Encore Wire Corp. (WIRE) Shares Gap Up to $39.12
Shares of Encore Wire Corp. (NASDAQ:WIRE) gapped up prior to trading on Monday . The stock had previously closed at $38.88, but opened at $39.12. Encore Wire Corp. shares last traded at $39.64, with a volume of 24,407 shares traded.
Several research firms have commented on WIRE. Zacks Investment Research raised shares of Encore Wire Corp. from a “sell” rating to a “hold” rating in a research note on Wednesday, April 20th. Singular Research began coverage on shares of Encore Wire Corp. in a research note on Tuesday, May 31st. They issued a “buy” rating and a $47.00 target price for the company.
The company has a market capitalization of $817.37 million and a P/E ratio of 18.12. The stock’s 50 day moving average is $38.24 and its 200 day moving average is $37.39.
Encore Wire Corp. (NASDAQ:WIRE) last posted its quarterly earnings data on Wednesday, April 27th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by $0.12. During the same period in the previous year, the business earned $0.52 EPS. The firm had revenue of $225.50 million for the quarter, compared to analyst estimates of $232.72 million. Encore Wire Corp.’s quarterly revenue was down 9.9% on a year-over-year basis. Equities analysts predict that Encore Wire Corp. will post $2.38 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Friday, July 1st will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.20%. The ex-dividend date of this dividend is Wednesday, June 29th.
Several hedge funds and institutional investors recently bought and sold shares of WIRE. Dimensional Fund Advisors LP boosted its position in Encore Wire Corp. by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,611,661 shares of the company’s stock valued at $59,778,000 after buying an additional 23,756 shares during the period. Matarin Capital Management LLC bought a new position in Encore Wire Corp. during the fourth quarter valued at about $3,688,000. Hodges Capital Management Inc. boosted its position in Encore Wire Corp. by 20.4% in the fourth quarter. Hodges Capital Management Inc. now owns 1,015,656 shares of the company’s stock valued at $37,671,000 after buying an additional 171,820 shares during the period. Baker Chad R bought a new position in Encore Wire Corp. during the fourth quarter valued at about $3,260,000. Finally, Cornerstone Capital Management Holdings LLC. boosted its position in Encore Wire Corp. by 8.9% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 90,703 shares of the company’s stock valued at $3,365,000 after buying an additional 7,403 shares during the period.
Encore Wire Corporation is a manufacturer of electrical building wire and cable. The Company is a supplier of building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments and manufactured housing. The Company operates in the manufacture of electric building wire, principally NM-B cable, for use primarily as interior wiring in homes, apartments, and manufactured housing, and THHN/THWN-2 cable and metal-clad and armored cable for use primarily as wiring in commercial and industrial buildings segment.
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