Encore Wire (NASDAQ:WIRE) Stock Rating Reaffirmed by CJS Securities

Encore Wire (NASDAQ:WIRE)‘s stock had its “market perform” rating reiterated by equities researchers at CJS Securities in a research report issued to clients and investors on Friday, Benzinga reports.

A number of other equities analysts have also weighed in on the stock. DA Davidson lowered shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 target price for the company. in a research report on Tuesday. Sidoti restated a “neutral” rating and set a $290.00 target price on shares of Encore Wire in a research report on Tuesday. Finally, StockNews.com downgraded shares of Encore Wire from a “buy” rating to a “hold” rating in a research note on Friday, March 22nd.

Encore Wire Trading Down 0.0 %

NASDAQ WIRE traded down $0.01 during trading hours on Friday, hitting $286.99. 43,850 shares of the company’s stock traded hands, compared to its average volume of 249,371. The business’s fifty day moving average price is $242.95 and its two-hundred day moving average price is $214.48. The firm has a market capitalization of $4.53 billion, a P/E ratio of 13.37 and a beta of 1.31. Encore Wire has a 52 week low of $138.20 and a 52 week high of $295.90.

Encore Wire (NASDAQ:WIRE) last posted its quarterly 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 business had revenue of $633.78 million during the quarter, compared to analyst estimates of $601.48 million. During the same period in the prior year, the business posted $8.28 earnings per share. The company’s revenue was down 8.7% on a year-over-year basis. On average, sell-side analysts expect that Encore Wire will post 16.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in WIRE. Envestnet Asset Management Inc. boosted its holdings in shares of Encore Wire by 1,243.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 618,565 shares of the electronics maker’s stock valued at $7,788,000 after buying an additional 572,539 shares in the last quarter. Norges Bank purchased a new position in shares of Encore Wire in the 4th quarter valued at approximately $25,846,000. Seizert Capital Partners LLC purchased a new position in shares of Encore Wire in the 3rd quarter valued at approximately $24,143,000. Millennium Management LLC raised its position in shares of Encore Wire by 364.9% in the 4th quarter. Millennium Management LLC now owns 150,871 shares of the electronics maker’s stock valued at $20,754,000 after purchasing an additional 118,416 shares during the last quarter. Finally, LSV Asset Management raised its position in shares of Encore Wire by 21.6% in the 3rd quarter. LSV Asset Management now owns 574,828 shares of the electronics maker’s stock valued at $104,883,000 after purchasing an additional 102,062 shares during the last quarter. Hedge funds and other institutional investors own 99.82% of the company’s stock.

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.