Encore Wire closed at $176.21 in the latest trading session, marking a +1.38% move from the prior day. This move outpaced the S&P 500's daily loss of 0.29%. Meanwhile, the Dow lost 0.55%, and the Nasdaq, a tech-heavy index, added 1.24%.
Prior to today's trading, shares of the copper wire maker had lost 3.93% over the past month. This has lagged the Industrial Products sector's gain of 6.08% and the S&P 500's gain of 3.1% in that time.
Investors will be hoping for strength from Encore Wire as it approaches its next earnings release. In that report, analysts expect Encore Wire to post earnings of $6.55 per share. This would mark a year-over-year decline of 38.84%.
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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Encore Wire is currently trading at a Forward P/E ratio of 7.61. Its industry sports an average Forward P/E of 8.13, so we one might conclude that Encore Wire is trading at a discount comparatively.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 43, putting it in the top 18% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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) Gains As Market Dips: What You Should Know
Encore Wire closed at $176.21 in the latest trading session, marking a +1.38% move from the prior day. This move outpaced the S&P 500's daily loss of 0.29%. Meanwhile, the Dow lost 0.55%, and the Nasdaq, a tech-heavy index, added 1.24%.
Prior to today's trading, shares of the copper wire maker had lost 3.93% over the past month. This has lagged the Industrial Products sector's gain of 6.08% and the S&P 500's gain of 3.1% in that time.
Investors will be hoping for strength from Encore Wire as it approaches its next earnings release. In that report, analysts expect Encore Wire to post earnings of $6.55 per share. This would mark a year-over-year decline of 38.84%.
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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Encore Wire is currently trading at a Forward P/E ratio of 7.61. Its industry sports an average Forward P/E of 8.13, so we one might conclude that Encore Wire is trading at a discount comparatively.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 43, putting it in the top 18% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.