In the latest trading session, Encore Wire closed at $105.47, marking a -0.26% move from the previous day. This move lagged the S&P 500's daily gain of 2.44%. Meanwhile, the Dow gained 1.65%, and the Nasdaq, a tech-heavy index, added 0.28%.
Prior to today's trading, shares of the copper wire maker had lost 25.69% over the past month. This has lagged the Industrial Products sector's loss of 8.4% and the S&P 500's loss of 9.65% 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 $2.42 per share, which would represent year-over-year growth of 106.84%.
Investors might also notice recent changes to analyst estimates for Encore Wire. These revisions help to show the ever-changing nature of near-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. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Encore Wire currently has a Zacks Rank of #3 (Hold).
Investors should also note Encore Wire's current valuation metrics, including its Forward P/E ratio of 10.84. This valuation marks a premium compared to its industry's average Forward P/E of 10.67.
The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 102, which puts it in the top 40% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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
In the latest trading session, Encore Wire closed at $105.47, marking a -0.26% move from the previous day. This move lagged the S&P 500's daily gain of 2.44%. Meanwhile, the Dow gained 1.65%, and the Nasdaq, a tech-heavy index, added 0.28%.
Prior to today's trading, shares of the copper wire maker had lost 25.69% over the past month. This has lagged the Industrial Products sector's loss of 8.4% and the S&P 500's loss of 9.65% 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 $2.42 per share, which would represent year-over-year growth of 106.84%.
Investors might also notice recent changes to analyst estimates for Encore Wire. These revisions help to show the ever-changing nature of near-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. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Encore Wire currently has a Zacks Rank of #3 (Hold).
Investors should also note Encore Wire's current valuation metrics, including its Forward P/E ratio of 10.84. This valuation marks a premium compared to its industry's average Forward P/E of 10.67.
The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 102, which puts it in the top 40% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.