StockNews.com started coverage on shares of Encore Wire (NASDAQ:WIRE – Free Report) in a research report report published on Saturday. The brokerage issued a hold rating on the electronics maker’s stock.
WIRE has been the topic of several other research reports. DA Davidson downgraded shares of Encore Wire from a buy rating to a neutral rating and set a $295.00 price objective on the stock. in a 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 set a $290.00 price objective on shares of Encore Wire in a report on Tuesday, April 16th.
Read Our Latest Report on WIRE
Encore Wire Price Performance
Encore Wire (NASDAQ:WIRE – Get Free Report) last issued its earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.65 by $0.27. The business had revenue of $632.66 million for the quarter, compared to analyst estimates of $579.64 million. Encore Wire had a net margin of 12.45% and a return on equity of 17.77%. Encore Wire’s revenue was down 4.2% on a year-over-year basis. During the same period in the prior year, the firm earned $6.50 earnings per share. On average, equities analysts predict that Encore Wire will post 21.24 earnings per share for the current year.
Encore Wire Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, July 19th. Stockholders of record on Friday, July 5th will be issued 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 dividend payout ratio is currently 0.42%.
Institutional Trading of Encore Wire
Several institutional investors and hedge funds have recently made changes to their positions in WIRE. Boston Partners purchased a new stake in Encore Wire during the first quarter worth about $31,764,000. Vaughan Nelson Investment Management L.P. purchased a new stake in Encore Wire during the first quarter worth about $24,993,000. Norges Bank purchased a new stake in Encore Wire during the fourth quarter worth about $20,223,000. Pacer Advisors Inc. increased its holdings in Encore Wire by 10.7% during the fourth quarter. Pacer Advisors Inc. now owns 472,555 shares of the electronics maker’s stock worth $100,938,000 after buying an additional 45,863 shares during the last quarter. Finally, Ogborne Capital Management LLC purchased a new stake in Encore Wire during the fourth quarter worth about $8,278,000. Hedge funds and other 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.
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