WIRE Stock Recent News

Encore Wire operates in the copper industry, which is expected to see increased demand due to renewable energy and AI. The company's business model and vertical integration provide a competitive advantage over competitors. Encore Wire holds a call option on copper prices, which is expected to benefit from supply constraints and potential price increases.

Like Infrastructure, Green Energy Or AI? You'll Love Encore Wire

In the latest trading session, Encore Wire (WIRE) closed at $173.20, marking a -1.14% move from the previous day.

MCKINNEY, Texas--(BUSINESS WIRE)--Encore Wire Announces Earnings Release Date and Conference Call Details.

Encore Wire (WIRE) closed at $191.29 in the latest trading session, marking a +0.66% move from the prior day.

Encore Wire is an underpriced company caught in the crossfire of shorts betting on copper prices dropping, despite long-term growth potential. The company has strong earnings, a strong balance sheet with no debt, and has been aggressively returning capital to shareholders through buybacks. The transition to renewable energy and increased production of electric vehicles will drive significant demand for copper, benefiting Encore Wire.

A recent miss and lower earnings estimates have pushed this stock to the lowest Zacks Rank.

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Higher copper and aluminum material prices have been passed on to Encore Wire Corporation customers, allowing for a surge in revenue and profits. Encore's customers are diversified, allowing it greater leverage in its negotiations. Demand for copper wire continues to grow as the demand for electricity and renewables rises.

Encore Wire's (WIRE) Q2 performance is likely to have been hurt by softness in copper wire unit volumes. An increase in aluminum spreads is likely to have partly offset this adversity.