Encore Wire Co. (NASDAQ:WIRE) saw a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 242,400 shares, an increase of 21.9% from the June 30th total of 198,900 shares. Currently, 1.2% of the company’s shares are short sold. Based on an average trading volume of 112,400 shares, the days-to-cover ratio is presently 2.2 days.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC acquired a new stake in Encore Wire during the 1st quarter worth approximately $30,000. Advisor Group Holdings Inc. acquired a new stake in Encore Wire during the 1st quarter worth approximately $39,000. PNC Financial Services Group Inc. boosted its holdings in Encore Wire by 18.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,400 shares of the electronics maker’s stock worth $58,000 after acquiring an additional 220 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Encore Wire by 1,569.0% in the 1st quarter. Tower Research Capital LLC TRC now owns 1,669 shares of the electronics maker’s stock worth $70,000 after acquiring an additional 1,569 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Encore Wire by 88.0% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,115 shares of the electronics maker’s stock worth $89,000 after acquiring an additional 990 shares during the period. 87.17% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on WIRE shares. Zacks Investment Research downgraded shares of Encore Wire from a “buy” rating to a “hold” rating in a research note on Monday, May 4th. DA Davidson downgraded shares of Encore Wire from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $60.00 to $56.00 in a research note on Thursday, April 30th. BidaskClub downgraded shares of Encore Wire from a “hold” rating to a “sell” rating in a research note on Saturday, June 20th. Finally, ValuEngine downgraded shares of Encore Wire from a “hold” rating to a “sell” rating in a research note on Monday, May 18th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $61.00.
WIRE opened at $50.19 on Friday. The firm has a 50 day moving average price of $48.06 and a 200 day moving average price of $48.43. The company has a market cap of $1.03 billion, a PE ratio of 18.12 and a beta of 1.21. Encore Wire has a 1 year low of $38.01 and a 1 year high of $62.08.
Encore Wire (NASDAQ:WIRE) last posted its earnings results on Wednesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.70 by ($0.10). The business had revenue of $253.63 million for the quarter, compared to analyst estimates of $283.07 million. Encore Wire had a return on equity of 7.43% and a net margin of 4.91%. The firm’s revenue for the quarter was down 24.7% compared to the same quarter last year. During the same period last year, the company posted $0.85 EPS. On average, analysts expect that Encore Wire will post 2.93 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Thursday, July 2nd were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date was Wednesday, July 1st. Encore Wire’s dividend payout ratio (DPR) is presently 2.89%.
Encore Wire Company Profile
Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. Its products include NM-B cables 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.
Recommended Story: The primary rules of Elliott Wave theory
Receive News & Ratings for Encore Wire Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Encore Wire and related companies with MarketBeat.com's FREE daily email newsletter.