Encore Wire Corp. (WIRE) Given Average Rating of “Hold” by Analysts
Shares of Encore Wire Corp. (NASDAQ:WIRE) have received an average broker rating score of 3.00 (Hold) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. Two investment analysts have rated the stock with a hold rating.
Analysts have set a 12-month consensus target price of $42.00 for the company and are forecasting that the company will post $0.48 EPS for the current quarter, according to Zacks. Zacks has also given Encore Wire Corp. an industry rank of 227 out of 265 based on the ratings given to related companies.
Several research firms have recently weighed in on WIRE. DA Davidson reaffirmed a “hold” rating on shares of Encore Wire Corp. in a report on Monday, September 19th. Zacks Investment Research cut shares of Encore Wire Corp. from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 3rd. Finally, Sidoti cut shares of Encore Wire Corp. from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $46.00 to $44.00 in a report on Thursday, July 28th.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Aperio Group LLC purchased a new position in Encore Wire Corp. during the first quarter worth approximately $278,000. Teachers Advisors Inc. boosted its position in shares of Encore Wire Corp. by 3.5% in the first quarter. Teachers Advisors Inc. now owns 243,961 shares of the company’s stock worth $9,497,000 after buying an additional 8,200 shares during the period. Prudential Financial Inc. boosted its position in shares of Encore Wire Corp. by 22.1% in the first quarter. Prudential Financial Inc. now owns 62,482 shares of the company’s stock worth $2,432,000 after buying an additional 11,300 shares during the period. Franklin Resources Inc. boosted its position in shares of Encore Wire Corp. by 1.9% in the first quarter. Franklin Resources Inc. now owns 547,400 shares of the company’s stock worth $21,310,000 after buying an additional 10,000 shares during the period. Finally, BlackRock Group LTD boosted its position in shares of Encore Wire Corp. by 7.1% in the first quarter. BlackRock Group LTD now owns 27,154 shares of the company’s stock worth $1,057,000 after buying an additional 1,795 shares during the period. 88.81% of the stock is currently owned by institutional investors and hedge funds.
Shares of Encore Wire Corp. (NASDAQ:WIRE) traded up 2.01% on Monday, reaching $35.55. The company’s stock had a trading volume of 16,678 shares. Encore Wire Corp. has a 12 month low of $32.96 and a 12 month high of $44.95. The firm has a market cap of $735.74 million, a price-to-earnings ratio of 17.60 and a beta of 2.08. The stock has a 50 day moving average of $36.67 and a 200-day moving average of $38.20.
Encore Wire Corp. (NASDAQ:WIRE) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.57 by $0.19. The firm earned $238.80 million during the quarter, compared to the consensus estimate of $241.88 million. Encore Wire Corp. had a return on equity of 7.73% and a net margin of 4.28%. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 EPS. On average, analysts anticipate that Encore Wire Corp. will post $2.01 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Friday, October 7th will be paid a $0.02 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.08 dividend on an annualized basis and a yield of 0.23%. Encore Wire Corp.’s dividend payout ratio is presently 3.96%.
About Encore Wire Corp.
Encore Wire Corporation is a manufacturer of electrical building wire and cable. The Company is a supplier of building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments and manufactured housing. The Company operates in the manufacture of electric building wire, principally NM-B cable, for use primarily as interior wiring in homes, apartments, and manufactured housing, and THHN/THWN-2 cable and metal-clad and armored cable for use primarily as wiring in commercial and industrial buildings segment.
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