Zacks: Encore Wire Corporation (WIRE) Receives Consensus Rating of “Buy” from Analysts
Encore Wire Corporation (NASDAQ:WIRE) has earned an average broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating and one has given a strong buy rating to the company. Encore Wire Corporation’s rating score has improved by 14.2% from three months ago as a result of a number of analysts’ ratings changes.
Brokers have set a twelve-month consensus target price of $48.25 for the company and are predicting that the company will post $0.55 EPS for the current quarter, according to Zacks. Zacks has also assigned Encore Wire Corporation an industry rank of 247 out of 265 based on the ratings given to related companies.
WIRE has been the topic of several analyst reports. Zacks Investment Research upgraded shares of Encore Wire Corporation from a “strong sell” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Wednesday, June 14th. TheStreet downgraded shares of Encore Wire Corporation from a “b” rating to a “c+” rating in a report on Friday, August 4th. Finally, BidaskClub downgraded shares of Encore Wire Corporation from a “hold” rating to a “sell” rating in a report on Monday, August 14th.
A number of hedge funds have recently modified their holdings of WIRE. Louisiana State Employees Retirement System grew its stake in Encore Wire Corporation by 1.2% in the 1st quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the electronics maker’s stock worth $386,000 after acquiring an additional 100 shares in the last quarter. State of Alaska Department of Revenue grew its stake in Encore Wire Corporation by 2.2% in the 1st quarter. State of Alaska Department of Revenue now owns 2,290 shares of the electronics maker’s stock worth $105,000 after acquiring an additional 50 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in Encore Wire Corporation by 2.9% in the 1st quarter. Great West Life Assurance Co. Can now owns 28,169 shares of the electronics maker’s stock worth $1,294,000 after acquiring an additional 790 shares in the last quarter. LSV Asset Management bought a new position in Encore Wire Corporation in the 1st quarter worth about $101,000. Finally, First Trust Advisors LP grew its stake in Encore Wire Corporation by 21.6% in the 1st quarter. First Trust Advisors LP now owns 187,711 shares of the electronics maker’s stock worth $8,635,000 after acquiring an additional 33,350 shares in the last quarter. Institutional investors and hedge funds own 89.13% of the company’s stock.
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Encore Wire Corporation (WIRE) traded up 3.61% during mid-day trading on Friday, hitting $44.50. The company had a trading volume of 107,218 shares. The stock has a 50 day moving average price of $40.96 and a 200-day moving average price of $43.09. Encore Wire Corporation has a 1-year low of $33.70 and a 1-year high of $49.75. The stock has a market capitalization of $923.69 million, a PE ratio of 22.03 and a beta of 2.24.
Encore Wire Corporation (NASDAQ:WIRE) last issued its quarterly earnings results on Tuesday, August 1st. The electronics maker reported $0.52 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.06). The firm had revenue of $291.50 million for the quarter, compared to the consensus estimate of $282.25 million. Encore Wire Corporation had a net margin of 4.01% and a return on equity of 7.42%. The business’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 earnings per share. On average, analysts forecast that Encore Wire Corporation will post $2.20 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, October 6th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $0.08 dividend on an annualized basis and a yield of 0.19%. Encore Wire Corporation’s dividend payout ratio is currently 3.98%.
Encore Wire Corporation Company Profile
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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