StockNews.com Begins Coverage on Encore Wire (NASDAQ:WIRE)

Stock analysts at StockNews.com initiated coverage on shares of Encore Wire (NASDAQ:WIRE) in a research report issued on Thursday. The firm set a “hold” rating on the electronics maker’s stock.

A number of other research firms have also recently commented on WIRE. DA Davidson cut Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 target price on the stock. in a research report on Tuesday, April 16th. CJS Securities reiterated a “market perform” rating on shares of Encore Wire in a research report on Friday, April 19th. Finally, Sidoti reiterated a “neutral” rating and set a $290.00 target price on shares of Encore Wire in a research report on Tuesday, April 16th.

Encore Wire Price Performance

Encore Wire stock opened at $282.41 on Thursday. Encore Wire has a 1-year low of $138.20 and a 1-year high of $295.90. The stock has a market cap of $4.46 billion, a PE ratio of 13.18 and a beta of 1.31. The stock’s fifty day moving average is $247.44 and its two-hundred day moving average is $218.19.

Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $3.65 by $0.27. Encore Wire had a return on equity of 20.92% and a net margin of 14.50%. The company had revenue of $632.66 million for the quarter, compared to analysts’ expectations of $579.64 million. During the same period last year, the firm earned $6.50 earnings per share. Encore Wire’s quarterly revenue was down 4.2% on a year-over-year basis. On average, research analysts expect that Encore Wire will post 21.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Encore Wire

A number of hedge funds and other institutional investors have recently made changes to their positions in WIRE. SG Americas Securities LLC increased its position in Encore Wire by 260.9% during the 3rd quarter. SG Americas Securities LLC now owns 5,633 shares of the electronics maker’s stock worth $1,028,000 after purchasing an additional 4,072 shares during the period. Handelsbanken Fonder AB grew its holdings in shares of Encore Wire by 31.1% in the 3rd quarter. Handelsbanken Fonder AB now owns 4,637 shares of the electronics maker’s stock worth $846,000 after acquiring an additional 1,100 shares during the period. Hunter Perkins Capital Management LLC grew its holdings in shares of Encore Wire by 104.0% in the 3rd quarter. Hunter Perkins Capital Management LLC now owns 19,719 shares of the electronics maker’s stock worth $3,598,000 after acquiring an additional 10,055 shares during the period. Security National Bank grew its holdings in shares of Encore Wire by 2.1% in the 3rd quarter. Security National Bank now owns 14,377 shares of the electronics maker’s stock worth $2,655,000 after acquiring an additional 289 shares during the period. Finally, Aquila Investment Management LLC grew its holdings in shares of Encore Wire by 50.0% in the 3rd quarter. Aquila Investment Management LLC now owns 9,000 shares of the electronics maker’s stock worth $1,642,000 after acquiring an additional 3,000 shares during the period. Hedge funds and other institutional investors own 99.82% of the company’s stock.

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.