Encore Wire (WIRE) Upgraded to “Strong-Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Encore Wire (NASDAQ:WIRE) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday morning. Zacks Investment Research currently has $62.00 target price on the electronics maker’s stock.
According to Zacks, “Encore Wire Corporation is a low-cost manufacturer of copper electrical building wire and cable. The Company is a significant supplier of both residential wire for interior electrical wiring in homes, apartments and manufactured housing, as well as building wire for electrical distribution in commercial and industrial buildings. “
A number of other equities analysts have also recently issued reports on WIRE. DA Davidson raised their target price on Encore Wire to $54.00 and gave the stock a neutral rating in a report on Friday, February 23rd. BidaskClub cut Encore Wire from a strong-buy rating to a buy rating in a report on Saturday, January 6th. Finally, Sidoti upgraded Encore Wire from a neutral rating to a buy rating and set a $58.00 target price on the stock in a report on Wednesday, December 6th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $58.00.
Encore Wire (NASDAQ:WIRE) last issued its earnings results on Tuesday, February 20th. The electronics maker reported $0.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.28. Encore Wire had a return on equity of 8.94% and a net margin of 5.76%. The firm had revenue of $301.29 million for the quarter, compared to analysts’ expectations of $279.70 million. During the same quarter last year, the business earned $0.55 earnings per share. The company’s revenue was up 25.9% compared to the same quarter last year. equities analysts forecast that Encore Wire will post 2.97 earnings per share for the current fiscal year.
In other news, CFO Frank J. Bilban sold 1,557 shares of Encore Wire stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $47.51, for a total transaction of $73,973.07. Following the transaction, the chief financial officer now owns 56,934 shares in the company, valued at approximately $2,704,934.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Matthew D. Ford sold 2,500 shares of Encore Wire stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $52.45, for a total value of $131,125.00. Following the transaction, the insider now owns 4,000 shares in the company, valued at approximately $209,800. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,895 shares of company stock worth $2,396,829. Company insiders own 3.79% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN lifted its holdings in shares of Encore Wire by 35.6% during the 3rd quarter. Wells Fargo & Company MN now owns 31,734 shares of the electronics maker’s stock valued at $1,421,000 after purchasing an additional 8,324 shares in the last quarter. Dean Investment Associates LLC bought a new position in shares of Encore Wire during the 3rd quarter valued at about $3,473,000. Janus Henderson Group PLC lifted its holdings in shares of Encore Wire by 14.5% during the 3rd quarter. Janus Henderson Group PLC now owns 1,080,586 shares of the electronics maker’s stock valued at $48,383,000 after purchasing an additional 137,099 shares in the last quarter. Nationwide Fund Advisors lifted its holdings in shares of Encore Wire by 38.3% during the 3rd quarter. Nationwide Fund Advisors now owns 20,796 shares of the electronics maker’s stock valued at $931,000 after purchasing an additional 5,757 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Encore Wire by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 1,833,564 shares of the electronics maker’s stock valued at $78,294,000 after purchasing an additional 50,586 shares in the last quarter. Institutional investors and hedge funds own 85.87% of the company’s stock.
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About Encore Wire
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 manufactures 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.
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