Encore Wire (NASDAQ:WIRE) Coverage Initiated by Analysts at StockNews.com

StockNews.com started coverage on shares of Encore Wire (NASDAQ:WIRE) in a research note released on Wednesday morning. The firm issued a hold rating on the electronics maker’s stock.

WIRE has been the subject of a number of other reports. Sidoti reissued a neutral rating and issued a $290.00 price target on shares of Encore Wire in a research note on Tuesday, April 16th. DA Davidson downgraded shares of Encore Wire from a buy rating to a neutral rating and set a $295.00 price target for the company. in a research note on Tuesday, April 16th. Finally, CJS Securities reissued a market perform rating on shares of Encore Wire in a research note on Friday, April 19th.

Encore Wire Trading Down 0.0 %

Shares of NASDAQ:WIRE opened at $288.94 on Wednesday. The company has a market cap of $4.56 billion, a price-to-earnings ratio of 15.33 and a beta of 1.23. The company has a 50-day moving average price of $280.86 and a 200-day moving average price of $242.33. Encore Wire has a 12 month low of $150.51 and a 12 month high of $295.90.

Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings data on Tuesday, April 23rd. The electronics maker reported $3.92 EPS for the quarter, beating the consensus estimate of $3.65 by $0.27. The firm had revenue of $632.66 million during the quarter, compared to the consensus estimate of $579.64 million. Encore Wire had a net margin of 12.45% and a return on equity of 17.77%. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $6.50 earnings per share. As a group, research analysts forecast that Encore Wire will post 21.24 EPS for the current fiscal year.

Encore Wire Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 19th. Shareholders of record on Friday, July 5th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.03%. The ex-dividend date of this dividend is Friday, July 5th. Encore Wire’s dividend payout ratio is 0.42%.

Hedge Funds Weigh In On Encore Wire

Institutional investors and hedge funds have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale increased its stake in shares of Encore Wire by 26.6% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 49,324 shares of the electronics maker’s stock valued at $10,668,000 after purchasing an additional 10,366 shares in the last quarter. Chesapeake Capital Corp IL purchased a new stake in shares of Encore Wire during the fourth quarter valued at approximately $871,000. Stifel Financial Corp grew its holdings in shares of Encore Wire by 501.7% during the third quarter. Stifel Financial Corp now owns 74,015 shares of the electronics maker’s stock valued at $13,505,000 after buying an additional 61,714 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Encore Wire by 2,928.3% during the third quarter. Federated Hermes Inc. now owns 5,996 shares of the electronics maker’s stock valued at $1,094,000 after buying an additional 5,798 shares during the last quarter. Finally, Quantedge Capital Pte Ltd grew its holdings in shares of Encore Wire by 19.2% during the third quarter. Quantedge Capital Pte Ltd now owns 27,272 shares of the electronics maker’s stock valued at $4,976,000 after buying an additional 4,400 shares during the last quarter. 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.