Encore Wire (NASDAQ:WIRE) Research Coverage Started at StockNews.com

StockNews.com started coverage on shares of Encore Wire (NASDAQ:WIRE) in a research note released on Sunday. The brokerage issued a hold rating on the electronics maker’s stock.

Several other analysts have also commented on WIRE. CJS Securities reaffirmed a market perform rating on shares of Encore Wire in a research report on Friday, April 19th. Sidoti reaffirmed a neutral rating and issued a $290.00 price objective on shares of Encore Wire in a research report on Tuesday, April 16th. Finally, DA Davidson lowered shares of Encore Wire from a buy rating to a neutral rating and set a $295.00 price objective on the stock. in a research report on Tuesday, April 16th.

Encore Wire Price Performance

WIRE opened at $277.14 on Friday. The company’s 50-day moving average is $269.29 and its 200 day moving average is $232.41. Encore Wire has a fifty-two week low of $150.51 and a fifty-two week high of $295.90. The firm has a market capitalization of $4.38 billion, a P/E ratio of 14.70 and a beta of 1.28.

Encore Wire (NASDAQ:WIRE) last released its quarterly earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $3.65 by $0.27. Encore Wire had a net margin of 12.45% and a return on equity of 17.77%. The company had revenue of $632.66 million for the quarter, compared to analyst estimates of $579.64 million. During the same period last year, the firm earned $6.50 earnings per share. The firm’s revenue was down 4.2% on a year-over-year basis. On average, equities research analysts expect 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. Stockholders of record on Friday, July 5th will be paid a $0.02 dividend. The ex-dividend date is Friday, July 5th. This represents a $0.08 annualized dividend and a dividend yield of 0.03%. Encore Wire’s payout ratio is 0.42%.

Hedge Funds Weigh In On Encore Wire

Large investors have recently modified their holdings of the business. Banque Cantonale Vaudoise grew its stake in Encore Wire by 10.7% during the first quarter. Banque Cantonale Vaudoise now owns 414 shares of the electronics maker’s stock valued at $109,000 after acquiring an additional 40 shares in the last quarter. Nations Financial Group Inc. IA ADV lifted its position in Encore Wire by 0.8% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 5,330 shares of the electronics maker’s stock valued at $1,138,000 after purchasing an additional 41 shares during the last quarter. Spire Wealth Management lifted its position in Encore Wire by 42.0% during the first quarter. Spire Wealth Management now owns 142 shares of the electronics maker’s stock valued at $37,000 after purchasing an additional 42 shares during the last quarter. FCG Investment Co lifted its position in Encore Wire by 3.8% during the first quarter. FCG Investment Co now owns 1,297 shares of the electronics maker’s stock valued at $341,000 after purchasing an additional 48 shares during the last quarter. Finally, SummerHaven Investment Management LLC lifted its position in Encore Wire by 1.3% during the fourth quarter. SummerHaven Investment Management LLC now owns 4,104 shares of the electronics maker’s stock valued at $877,000 after purchasing an additional 51 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.