Sidoti Reaffirms “Neutral” Rating for Encore Wire (NASDAQ:WIRE)

Sidoti reiterated their neutral rating on shares of Encore Wire (NASDAQ:WIRE) in a research report released on Tuesday morning, Benzinga reports. The firm currently has a $290.00 price objective on the electronics maker’s stock.

Other equities analysts have also issued research reports about the company. StockNews.com lowered Encore Wire from a buy rating to a hold rating in a research report on Friday, March 22nd. DA Davidson cut shares of Encore Wire from a buy rating to a neutral rating and set a $295.00 target price for the company. in a report on Tuesday.

Encore Wire Trading Down 0.1 %

Shares of NASDAQ WIRE opened at $287.00 on Tuesday. Encore Wire has a twelve month low of $138.20 and a twelve month high of $295.90. The firm has a 50-day moving average of $242.95 and a two-hundred day moving average of $214.48. The company has a market capitalization of $4.53 billion, a price-to-earnings ratio of 13.39 and a beta of 1.31.

Encore Wire (NASDAQ:WIRE) last issued its earnings results 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 firm had revenue of $633.78 million during the quarter, compared to analysts’ expectations of $601.48 million. During the same period last year, the firm posted $8.28 earnings per share. The firm’s revenue for the quarter was down 8.7% compared to the same quarter last year. As a group, research analysts predict that Encore Wire will post 16.52 earnings per share for the current year.

Encore Wire Dividend Announcement

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

Institutional Investors Weigh In On Encore Wire

A number of institutional investors have recently bought and sold shares of WIRE. Blue Trust Inc. increased its stake in shares of Encore Wire by 69.2% in the fourth quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock worth $43,000 after acquiring an additional 83 shares during the last quarter. Dark Forest Capital Management LP purchased a new position in Encore Wire in the first quarter valued at about $66,000. IFP Advisors Inc increased its position in Encore Wire by 231.5% in the 2nd quarter. IFP Advisors Inc now owns 358 shares of the electronics maker’s stock worth $67,000 after purchasing an additional 250 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of Encore Wire during the 4th quarter worth about $80,000. Finally, Advisory Services Network LLC acquired a new stake in shares of Encore Wire during the 4th quarter valued at about $88,000. 99.82% of the stock is currently owned by institutional investors and hedge funds.

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.