Encore Wire (NASDAQ:WIRE) Coverage Initiated at StockNews.com

by · The Markets Daily

StockNews.com began coverage on shares of Encore Wire (NASDAQ:WIRE – Free Report) in a research report report published on Friday. The brokerage issued a hold rating on the electronics maker’s stock.

A number of other research analysts have also recently weighed in on WIRE. CJS Securities restated a market perform rating on shares of Encore Wire in a research report on Friday, April 19th. DA Davidson downgraded shares of Encore Wire from a buy rating to a neutral rating and set a $295.00 target price for the company. in a report on Tuesday, April 16th. Finally, Sidoti reaffirmed a neutral rating and issued a $290.00 price target on shares of Encore Wire in a report on Tuesday, April 16th.

Check Out Our Latest Stock Report on WIRE

Encore Wire Stock Up 0.0 %

Shares of WIRE opened at $289.84 on Friday. Encore Wire has a 52-week low of $150.51 and a 52-week high of $295.90. The company has a 50-day simple moving average of $284.81 and a 200-day simple moving average of $251.56. The company has a market capitalization of $4.58 billion, a PE ratio of 15.38 and a beta of 1.23.

Encore Wire (NASDAQ:WIRE – Get Free Report) last issued its earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.65 by $0.27. The company had revenue of $632.66 million during the quarter, compared to analysts’ expectations of $579.64 million. Encore Wire had a net margin of 12.45% and a return on equity of 17.77%. The firm’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same period last year, the company posted $6.50 earnings per share. On average, research analysts anticipate that Encore Wire will post 21.24 EPS for the current year.

Encore Wire Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 19th. Investors of record on Friday, July 5th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.03%. The ex-dividend date of this dividend is Friday, July 5th. Encore Wire’s payout ratio is currently 0.42%.

Institutional Investors Weigh In On Encore Wire

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Spire Wealth Management grew its position in shares of Encore Wire by 42.0% in the first quarter. Spire Wealth Management now owns 142 shares of the electronics maker’s stock valued at $37,000 after purchasing an additional 42 shares during the period. Blue Trust Inc. boosted its stake in Encore Wire by 69.2% in the 4th quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock worth $43,000 after buying an additional 83 shares during the last quarter. Quest Partners LLC purchased a new stake in Encore Wire in the 4th quarter valued at about $80,000. Beaird Harris Wealth Management LLC acquired a new position in shares of Encore Wire during the 3rd quarter valued at about $91,000. Finally, GAMMA Investing LLC purchased a new position in shares of Encore Wire during the 4th quarter worth about $99,000. 99.82% of the stock is currently owned by hedge funds and other institutional investors.

About Encore Wire

(Get Free Report)

Encore Wire Corporation engages in manufacture and sale of electrical building wires and cables in the United States. It offers NM-B cables, UF-B cables, THHN/THWN-2, XHHW-2, USE-2, RHH/RHW-2, and other types of wire products, including SEU, SER, photovoltaic, URD, tray cables, metal-clads, and armored cables.

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