Encore Wire (NASDAQ:WIRE) Price Target Increased to $175.00 by Analysts at DA Davidson

Encore Wire (NASDAQ:WIRE – Get Rating) had its price target increased by research analysts at DA Davidson from $150.00 to $175.00 in a note issued to investors on Monday, The Fly reports. DA Davidson’s price objective would indicate a potential upside of 55.13% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. StockNews.com assumed coverage on Encore Wire in a research report on Thursday, March 31st. They set a “buy” rating on the stock. Zacks Investment Research cut Encore Wire from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 20th.

Shares of WIRE stock opened at $112.81 on Monday. The firm has a market capitalization of $2.23 billion, a P/E ratio of 3.50 and a beta of 1.17. Encore Wire has a twelve month low of $65.98 and a twelve month high of $151.64. The stock’s fifty day simple moving average is $116.36 and its 200 day simple moving average is $124.42.

Encore Wire (NASDAQ:WIRE – Get Rating) last posted its quarterly earnings results on Thursday, April 28th. The electronics maker reported $7.96 earnings per share for the quarter, topping analysts’ consensus estimates of $2.94 by $5.02. The business had revenue of $723.07 million for the quarter, compared to the consensus estimate of $567.63 million. Encore Wire had a return on equity of 55.00% and a net margin of 23.05%. The firm’s revenue for the quarter was up 62.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.99 EPS. On average, sell-side analysts anticipate that Encore Wire will post 10.74 earnings per share for the current fiscal year.

Institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC acquired a new position in Encore Wire during the fourth quarter valued at $29,000. Koshinski Asset Management Inc. acquired a new position in Encore Wire during the fourth quarter worth about $40,000. First Quadrant L P CA acquired a new position in Encore Wire during the fourth quarter worth about $41,000. Sageworth Trust Co of South Dakota acquired a new position in Encore Wire during the fourth quarter worth about $42,000. Finally, Archer Investment Corp acquired a new position in Encore Wire during the fourth quarter worth about $43,000. 90.89% of the stock is currently owned by institutional investors.

About Encore Wire (Get Rating)

Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. The company's products include NM-B cables for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2 cables and metal-clad and armored cables for use as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; USE-2 cables; and other types of wire products.

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