Encore Wire (NASDAQ:WIRE) Earns Hold Rating from Analysts at StockNews.com

Investment analysts at StockNews.com started coverage on shares of Encore Wire (NASDAQ:WIREGet Free Report) in a research report issued to clients and investors on Tuesday. The firm set a “hold” rating on the electronics maker’s stock.

A number of other research analysts have also issued reports on WIRE. DA Davidson lowered Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 target price on the stock. in a report on Tuesday, April 16th. CJS Securities reissued a “market perform” rating on shares of Encore Wire in a research note on Friday, April 19th. Finally, Sidoti reaffirmed a “neutral” rating and issued a $290.00 target price on shares of Encore Wire in a research note on Tuesday, April 16th.

Read Our Latest Stock Report on WIRE

Encore Wire Stock Down 0.1 %

Shares of NASDAQ WIRE opened at $288.55 on Tuesday. The company’s 50-day simple moving average is $276.93 and its 200-day simple moving average is $238.01. Encore Wire has a 52-week low of $150.51 and a 52-week high of $295.90. The firm has a market cap of $4.56 billion, a price-to-earnings ratio of 15.31 and a beta of 1.28.

Encore Wire (NASDAQ:WIREGet Free Report) last posted its earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.65 by $0.27. Encore Wire had a return on equity of 17.77% and a net margin of 12.45%. The company had revenue of $632.66 million during the quarter, compared to analysts’ expectations of $579.64 million. During the same quarter last year, the firm earned $6.50 earnings per share. The firm’s quarterly revenue was down 4.2% compared to the same quarter last year. Equities research analysts anticipate that Encore Wire will post 21.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Encore Wire

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Millington Financial Advisors LLC lifted its holdings in Encore Wire by 3.3% during the 3rd quarter. Millington Financial Advisors LLC now owns 8,800 shares of the electronics maker’s stock worth $1,606,000 after buying an additional 281 shares during the last quarter. Private Advisor Group LLC acquired a new position in Encore Wire in the third quarter worth $205,000. Barclays PLC increased its stake in Encore Wire by 29.5% during the third quarter. Barclays PLC now owns 15,921 shares of the electronics maker’s stock valued at $2,904,000 after purchasing an additional 3,630 shares during the last quarter. New York State Common Retirement Fund raised its holdings in shares of Encore Wire by 4.6% during the third quarter. New York State Common Retirement Fund now owns 8,754 shares of the electronics maker’s stock worth $1,597,000 after purchasing an additional 386 shares during the period. Finally, Oppenheimer & Co. Inc. bought a new position in shares of Encore Wire in the 3rd quarter worth about $529,000. 99.82% of the stock is owned by institutional investors and hedge funds.

Encore Wire Company Profile

(Get Free Report)

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.

Further Reading

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