FY2024 EPS Estimates for Encore Wire Co. Boosted by Analyst (NASDAQ:WIRE)

Encore Wire Co. (NASDAQ:WIRE) – Equities research analysts at DA Davidson increased their FY2024 earnings per share (EPS) estimates for shares of Encore Wire in a research note issued on Wednesday, April 17th. DA Davidson analyst B. Thielman now anticipates that the electronics maker will post earnings per share of $21.23 for the year, up from their previous estimate of $16.52. DA Davidson currently has a “Neutral” rating and a $295.00 price objective on the stock. The consensus estimate for Encore Wire’s current full-year earnings is $16.52 per share. DA Davidson also issued estimates for Encore Wire’s FY2025 earnings at $23.42 EPS.

Encore Wire (NASDAQ:WIRE) last announced its earnings results on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share 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 company had revenue of $633.78 million for the quarter, compared to the consensus estimate of $601.48 million. During the same period last year, the business posted $8.28 EPS. The company’s revenue was down 8.7% on a year-over-year basis.

WIRE has been the subject of several other reports. Sidoti reissued a “neutral” rating and issued a $290.00 price target on shares of Encore Wire in a report on Tuesday. StockNews.com cut Encore Wire from a “buy” rating to a “hold” rating in a report on Friday, March 22nd. Finally, CJS Securities reissued a “market perform” rating on shares of Encore Wire in a report on Friday.

Encore Wire Trading Down 0.9 %

Shares of WIRE stock opened at $284.40 on Friday. The business’s 50 day moving average is $243.95 and its two-hundred day moving average is $214.99. Encore Wire has a twelve month low of $138.20 and a twelve month high of $295.90. The company has a market capitalization of $4.49 billion, a P/E ratio of 13.27 and a beta of 1.31.

Encore Wire Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 19th. Investors of record on Friday, April 5th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was 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%.

Hedge Funds Weigh In On Encore Wire

Several hedge funds and other institutional investors have recently bought and sold shares of the company. FCG Investment Co grew its position in shares of Encore Wire by 3.8% in the first quarter. FCG Investment Co now owns 1,297 shares of the electronics maker’s stock valued at $341,000 after purchasing an additional 48 shares during the period. Allspring Global Investments Holdings LLC grew its position in Encore Wire by 13.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,548 shares of the electronics maker’s stock valued at $670,000 after acquiring an additional 310 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Encore Wire in the first quarter worth about $24,993,000. Oliver Luxxe Assets LLC grew its stake in shares of Encore Wire by 1.7% in the first quarter. Oliver Luxxe Assets LLC now owns 5,850 shares of the electronics maker’s stock valued at $1,537,000 after buying an additional 96 shares in the last quarter. Finally, MorganRosel Wealth Management LLC acquired a new stake in shares of Encore Wire in the first quarter valued at about $1,126,000. 99.82% of the stock is owned by institutional investors and hedge funds.

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.