Encore Wire (NASDAQ:WIRE) Downgraded by DA Davidson

DA Davidson downgraded shares of Encore Wire (NASDAQ:WIRE) from a buy rating to a neutral rating in a research note published on Tuesday, MarketBeat Ratings reports. The brokerage currently has $295.00 price objective on the electronics maker’s stock. DA Davidson also issued estimates for Encore Wire’s Q1 2024 earnings at $3.91 EPS.

Separately, StockNews.com lowered Encore Wire from a buy rating to a hold rating in a report on Friday, March 22nd.

Encore Wire Price Performance

Encore Wire stock opened at $287.00 on Tuesday. Encore Wire has a one year low of $138.20 and a one year high of $295.90. The business has a fifty day moving average price of $242.95 and a 200-day moving average price of $214.48. The firm has a market capitalization of $4.53 billion, a P/E ratio of 13.39 and a beta of 1.31.

Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings results on Wednesday, February 14th. The electronics maker reported $4.10 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.05. Encore Wire had a return on equity of 20.92% and a net margin of 14.50%. The firm had revenue of $633.78 million during the quarter, compared to analyst estimates of $601.48 million. During the same period last year, the company earned $8.28 earnings per share. The business’s revenue for the quarter was down 8.7% on a year-over-year basis. Sell-side analysts expect that Encore Wire will post 16.52 earnings per share for the current fiscal year.

Encore Wire Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 19th. Investors of record on Friday, April 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 of this dividend is Thursday, April 4th. Encore Wire’s dividend payout ratio is 0.37%.

Institutional Investors Weigh In On Encore Wire

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in Encore Wire by 0.9% during the first quarter. BlackRock Inc. now owns 3,124,572 shares of the electronics maker’s stock valued at $356,420,000 after buying an additional 28,777 shares during the period. Vanguard Group Inc. raised its position in Encore Wire by 1.4% during the first quarter. Vanguard Group Inc. now owns 2,239,317 shares of the electronics maker’s stock valued at $255,439,000 after purchasing an additional 30,523 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Encore Wire by 1.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,526,095 shares of the electronics maker’s stock valued at $174,086,000 after purchasing an additional 23,364 shares in the last quarter. State Street Corp raised its position in Encore Wire by 0.8% during the second quarter. State Street Corp now owns 678,341 shares of the electronics maker’s stock valued at $70,506,000 after purchasing an additional 5,631 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Encore Wire by 1,243.9% during the first quarter. Envestnet Asset Management Inc. now owns 618,565 shares of the electronics maker’s stock valued at $7,788,000 after purchasing an additional 572,539 shares in the last quarter. Institutional investors own 99.82% of the company’s stock.

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.