Encore Wire (NASDAQ:WIRE) Earns Hold Rating from Analysts at StockNews.com

StockNews.com assumed coverage on shares of Encore Wire (NASDAQ:WIRE) in a research report released on Thursday morning. The firm issued a hold rating on the electronics maker’s stock.

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

Encore Wire Trading Up 0.6 %

Shares of WIRE stock opened at $284.06 on Thursday. The stock has a 50 day moving average of $248.36 and a two-hundred day moving average of $218.64. Encore Wire has a 12 month low of $138.20 and a 12 month high of $295.90. The company has a market capitalization of $4.48 billion, a P/E ratio of 15.07 and a beta of 1.31.

Encore Wire (NASDAQ:WIRE) last posted its earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 EPS for the quarter, topping the consensus estimate of $3.65 by $0.27. The business had revenue of $632.66 million during the quarter, compared to the consensus estimate of $579.64 million. Encore Wire had a return on equity of 17.77% and a net margin of 12.45%. Encore Wire’s revenue was down 4.2% on a year-over-year basis. During the same quarter last year, the company earned $6.50 EPS. Sell-side analysts predict that Encore Wire will post 21.23 earnings per share for the current fiscal year.

Encore Wire Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 19th. Investors of record on Friday, April 5th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, April 4th. This represents a $0.08 dividend on an annualized basis and a yield of 0.03%. Encore Wire’s dividend payout ratio is 0.42%.

Institutional Investors Weigh In On Encore Wire

Hedge funds and other institutional investors have recently bought and sold shares of the business. Spire Wealth Management increased its holdings in Encore Wire by 42.0% during the 1st quarter. Spire Wealth Management now owns 142 shares of the electronics maker’s stock valued at $37,000 after purchasing an additional 42 shares in the last quarter. Blue Trust Inc. increased its holdings in Encore Wire by 69.2% during the 4th quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock valued at $43,000 after purchasing an additional 83 shares in the last quarter. Quest Partners LLC acquired a new stake in Encore Wire during the 4th quarter valued at $80,000. Beaird Harris Wealth Management LLC acquired a new stake in Encore Wire during the 3rd quarter valued at $91,000. Finally, GAMMA Investing LLC acquired a new stake in shares of Encore Wire in the 4th quarter valued at $99,000. 99.82% of the stock is 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.