Shares of Encore Wire Co. (NASDAQ:WIRE) have earned a consensus recommendation of “Buy” from the six research firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $58.00.

Several research analysts recently weighed in on WIRE shares. DA Davidson boosted their price objective on shares of Encore Wire to $54.00 and gave the stock a “neutral” rating in a research report on Friday, February 23rd. Zacks Investment Research upgraded shares of Encore Wire from a “hold” rating to a “strong-buy” rating and set a $62.00 price objective for the company in a research report on Tuesday, February 27th. BidaskClub upgraded shares of Encore Wire from a “hold” rating to a “buy” rating in a research report on Tuesday, January 16th. Finally, ValuEngine upgraded shares of Encore Wire from a “hold” rating to a “buy” rating in a research report on Friday, March 2nd.

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In other Encore Wire news, insider Matthew D. Ford sold 2,500 shares of Encore Wire stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $52.45, for a total transaction of $131,125.00. Following the completion of the sale, the insider now owns 4,000 shares of the company’s stock, valued at approximately $209,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Frank J. Bilban sold 8,924 shares of Encore Wire stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $51.52, for a total transaction of $459,764.48. Following the sale, the chief financial officer now directly owns 19,900 shares of the company’s stock, valued at approximately $1,025,248. The disclosure for this sale can be found here. 3.68% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WIRE. Nationwide Fund Advisors grew its holdings in Encore Wire by 38.3% during the 3rd quarter. Nationwide Fund Advisors now owns 20,796 shares of the electronics maker’s stock worth $931,000 after acquiring an additional 5,757 shares during the period. SG Americas Securities LLC acquired a new stake in Encore Wire during the 3rd quarter worth $272,000. Ameriprise Financial Inc. grew its holdings in Encore Wire by 10.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 301,664 shares of the electronics maker’s stock worth $13,507,000 after acquiring an additional 29,311 shares during the period. Wells Fargo & Company MN grew its holdings in Encore Wire by 35.6% during the 3rd quarter. Wells Fargo & Company MN now owns 31,734 shares of the electronics maker’s stock worth $1,421,000 after acquiring an additional 8,324 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its holdings in Encore Wire by 6.3% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 186,840 shares of the electronics maker’s stock worth $8,366,000 after acquiring an additional 11,103 shares during the period. 88.87% of the stock is owned by hedge funds and other institutional investors.

WIRE stock opened at $56.75 on Friday. Encore Wire has a fifty-two week low of $37.30 and a fifty-two week high of $58.70. The company has a market capitalization of $1,170.40, a P/E ratio of 21.60, a P/E/G ratio of 1.89 and a beta of 2.00.

Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings data on Tuesday, February 20th. The electronics maker reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.28. Encore Wire had a net margin of 5.76% and a return on equity of 8.94%. The firm had revenue of $301.29 million during the quarter, compared to analysts’ expectations of $279.70 million. During the same quarter in the previous year, the company posted $0.55 EPS. Encore Wire’s revenue was up 25.9% on a year-over-year basis. analysts expect that Encore Wire will post 2.97 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 20th. Shareholders of record on Friday, April 6th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date is Thursday, April 5th. Encore Wire’s dividend payout ratio is presently 3.07%.

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About Encore Wire

Encore Wire Corporation manufactures and sells electrical building wire and cable products for interior electrical wiring in the United States. Its products include NM-B cable for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2, metal-clad, and armored cables for use primarily as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; and other types of wire products.

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