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

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

Several other analysts have also recently issued reports on WIRE. Sidoti restated a neutral rating and issued a $290.00 target price on shares of Encore Wire in a report on Tuesday, April 16th. CJS Securities reissued a market perform rating on shares of Encore Wire in a report on Friday, April 19th. Finally, DA Davidson cut shares of 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 Trading Up 0.8 %

WIRE opened at $283.04 on Friday. The firm has a market capitalization of $4.47 billion, a PE ratio of 15.02 and a beta of 1.28. Encore Wire has a twelve month low of $150.51 and a twelve month high of $295.90. The firm’s 50-day moving average price is $255.62 and its 200 day moving average price is $222.66.

Encore Wire (NASDAQ:WIRE) last issued its earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share for the quarter, topping the consensus estimate of $3.65 by $0.27. The business had revenue of $632.66 million for the quarter, compared to analysts’ expectations 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 for the quarter was down 4.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $6.50 EPS. As a group, analysts predict that Encore Wire will post 21.24 earnings per share for the current fiscal year.

Encore Wire Announces Dividend

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

Hedge Funds Weigh In On Encore Wire

A number of hedge funds have recently modified their holdings of the business. Spire Wealth Management raised 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. increased its position in shares of Encore Wire by 69.2% during the fourth quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock valued at $43,000 after acquiring an additional 83 shares during the last quarter. Quest Partners LLC acquired a new stake in shares of Encore Wire during the fourth quarter valued at about $80,000. Beaird Harris Wealth Management LLC purchased a new stake in shares of Encore Wire in the 3rd quarter valued at approximately $91,000. Finally, GAMMA Investing LLC acquired a new position in shares of Encore Wire in the 4th quarter worth approximately $99,000. 99.82% of the stock is currently owned by hedge funds and other institutional investors.

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.