Encore Wire (NASDAQ:WIRE) Stock Rating Reaffirmed by Sidoti

Sidoti reissued their neutral rating on shares of Encore Wire (NASDAQ:WIRE) in a report issued on Tuesday morning, Benzinga reports. Sidoti currently has a $290.00 target price on the electronics maker’s stock.

Several other equities research analysts have also recently issued reports on the company. StockNews.com cut Encore Wire from a buy rating to a hold rating in a research note on Friday, March 22nd. DA Davidson reissued a neutral rating and set a $295.00 target price on shares of Encore Wire in a research note on Tuesday.

Encore Wire Stock Performance

NASDAQ:WIRE opened at $289.70 on Tuesday. Encore Wire has a one year low of $138.20 and a one year high of $295.90. The stock has a market cap of $4.57 billion, a PE ratio of 13.52 and a beta of 1.31. The stock has a 50 day moving average price of $240.49 and a 200 day moving average price of $213.22.

Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings results on Wednesday, February 14th. The electronics maker reported $4.10 EPS for the quarter, beating the consensus estimate of $4.05 by $0.05. Encore Wire had a return on equity of 20.92% and a net margin of 14.50%. The firm had revenue of $633.78 million during the quarter, compared to analysts’ expectations of $601.48 million. During the same quarter last year, the firm earned $8.28 earnings per share. The business’s revenue for the quarter was down 8.7% on a year-over-year basis. As a group, analysts predict that Encore Wire will post 16.52 earnings per share for the current fiscal year.

Encore Wire Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 19th. Shareholders of record on Friday, April 5th will be paid a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $0.08 annualized dividend and a yield of 0.03%. Encore Wire’s dividend payout ratio (DPR) is 0.37%.

Institutional Investors Weigh In On Encore Wire

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale boosted its position in shares of Encore Wire by 26.6% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 49,324 shares of the electronics maker’s stock worth $10,668,000 after buying an additional 10,366 shares during the period. Illinois Municipal Retirement Fund purchased a new position in shares of Encore Wire during the third quarter worth $1,840,000. Stifel Financial Corp boosted its position in shares of Encore Wire by 501.7% during the third quarter. Stifel Financial Corp now owns 74,015 shares of the electronics maker’s stock worth $13,505,000 after buying an additional 61,714 shares during the period. Federated Hermes Inc. boosted its position in shares of Encore Wire by 2,928.3% during the third quarter. Federated Hermes Inc. now owns 5,996 shares of the electronics maker’s stock worth $1,094,000 after buying an additional 5,798 shares during the period. Finally, Quantedge Capital Pte Ltd boosted its position in shares of Encore Wire by 19.2% during the third quarter. Quantedge Capital Pte Ltd now owns 27,272 shares of the electronics maker’s stock worth $4,976,000 after buying an additional 4,400 shares during the period. Institutional investors and hedge funds 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.