dipped More Than Broader Market Today
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In the latest market close, Encore Wire (WIRE - Free Report) reached $262.42, with a -1.86% movement compared to the previous day. This move lagged the S&P 500's daily loss of 0.72%. Elsewhere, the Dow lost 1%, while the tech-heavy Nasdaq lost 0.95%.
Shares of the copper wire maker witnessed a gain of 13.99% over the previous month, beating the performance of the Industrial Products sector with its gain of 4.93% and the S&P 500's gain of 2.16%.
The investment community will be closely monitoring the performance of Encore Wire in its forthcoming earnings report. The company is expected to report EPS of $3.73, down 42.62% from the prior-year quarter.
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. 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. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Encore Wire is holding a Zacks Rank of #2 (Buy) right now.
With respect to valuation, Encore Wire is currently being traded at a Forward P/E ratio of 16.19. This valuation marks a discount compared to its industry's average Forward P/E of 16.61.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 16, putting it in the top 7% 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Why Encore Wire (WIRE) Dipped More Than Broader Market Today
In the latest market close, Encore Wire (WIRE - Free Report) reached $262.42, with a -1.86% movement compared to the previous day. This move lagged the S&P 500's daily loss of 0.72%. Elsewhere, the Dow lost 1%, while the tech-heavy Nasdaq lost 0.95%.
Shares of the copper wire maker witnessed a gain of 13.99% over the previous month, beating the performance of the Industrial Products sector with its gain of 4.93% and the S&P 500's gain of 2.16%.
The investment community will be closely monitoring the performance of Encore Wire in its forthcoming earnings report. The company is expected to report EPS of $3.73, down 42.62% from the prior-year quarter.
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. 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. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Encore Wire is holding a Zacks Rank of #2 (Buy) right now.
With respect to valuation, Encore Wire is currently being traded at a Forward P/E ratio of 16.19. This valuation marks a discount compared to its industry's average Forward P/E of 16.61.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 16, putting it in the top 7% 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.