Zacks: Encore Wire Corporation (WIRE) Receives Average Recommendation of “” from Analysts
Encore Wire Corporation (NASDAQ:WIRE) has been assigned an average broker rating score of 2.00 (Buy) from the two brokers that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company. Encore Wire Corporation’s rating score has improved by 14.2% from 90 days ago as a result of a number of analysts’ upgrades and downgrades.
Analysts have set a 1-year consensus price objective of $48.25 for the company and are anticipating that the company will post $0.55 earnings per share for the current quarter, according to Zacks. Zacks has also given Encore Wire Corporation an industry rank of 203 out of 265 based on the ratings given to related companies.
WIRE has been the subject of several research analyst reports. TheStreet cut shares of Encore Wire Corporation from a “b” rating to a “c+” rating in a research note on Friday, August 4th. BidaskClub cut shares of Encore Wire Corporation from a “hold” rating to a “sell” rating in a research note on Monday. Finally, Zacks Investment Research cut shares of Encore Wire Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th.
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Shares of Encore Wire Corporation (WIRE) traded down 0.26% on Tuesday, reaching $38.65. 42,961 shares of the company’s stock traded hands. Encore Wire Corporation has a 52-week low of $33.70 and a 52-week high of $49.75. The stock has a market cap of $802.26 million, a price-to-earnings ratio of 19.13 and a beta of 2.24. The firm’s 50-day moving average is $42.40 and its 200-day moving average is $43.61.
Encore Wire Corporation (NASDAQ:WIRE) last announced its quarterly earnings data on Tuesday, August 1st. The electronics maker reported $0.52 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.06. The firm had revenue of $291.50 million during the quarter, compared to analysts’ expectations of $282.25 million. Encore Wire Corporation had a return on equity of 7.42% and a net margin of 4.01%. The business’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same period last year, the company earned $0.38 earnings per share. Analysts anticipate that Encore Wire Corporation will post $2.23 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, October 6th will be paid a dividend of $0.02 per share. The ex-dividend date is Thursday, October 5th. This represents a $0.08 annualized dividend and a yield of 0.21%. Encore Wire Corporation’s payout ratio is 3.98%.
A number of institutional investors have recently bought and sold shares of WIRE. Norges Bank bought a new position in Encore Wire Corporation during the fourth quarter valued at $13,267,000. Teachers Advisors LLC boosted its position in Encore Wire Corporation by 1.7% in the fourth quarter. Teachers Advisors LLC now owns 257,829 shares of the electronics maker’s stock valued at $11,177,000 after buying an additional 4,426 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in Encore Wire Corporation by 1.2% in the first quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the electronics maker’s stock valued at $386,000 after buying an additional 100 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Encore Wire Corporation by 8.3% in the first quarter. Nisa Investment Advisors LLC now owns 26,000 shares of the electronics maker’s stock valued at $1,196,000 after buying an additional 2,000 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its position in Encore Wire Corporation by 2.2% in the first quarter. State of Alaska Department of Revenue now owns 2,290 shares of the electronics maker’s stock valued at $105,000 after buying an additional 50 shares during the last quarter. 90.18% of the stock is owned by institutional investors.
About Encore Wire Corporation
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 manufactures 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.
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