Encore Wire closed the most recent trading day at $179.54, moving +0.43% from the previous trading session. The stock lagged the S&P 500's daily gain of 0.85%. Elsewhere, the Dow gained 0.14%, while the tech-heavy Nasdaq added 5.61%.
Prior to today's trading, shares of the copper wire maker had lost 2.84% over the past month. This has lagged the Industrial Products sector's gain of 6.85% and the S&P 500's gain of 3.18% in that time.
Encore Wire will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $6.55, down 38.84% from the prior-year quarter.
Any recent changes to analyst estimates for Encore Wire should also be noted by investors. 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. 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.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Encore Wire is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Encore Wire is holding a Forward P/E ratio of 7.83. This represents a discount compared to its industry's average Forward P/E of 8.53.
The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 114, which puts it in the top 46% 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.
Image: Bigstock
Encore Wire (WIRE) Gains But Lags Market: What You Should Know
Encore Wire closed the most recent trading day at $179.54, moving +0.43% from the previous trading session. The stock lagged the S&P 500's daily gain of 0.85%. Elsewhere, the Dow gained 0.14%, while the tech-heavy Nasdaq added 5.61%.
Prior to today's trading, shares of the copper wire maker had lost 2.84% over the past month. This has lagged the Industrial Products sector's gain of 6.85% and the S&P 500's gain of 3.18% in that time.
Encore Wire will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $6.55, down 38.84% from the prior-year quarter.
Any recent changes to analyst estimates for Encore Wire should also be noted by investors. 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. 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.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Encore Wire is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Encore Wire is holding a Forward P/E ratio of 7.83. This represents a discount compared to its industry's average Forward P/E of 8.53.
The Wire and Cable Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 114, which puts it in the top 46% 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.