Encore Wire (NASDAQ:WIRE) Coverage Initiated by Analysts at StockNews.com

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

Several other research analysts have also commented on the stock. DA Davidson lowered shares of Encore Wire from a buy rating to a neutral rating and set a $295.00 price target on the stock. in a report on Tuesday, April 16th. CJS Securities reissued a market perform rating on shares of Encore Wire in a research note on Friday, April 19th. Finally, Sidoti reaffirmed a neutral rating and set a $290.00 price target on shares of Encore Wire in a research report on Tuesday, April 16th.

Encore Wire Price Performance

WIRE stock opened at $289.84 on Monday. The company has a market cap of $4.58 billion, a price-to-earnings ratio of 15.38 and a beta of 1.19. The business has a fifty day simple moving average of $287.71 and a 200-day simple moving average of $260.44. Encore Wire has a 52 week low of $150.51 and a 52 week high of $295.90.

Encore Wire (NASDAQ:WIRE) last announced its quarterly 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 company had revenue of $632.66 million during the quarter, compared to analyst estimates of $579.64 million. Encore Wire had a return on equity of 17.77% and a net margin of 12.45%. The firm’s revenue was down 4.2% on a year-over-year basis. During the same period in the prior year, the firm posted $6.50 earnings per share. As a group, analysts expect that Encore Wire will post 21.24 earnings per share for the current fiscal year.

Encore Wire Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 19th. Stockholders of record on Friday, July 5th were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Friday, July 5th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.03%. Encore Wire’s payout ratio is currently 0.42%.

Institutional Investors Weigh In On Encore Wire

A number of large investors have recently added to or reduced their stakes in WIRE. Boston Partners purchased a new position in Encore Wire in the 1st quarter valued at about $31,764,000. Vaughan Nelson Investment Management L.P. purchased a new position in Encore Wire in the first quarter valued at about $24,993,000. Norges Bank purchased a new position in Encore Wire in the fourth quarter valued at about $20,223,000. Pacer Advisors Inc. grew its stake in Encore Wire by 10.7% during the 4th 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 in the last quarter. Finally, Ogborne Capital Management LLC purchased a new stake in Encore Wire during the 4th quarter worth approximately $8,278,000. 99.82% of the stock is owned by institutional investors and hedge funds.

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.