Encore Wire closed the most recent trading day at $123.88, moving +0.22% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.2%. Meanwhile, the Dow lost 0.14%, and the Nasdaq, a tech-heavy index, lost 0.12%.
Prior to today's trading, shares of the copper wire maker had lost 1.4% over the past month. This has was narrower than the Industrial Products sector's loss of 2.89% and the S&P 500's loss of 3.29% in that time.
Investors will be hoping for strength from Encore Wire as it approaches its next earnings release. The company is expected to report EPS of $4.63, down 45.59% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Encore Wire. Recent revisions tend to reflect the latest near-term business trends. 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, 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Encore Wire is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that Encore Wire has a Forward P/E ratio of 4.6 right now. For comparison, its industry has an average Forward P/E of 7.62, which means Encore Wire is trading at a discount to the group.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 97, putting it in the top 39% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Image: Bigstock
Encore Wire (WIRE) Gains As Market Dips: What You Should Know
Encore Wire closed the most recent trading day at $123.88, moving +0.22% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.2%. Meanwhile, the Dow lost 0.14%, and the Nasdaq, a tech-heavy index, lost 0.12%.
Prior to today's trading, shares of the copper wire maker had lost 1.4% over the past month. This has was narrower than the Industrial Products sector's loss of 2.89% and the S&P 500's loss of 3.29% in that time.
Investors will be hoping for strength from Encore Wire as it approaches its next earnings release. The company is expected to report EPS of $4.63, down 45.59% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Encore Wire. Recent revisions tend to reflect the latest near-term business trends. 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, 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. The Zacks Consensus EPS estimate remained stagnant within the past month. Encore Wire is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that Encore Wire has a Forward P/E ratio of 4.6 right now. For comparison, its industry has an average Forward P/E of 7.62, which means Encore Wire is trading at a discount to the group.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 97, putting it in the top 39% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.