9/28/2023 0 Comments Encore wire corporation stockThe Wire and Cable Products industry is part of the Industrial Products sector. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 8.11. In terms of valuation, Encore Wire is currently trading at a Forward P/E ratio of 8.11. Encore Wire is currently a Zacks Rank #2 (Buy). Within the past 30 days, our consensus EPS projection remained stagnant. 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. 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. ![]() Our research shows that these estimate changes are directly correlated with near-term stock prices. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook. These revisions typically reflect the latest short-term business trends, which can change frequently. It is also important to note the recent changes to analyst estimates for Encore Wire. The company is expected to report EPS of $6.55, down 38.84% from the prior-year quarter. Wall Street will be looking for positivity from Encore Wire as it approaches its next earnings report date. ![]() This has outpaced the Industrial Products sector's gain of 6.44% and the S&P 500's gain of 5.41% in that time. Prior to today's trading, shares of the copper wire maker had gained 11.6% over the past month. At the same time, the Dow added 0.43%, and the tech-heavy Nasdaq lost 8.94%. The stock lagged the S&P 500's daily gain of 0.69%. Encore Wire (WIRE) closed the most recent trading day at $185.54, moving +0.2% from the previous trading session.
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