Encore Wire Co. Expected to Earn FY2024 Earnings of $21.23 Per Share (NASDAQ:WIRE)

Encore Wire Co. (NASDAQ:WIRE) – Investment analysts at DA Davidson lifted their FY2024 EPS estimates for Encore Wire in a research note issued on Wednesday, April 17th. DA Davidson analyst B. Thielman now expects that the electronics maker will post earnings of $21.23 per share for the year, up from their previous forecast of $16.52. DA Davidson currently has a “Neutral” rating and a $295.00 target price on the stock. The consensus estimate for Encore Wire’s current full-year earnings is $16.52 per share. DA Davidson also issued estimates for Encore Wire’s FY2025 earnings at $23.42 EPS.

Encore Wire (NASDAQ:WIRE) last released its quarterly earnings data on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share for the quarter, beating the consensus estimate of $4.05 by $0.05. Encore Wire had a net margin of 14.50% and a return on equity of 20.92%. The firm had revenue of $633.78 million during the quarter, compared to analysts’ expectations of $601.48 million. During the same period in the previous year, the company earned $8.28 earnings per share. The firm’s quarterly revenue was down 8.7% on a year-over-year basis.

A number of other analysts have also recently commented on the stock. StockNews.com cut shares of Encore Wire from a “buy” rating to a “hold” rating in a report on Friday, March 22nd. Sidoti reaffirmed a “neutral” rating and set a $290.00 target price on shares of Encore Wire in a report on Tuesday.

Encore Wire Stock Down 0.1 %

WIRE opened at $287.00 on Friday. Encore Wire has a twelve month low of $138.20 and a twelve month high of $295.90. The stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of 13.39 and a beta of 1.31. The firm has a 50 day moving average price of $242.95 and a 200-day moving average price of $214.48.

Encore Wire Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 19th. Stockholders of record on Friday, April 5th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.03%. Encore Wire’s dividend payout ratio (DPR) is presently 0.37%.

Institutional Trading of Encore Wire

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC increased its stake in shares of Encore Wire by 13.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,548 shares of the electronics maker’s stock worth $670,000 after purchasing an additional 310 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Encore Wire in the first quarter worth $24,993,000. Oliver Luxxe Assets LLC increased its stake in shares of Encore Wire by 1.7% in the first quarter. Oliver Luxxe Assets LLC now owns 5,850 shares of the electronics maker’s stock worth $1,537,000 after purchasing an additional 96 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new stake in shares of Encore Wire in the first quarter worth $1,126,000. Finally, Chatham Capital Group Inc. increased its stake in shares of Encore Wire by 10.3% in the first quarter. Chatham Capital Group Inc. now owns 17,328 shares of the electronics maker’s stock worth $4,553,000 after purchasing an additional 1,625 shares in the last quarter. 99.82% of the stock is owned by hedge funds and other institutional investors.

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.