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.

Encore Wire (NASDAQ:WIRE) last released its quarterly earnings results on Tuesday, October 31st. The electronics maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.12. The company had revenue of $292.00 million during the quarter, compared to the consensus estimate of $279.60 million. Encore Wire had a return on equity of 8.42% and a net margin of 4.53%. Encore Wire’s revenue was up 23.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 earnings per share. equities research analysts forecast that Encore Wire will post 2.32 earnings per share for the current year.

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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