Q1 2024 EPS Estimates for Encore Wire Co. (NASDAQ:WIRE) Raised by DA Davidson

Encore Wire Co. (NASDAQ:WIRE) – Equities research analysts at DA Davidson boosted their Q1 2024 earnings estimates for Encore Wire in a research report issued on Wednesday, April 17th. DA Davidson analyst B. Thielman now anticipates that the electronics maker will post earnings per share of $3.91 for the quarter, up from their previous estimate of $3.73. DA Davidson has a “Neutral” rating and a $295.00 price target on the stock. The consensus estimate for Encore Wire’s current full-year earnings is $16.52 per share.

Several other research firms have also issued reports on WIRE. StockNews.com lowered Encore Wire from a “buy” rating to a “hold” rating in a research note on Friday, March 22nd. Sidoti restated a “neutral” rating and issued a $290.00 price objective on shares of Encore Wire in a report on Tuesday.

Encore Wire Stock Down 0.9 %

NASDAQ:WIRE opened at $287.23 on Thursday. Encore Wire has a 52 week low of $138.20 and a 52 week high of $295.90. The stock’s fifty day moving average is $242.95 and its two-hundred day moving average is $214.48. The stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of 13.40 and a beta of 1.31.

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

Hedge Funds Weigh In On Encore Wire

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Dallas Securities Inc. boosted its position in Encore Wire by 4.1% in the 1st quarter. First Dallas Securities Inc. now owns 38,344 shares of the electronics maker’s stock valued at $10,076,000 after buying an additional 1,520 shares during the period. Touchstone Capital Inc. purchased a new position in Encore Wire in the 1st quarter valued at approximately $2,923,000. Hennessy Advisors Inc. boosted its position in Encore Wire by 43.9% in the 1st quarter. Hennessy Advisors Inc. now owns 23,600 shares of the electronics maker’s stock valued at $6,202,000 after buying an additional 7,200 shares during the period. Security National Bank lifted its position in shares of Encore Wire by 1.4% during the 1st quarter. Security National Bank now owns 14,444 shares of the electronics maker’s stock worth $3,796,000 after purchasing an additional 194 shares during the last quarter. Finally, Banque Cantonale Vaudoise lifted its position in shares of Encore Wire by 10.7% during the 1st quarter. Banque Cantonale Vaudoise now owns 414 shares of the electronics maker’s stock worth $109,000 after purchasing an additional 40 shares during the last quarter. Hedge funds and other institutional investors own 99.82% of the company’s stock.

Encore Wire Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 19th. Shareholders of record on Friday, April 5th will be given a $0.02 dividend. 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 is presently 0.37%.

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.