Encore Wire (WIRE) closed at $135.47 in the latest trading session, marking a +1.54% move from the prior day. This move outpaced the S&P 500's daily gain of 0.75%. Elsewhere, the Dow gained 0.4%, while the tech-heavy Nasdaq added 10.36%.
Coming into today, shares of the copper wire maker had lost 4.52% in the past month. In that same time, the Industrial Products sector lost 3.81%, while the S&P 500 lost 5.98%.
Investors will be hoping for strength from Encore Wire as it approaches its next earnings release. On that day, Encore Wire is projected to report earnings of $4.61 per share, which would represent a year-over-year decline of 33.29%.
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 such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering 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).
Investors should also note Encore Wire's current valuation metrics, including its Forward P/E ratio of 8.65. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 8.65.
The Wire and Cable Products industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 37, putting it in the top 15% 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.
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