Encore Wire (NASDAQ:WIRE) Receives New Coverage from Analysts at StockNews.com

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

Several other research analysts also recently issued reports on the company. Sidoti reaffirmed a neutral rating and set a $290.00 price target on shares of Encore Wire in a research note on Tuesday, April 16th. CJS Securities reiterated a market perform rating on shares of Encore Wire in a research report on Friday, April 19th. Finally, DA Davidson cut Encore Wire from a buy rating to a neutral rating and set a $295.00 price objective for the company. in a research report on Tuesday, April 16th.

Encore Wire Stock Up 0.6 %

NASDAQ:WIRE opened at $284.06 on Thursday. The company has a market capitalization of $4.48 billion, a PE ratio of 15.07 and a beta of 1.31. Encore Wire has a 52-week low of $138.20 and a 52-week high of $295.90. The stock has a fifty day simple moving average of $248.36 and a 200-day simple moving average of $218.64.

Encore Wire (NASDAQ:WIRE) last released its quarterly earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.65 by $0.27. The business had revenue of $632.66 million during the quarter, compared to the consensus estimate of $579.64 million. Encore Wire had a return on equity of 17.77% and a net margin of 12.45%. The business’s revenue was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $6.50 EPS. As a group, equities analysts anticipate that Encore Wire will post 21.23 earnings per share for the current year.

Encore Wire Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 19th. Investors of record on Friday, April 5th were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date of this dividend was Thursday, April 4th. Encore Wire’s dividend payout ratio is presently 0.42%.

Institutional Trading of Encore Wire

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WIRE. Spire Wealth Management grew its holdings in Encore Wire by 42.0% in the 1st quarter. Spire Wealth Management now owns 142 shares of the electronics maker’s stock valued at $37,000 after buying an additional 42 shares during the period. Blue Trust Inc. grew its holdings in Encore Wire by 69.2% in the 4th quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock valued at $43,000 after buying an additional 83 shares during the period. Quest Partners LLC purchased a new stake in Encore Wire in the 4th quarter valued at about $80,000. Banque Cantonale Vaudoise grew its holdings in Encore Wire by 10.7% in the 1st quarter. Banque Cantonale Vaudoise now owns 414 shares of the electronics maker’s stock valued at $109,000 after buying an additional 40 shares during the period. Finally, GAMMA Investing LLC purchased a new stake in Encore Wire in the 4th quarter valued at about $99,000. Hedge funds and other institutional investors own 99.82% of the company’s stock.

About Encore Wire

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.