Analysts’ Weekly Ratings Updates for Encore Wire (WIRE)

Several analysts have recently updated their ratings and price targets for Encore Wire (NASDAQ: WIRE):

• 4/25/2024 – Encore Wire is now covered by analysts at StockNews.com. They set a “hold” rating on the stock.
• 4/19/2024 – Encore Wire had its “market perform” rating reaffirmed by analysts at CJS Securities.
• 4/16/2024 – Encore Wire had its “neutral” rating reaffirmed by analysts at Sidoti. They now have a $290.00 price target on the stock.
• 4/16/2024 – Encore Wire was downgraded by analysts at DA Davidson from a “buy” rating to a “neutral” rating. They now have a $295.00 price target on the stock.
• 3/22/2024 – Encore Wire was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 3/14/2024 – Encore Wire was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.

Encore Wire Stock Up 0.3 %

NASDAQ:WIRE opened at $284.89 on Monday. The stock has a market cap of $4.50 billion, a P/E ratio of 15.11 and a beta of 1.31. The business’s 50-day moving average price is $249.52 and its two-hundred day moving average price is $219.73. Encore Wire Co. has a twelve month low of $146.36 and a twelve month high of $295.90.

Encore Wire (NASDAQ:WIRE) last announced its earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.65 by $0.27. The business had revenue of $632.66 million during the quarter, compared to analyst estimates of $579.64 million. Encore Wire had a net margin of 12.45% and a return on equity of 17.77%. Encore Wire’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the previous year, the business posted $6.50 earnings per share. On average, equities research analysts expect that Encore Wire Co. will post 21.23 EPS for the current fiscal year.

Encore Wire Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 19th. Shareholders of record on Friday, April 5th were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, April 4th. This represents a $0.08 dividend on an annualized basis and a yield of 0.03%. Encore Wire’s payout ratio is 0.42%.

Hedge Funds Weigh In On Encore Wire

A number of hedge funds and other institutional investors have recently modified their holdings of WIRE. Banque Cantonale Vaudoise lifted its position in Encore Wire by 10.7% in the 1st quarter. Banque Cantonale Vaudoise now owns 414 shares of the electronics maker’s stock worth $109,000 after buying an additional 40 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its stake in shares of Encore Wire by 0.8% in the 4th quarter. Nations Financial Group Inc. IA ADV now owns 5,330 shares of the electronics maker’s stock valued at $1,138,000 after purchasing an additional 41 shares in the last quarter. Spire Wealth Management grew its holdings in shares of Encore Wire by 42.0% during the 1st quarter. Spire Wealth Management now owns 142 shares of the electronics maker’s stock valued at $37,000 after purchasing an additional 42 shares during the last quarter. FCG Investment Co raised its position in Encore Wire by 3.8% in the 1st quarter. FCG Investment Co now owns 1,297 shares of the electronics maker’s stock worth $341,000 after purchasing an additional 48 shares during the period. Finally, SummerHaven Investment Management LLC lifted its stake in Encore Wire by 1.3% in the fourth quarter. SummerHaven Investment Management LLC now owns 4,104 shares of the electronics maker’s stock worth $877,000 after purchasing an additional 51 shares during the last quarter. 99.82% of the stock is currently owned by hedge funds and other institutional investors.

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.