Encore Wire (NASDAQ:WIRE) Now Covered by StockNews.com

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

WIRE has been the subject of several other research reports. DA Davidson cut shares of Encore Wire from a buy rating to a neutral rating and set a $295.00 price target for the company. in a research report on Tuesday, April 16th. CJS Securities restated a market perform rating on shares of Encore Wire in a report on Friday, April 19th. Finally, Sidoti restated a neutral rating and issued a $290.00 price objective on shares of Encore Wire in a report on Tuesday, April 16th.

Encore Wire Stock Performance

NASDAQ:WIRE opened at $289.84 on Friday. The stock has a market capitalization of $4.58 billion, a P/E ratio of 15.38 and a beta of 1.19. The company has a 50 day moving average price of $286.49 and a 200 day moving average price of $257.41. Encore Wire has a fifty-two week low of $150.51 and a fifty-two week high of $295.90.

Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $579.64 million. During the same quarter last year, the company posted $6.50 EPS. The firm’s revenue was down 4.2% compared to the same quarter last year. Research analysts forecast that Encore Wire will post 21.24 earnings per share for the current fiscal year.

Encore Wire Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Friday, July 5th. This represents a $0.08 annualized dividend and a yield of 0.03%. Encore Wire’s dividend payout ratio is currently 0.42%.

Institutional Investors Weigh In On Encore Wire

Several hedge funds and other institutional investors have recently bought and sold shares of WIRE. Boston Partners acquired a new stake in Encore Wire during the 1st quarter worth $31,764,000. Vaughan Nelson Investment Management L.P. acquired a new position in Encore Wire in the first quarter valued at $24,993,000. Norges Bank acquired a new position in Encore Wire in the fourth quarter valued at $20,223,000. Pacer Advisors Inc. increased its stake in Encore Wire by 10.7% in the fourth quarter. Pacer Advisors Inc. now owns 472,555 shares of the electronics maker’s stock valued at $100,938,000 after purchasing an additional 45,863 shares during the period. Finally, Ogborne Capital Management LLC acquired a new position in Encore Wire in the fourth quarter valued at $8,278,000. 99.82% of the stock is currently owned by institutional investors and hedge funds.

About Encore Wire

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.