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

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

Other analysts have also recently issued reports about the company. CJS Securities reiterated a market perform rating on shares of Encore Wire in a research report on Friday, April 19th. DA Davidson cut Encore Wire from a buy rating to a neutral rating and set a $295.00 target price on the stock. in a research report on Tuesday, April 16th. Finally, Sidoti reaffirmed a neutral rating and set a $290.00 price target on shares of Encore Wire in a research note on Tuesday, April 16th.

Encore Wire Price Performance

Shares of NASDAQ:WIRE opened at $280.94 on Friday. The firm has a market capitalization of $4.44 billion, a PE ratio of 14.90 and a beta of 1.28. The business has a 50-day moving average of $256.75 and a two-hundred day moving average of $224.03. Encore Wire has a 12 month low of $150.51 and a 12 month high of $295.90.

Encore Wire (NASDAQ:WIRE) last issued its earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share 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 the consensus estimate of $579.64 million. Encore Wire had a return on equity of 17.77% and a net margin of 12.45%. The company’s revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $6.50 earnings per share. As a group, research analysts anticipate that Encore Wire will post 21.24 earnings per share for the current year.

Encore Wire Announces Dividend

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

Institutional Investors Weigh In On Encore Wire

A number of institutional investors have recently added to or reduced their stakes in WIRE. Cambridge Investment Research Advisors Inc. raised its position in Encore Wire by 15.5% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 15,258 shares of the electronics maker’s stock worth $2,784,000 after purchasing an additional 2,050 shares during the last quarter. Raymond James & Associates raised its position in Encore Wire by 6.7% in the 3rd quarter. Raymond James & Associates now owns 26,128 shares of the electronics maker’s stock worth $4,767,000 after purchasing an additional 1,636 shares during the last quarter. Shariaportfolio Inc. bought a new position in Encore Wire in the 3rd quarter worth approximately $1,878,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Encore Wire by 14.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,842 shares of the electronics maker’s stock valued at $519,000 after acquiring an additional 359 shares during the last quarter. Finally, Freedom Day Solutions LLC bought a new stake in shares of Encore Wire during the 3rd quarter valued at $1,420,000. 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.