BidaskClub Lowers Encore Wire (NASDAQ:WIRE) to Hold

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BidaskClub cut shares of Encore Wire (NASDAQ:WIRE) from a buy rating to a hold rating in a report released on Wednesday morning, BidAskClub reports.

Other analysts have also recently issued reports about the stock. ValuEngine cut shares of Encore Wire from a hold rating to a sell rating in a research note on Wednesday, October 2nd. Zacks Investment Research cut shares of Encore Wire from a hold rating to a sell rating in a research note on Sunday, November 3rd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. Encore Wire has a consensus rating of Hold and a consensus target price of $62.00.

NASDAQ WIRE traded up $0.47 on Wednesday, hitting $56.12. 83,100 shares of the company’s stock traded hands, compared to its average volume of 86,003. Encore Wire has a 1-year low of $45.04 and a 1-year high of $62.08. The firm’s 50-day moving average price is $57.49 and its two-hundred day moving average price is $55.50. The firm has a market capitalization of $1.21 billion, a PE ratio of 15.02 and a beta of 1.48.

Encore Wire (NASDAQ:WIRE) last announced its quarterly earnings data on Monday, October 28th. The electronics maker reported $0.78 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.23). Encore Wire had a net margin of 5.62% and a return on equity of 9.76%. The business had revenue of $321.20 million for the quarter, compared to analyst estimates of $346.43 million. During the same quarter in the previous year, the firm posted $1.13 earnings per share. The business’s revenue was down 5.8% on a year-over-year basis. As a group, equities research analysts forecast that Encore Wire will post 3.01 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Friday, January 3rd will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.14%. The ex-dividend date is Thursday, January 2nd. Encore Wire’s dividend payout ratio (DPR) is 2.14%.

In other news, insider Matthew D. Ford sold 3,000 shares of Encore Wire stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $60.00, for a total transaction of $180,000.00. Following the completion of the transaction, the insider now directly owns 14,500 shares of the company’s stock, valued at approximately $870,000. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Frank J. Bilban sold 5,000 shares of Encore Wire stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $59.55, for a total transaction of $297,750.00. Following the transaction, the chief financial officer now directly owns 30,300 shares of the company’s stock, valued at $1,804,365. The disclosure for this sale can be found here. 3.99% of the stock is owned by insiders.

Several large investors have recently bought and sold shares of WIRE. Nuveen Asset Management LLC purchased a new position in shares of Encore Wire during the 2nd quarter valued at approximately $8,514,000. Panagora Asset Management Inc. increased its holdings in shares of Encore Wire by 1,178.8% during the 2nd quarter. Panagora Asset Management Inc. now owns 105,720 shares of the electronics maker’s stock valued at $6,192,000 after purchasing an additional 97,453 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Encore Wire by 53.0% during the 2nd quarter. Wells Fargo & Company MN now owns 189,326 shares of the electronics maker’s stock valued at $11,091,000 after purchasing an additional 65,589 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Encore Wire by 51.9% during the 2nd quarter. AQR Capital Management LLC now owns 112,514 shares of the electronics maker’s stock valued at $6,591,000 after purchasing an additional 38,442 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Encore Wire by 11.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 275,210 shares of the electronics maker’s stock worth $16,122,000 after acquiring an additional 27,243 shares in the last quarter. 88.17% of the stock is owned by hedge funds and other institutional investors.

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.

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