Encore Wire Co. Expected to Earn FY2024 Earnings of $21.23 Per Share (NASDAQ:WIRE)

Encore Wire Co. (NASDAQ:WIRE) – Research analysts at DA Davidson raised their FY2024 EPS estimates for Encore Wire in a report released on Wednesday, April 17th. DA Davidson analyst B. Thielman now expects that the electronics maker will post earnings per share of $21.23 for the year, up from their previous forecast of $16.52. DA Davidson has a “Neutral” rating and a $295.00 price target on the stock. The consensus estimate for Encore Wire’s current full-year earnings is $16.52 per share. DA Davidson also issued estimates for Encore Wire’s FY2025 earnings at $23.42 EPS.

WIRE has been the topic of several other reports. Sidoti restated a “neutral” rating and set a $290.00 target price on shares of Encore Wire in a research report on Tuesday. StockNews.com lowered shares of Encore Wire from a “buy” rating to a “hold” rating in a research report on Friday, March 22nd.

Encore Wire Price Performance

NASDAQ:WIRE opened at $287.00 on Friday. The firm has a market cap of $4.53 billion, a price-to-earnings ratio of 13.39 and a beta of 1.31. Encore Wire has a 1-year low of $138.20 and a 1-year high of $295.90. The firm’s fifty day moving average price is $242.95 and its 200 day moving average price is $214.48.

Encore Wire (NASDAQ:WIRE) last released its quarterly earnings data on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share for the quarter, topping analysts’ consensus estimates of $4.05 by $0.05. Encore Wire had a net margin of 14.50% and a return on equity of 20.92%. The company had revenue of $633.78 million for the quarter, compared to analysts’ expectations of $601.48 million. During the same quarter last year, the company earned $8.28 earnings per share. The firm’s revenue for the quarter was down 8.7% on a year-over-year basis.

Encore Wire Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 19th. Stockholders of record on Friday, April 5th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.03%. The ex-dividend date is Thursday, April 4th. Encore Wire’s dividend payout ratio (DPR) is presently 0.37%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Banque Cantonale Vaudoise raised its stake in shares of Encore Wire by 10.7% during the 1st quarter. Banque Cantonale Vaudoise now owns 414 shares of the electronics maker’s stock worth $109,000 after buying an additional 40 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its stake in shares of Encore Wire by 0.8% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 5,330 shares of the electronics maker’s stock worth $1,138,000 after buying an additional 41 shares during the last quarter. SummerHaven Investment Management LLC raised its stake in shares of Encore Wire by 1.3% during the 4th quarter. SummerHaven Investment Management LLC now owns 4,104 shares of the electronics maker’s stock worth $877,000 after buying an additional 51 shares during the last quarter. Natixis Advisors L.P. raised its stake in shares of Encore Wire by 0.5% during the 4th quarter. Natixis Advisors L.P. now owns 10,213 shares of the electronics maker’s stock worth $2,181,000 after buying an additional 53 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in shares of Encore Wire by 3.7% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,516 shares of the electronics maker’s stock worth $324,000 after buying an additional 54 shares during the last quarter. Institutional investors and hedge funds own 99.82% of the company’s stock.

Encore Wire Company Profile

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.