Sidoti Upgrades Encore Wire (WIRE) to Buy
Encore Wire (NASDAQ:WIRE) was upgraded by Sidoti from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, MarketBeat.com reports. The brokerage presently has a $58.00 target price on the electronics maker’s stock. Sidoti’s price objective suggests a potential upside of 24.46% from the stock’s previous close.
WIRE has been the topic of a number of other reports. Zacks Investment Research lowered Encore Wire from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. BidaskClub downgraded Encore Wire from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Finally, TheStreet upgraded Encore Wire from a “c+” rating to a “b” rating in a research note on Monday, October 23rd.
Shares of Encore Wire (WIRE) traded down $0.40 during mid-day trading on Wednesday, hitting $46.60. The stock had a trading volume of 54,000 shares, compared to its average volume of 77,410. The stock has a market cap of $978.32, a P/E ratio of 19.67, a price-to-earnings-growth ratio of 2.03 and a beta of 2.31. Encore Wire has a fifty-two week low of $37.30 and a fifty-two week high of $49.75.
In other news, VP Frank J. Bilban sold 4,136 shares of the company’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $47.50, for a total transaction of $196,460.00. Following the completion of the transaction, the vice president now owns 61,150 shares of the company’s stock, valued at $2,904,625. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Matthew D. Ford sold 1,000 shares of the stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $46.00, for a total transaction of $46,000.00. Following the completion of the transaction, the insider now directly owns 2,500 shares of the company’s stock, valued at approximately $115,000. The disclosure for this sale can be found here. Corporate insiders own 3.79% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of WIRE. Piedmont Investment Advisors LLC bought a new stake in shares of Encore Wire during the third quarter valued at approximately $202,000. SG Americas Securities LLC bought a new position in Encore Wire in the third quarter valued at approximately $272,000. Crossmark Global Holdings Inc. bought a new position in Encore Wire in the third quarter valued at approximately $273,000. Aperio Group LLC boosted its stake in Encore Wire by 25.2% in the second quarter. Aperio Group LLC now owns 6,259 shares of the electronics maker’s stock valued at $267,000 after acquiring an additional 1,260 shares during the last quarter. Finally, Suntrust Banks Inc. boosted its position in shares of Encore Wire by 1.6% during the second quarter. Suntrust Banks Inc. now owns 6,781 shares of the electronics maker’s stock worth $289,000 after purchasing an additional 104 shares in the last quarter. 88.95% of the stock is owned by institutional investors.
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Encore Wire 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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