⏳ Final hours! Save up to 60% OFF InvestingProCLAIM SALE

Encore Wire sees stock dip, but outperforms sector over the past month

EditorMalvika Gurung
Published 2023-10-03, 12:38 a/m
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect
US500
-
1YMZ24
-
IXIC
-
WIRE
-

Shares of Encore Wire (NASDAQ:WIRE), a leading copper wire manufacturer, closed at $180.14 on Monday, marking a 1.27% decrease from the previous trading session. This move lagged behind the S&P 500's daily gain of 0.01%. Meanwhile, the Dow Jones Industrial Average lost 0.22%, while the tech-heavy Nasdaq Composite Index added 0.67%.

Despite Monday's decline, Encore Wire's shares have seen a gain of 8.04% over the past month. This growth outpaced the Industrial Products sector which experienced a loss of 4.88%, and the S&P 500 which faced a loss of 4.45% in that same time frame.

As Encore Wire approaches its next earnings report date, Wall Street is closely watching for positive signals. The company is projected to report earnings of $4.66 per share on that day, which would represent a year-over-year decline of 53.26%.

Investors are also advised to note any recent changes to analyst estimates for Encore Wire as these revisions often reflect the latest near-term business trends. Positive estimate revisions can be interpreted as a favorable sign for the company's business outlook.

In terms of valuation, investors should note that Encore Wire has a P/E ratio of 5.3 as per InvestingPro data.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.