StockNews.com Begins Coverage on Encore Wire (NASDAQ:WIRE)

StockNews.com began coverage on shares of Encore Wire (NASDAQ:WIRE) in a research report sent to investors on Sunday. The firm issued a hold rating on the electronics maker’s stock.

Several other equities analysts have also recently issued reports on the company. CJS Securities reiterated a market perform rating on shares of Encore Wire in a research note on Friday, April 19th. Sidoti reiterated a neutral rating and issued a $290.00 price objective on shares of Encore Wire in a research note on Tuesday, April 16th. Finally, DA Davidson cut Encore Wire from a buy rating to a neutral rating and set a $295.00 price objective for the company. in a research note on Tuesday, April 16th.

Encore Wire Price Performance

Shares of Encore Wire stock opened at $277.14 on Friday. The business has a 50-day moving average of $269.29 and a 200 day moving average of $232.41. Encore Wire has a 12 month low of $150.51 and a 12 month high of $295.90. The stock has a market capitalization of $4.38 billion, a price-to-earnings ratio of 14.70 and a beta of 1.28.

Encore Wire (NASDAQ:WIRE) last announced its quarterly earnings data on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.65 by $0.27. The business had revenue of $632.66 million during 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 quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $6.50 EPS. Equities research analysts anticipate that Encore Wire will post 21.24 earnings per share for the current year.

Encore Wire Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 19th. Investors of record on Friday, July 5th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.03%. The ex-dividend date is Friday, July 5th. Encore Wire’s payout ratio is 0.42%.

Institutional Investors Weigh In On Encore Wire

Institutional investors have recently added to or reduced their stakes in the business. Spire Wealth Management lifted its stake in Encore Wire by 42.0% during the first quarter. Spire Wealth Management now owns 142 shares of the electronics maker’s stock worth $37,000 after purchasing an additional 42 shares during the last quarter. Blue Trust Inc. increased its position in Encore Wire by 69.2% during the fourth quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock worth $43,000 after buying an additional 83 shares during the period. Quest Partners LLC acquired a new position in shares of Encore Wire in the fourth quarter valued at approximately $80,000. Beaird Harris Wealth Management LLC acquired a new position in shares of Encore Wire in the third quarter valued at approximately $91,000. Finally, GAMMA Investing LLC acquired a new position in shares of Encore Wire in the fourth quarter valued at approximately $99,000. 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.