Zacks: Analysts Set $48.25 Price Target for Encore Wire Corporation (WIRE)
Encore Wire Corporation (NASDAQ:WIRE) has received a consensus broker rating score of 2.00 (Buy) from the two brokers that cover the company, Zacks Investment Research reports. One 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% in the last three months as a result of a number of analysts’ ratings changes.
Brokerages have set a 1 year consensus price target of $48.25 for the company and are anticipating 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 249 out of 265 based on the ratings given to related companies.
WIRE has been the subject of several recent analyst reports. Zacks Investment Research raised Encore Wire Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. BidaskClub lowered Encore Wire Corporation from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Finally, TheStreet lowered Encore Wire Corporation from a “b” rating to a “c+” rating in a research report on Friday, August 4th.
Encore Wire Corporation (WIRE) traded down 4.51% on Wednesday, reaching $43.40. 140,290 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $41.01 and its 200 day moving average price is $42.95. Encore Wire Corporation has a 12 month low of $33.70 and a 12 month high of $49.75. The company has a market cap of $900.85 million, a PE ratio of 21.49 and a beta of 2.24.
Encore Wire Corporation (NASDAQ:WIRE) last posted its quarterly earnings results on Tuesday, August 1st. The electronics maker reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.06). The company 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%. Encore Wire Corporation’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 EPS. On average, equities analysts expect that Encore Wire Corporation will post $2.20 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, October 6th will be issued a $0.02 dividend. The ex-dividend date is Thursday, October 5th. This represents a $0.08 annualized dividend and a yield of 0.18%. Encore Wire Corporation’s payout ratio is 3.98%.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LSV Asset Management bought a new stake in Encore Wire Corporation in the 1st quarter worth about $101,000. State of Alaska Department of Revenue increased its holdings in Encore Wire Corporation by 78.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 4,096 shares of the electronics maker’s stock worth $174,000 after buying an additional 1,806 shares in the last quarter. BNP Paribas Arbitrage SA increased its holdings in Encore Wire Corporation by 3.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 4,201 shares of the electronics maker’s stock worth $193,000 after buying an additional 143 shares in the last quarter. Trexquant Investment LP bought a new stake in Encore Wire Corporation in the 1st quarter worth about $213,000. Finally, Mason Street Advisors LLC increased its holdings in Encore Wire Corporation by 7.1% in the 1st quarter. Mason Street Advisors LLC now owns 4,849 shares of the electronics maker’s stock worth $223,000 after buying an additional 320 shares in the last quarter. Institutional investors own 89.13% of the company’s stock.
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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