Encore Wire (NASDAQ:WIRE) Rating Lowered to Hold at StockNews.com

StockNews.com cut shares of Encore Wire (NASDAQ:WIRE – Get Rating) from a buy rating to a hold rating in a research report report published on Tuesday.

Other equities analysts have also recently issued reports about the stock. DA Davidson boosted their target price on shares of Encore Wire from $150.00 to $175.00 in a research note on Monday, May 2nd. Zacks Investment Research upgraded shares of Encore Wire from a hold rating to a strong-buy rating and set a $142.00 target price for the company in a research note on Thursday, May 5th.

NASDAQ WIRE opened at $125.63 on Tuesday. The firm has a market capitalization of $2.48 billion, a P/E ratio of 3.90 and a beta of 1.10. The stock has a 50-day simple moving average of $117.85 and a two-hundred day simple moving average of $125.08. Encore Wire has a fifty-two week low of $65.98 and a fifty-two week high of $151.64.

Encore Wire (NASDAQ:WIRE – Get Rating) last announced its quarterly earnings results on Thursday, April 28th. The electronics maker reported $7.96 earnings per share for the quarter, beating the consensus estimate of $2.94 by $5.02. Encore Wire had a return on equity of 52.38% and a net margin of 23.05%. The company had revenue of $723.07 million during the quarter, compared to analysts’ expectations of $567.63 million. During the same period last year, the business earned $1.99 earnings per share. Encore Wire’s quarterly revenue was up 62.8% on a year-over-year basis. Sell-side analysts expect that Encore Wire will post 19.18 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Friday, July 1st will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.06%. The ex-dividend date is Thursday, June 30th. Encore Wire’s dividend payout ratio is currently 0.25%.

Large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC acquired a new position in Encore Wire during the fourth quarter worth $29,000. Koshinski Asset Management Inc. acquired a new position in Encore Wire during the fourth quarter worth $40,000. First Quadrant L P CA acquired a new position in Encore Wire during the fourth quarter worth $41,000. Sageworth Trust Co of South Dakota acquired a new position in Encore Wire during the fourth quarter worth $42,000. Finally, Archer Investment Corp acquired a new position in Encore Wire during the fourth quarter worth $43,000. Institutional investors own 90.89% of the company’s stock.

Encore Wire Company Profile (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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