Encore Wire Co. (WIRE) Given Average Recommendation of “Buy” by Analysts
Encore Wire Co. (NASDAQ:WIRE) has earned an average broker rating score of 1.67 (Buy) from the three analysts that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and two have issued a strong buy recommendation on the company. Encore Wire’s rating score has improved by 16.5% from three months ago as a result of various analysts’ ratings changes.
Analysts have set a 12 month consensus price objective of $48.25 for the company and are anticipating that the company will post $0.47 EPS for the current quarter, according to Zacks. Zacks has also assigned Encore Wire an industry rank of 107 out of 265 based on the ratings given to related companies.
WIRE has been the topic of a number of recent research reports. Zacks Investment Research downgraded Encore Wire from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 2nd. Sidoti initiated coverage on Encore Wire in a research report on Thursday, October 19th. They set a “neutral” rating on the stock. BidaskClub downgraded Encore Wire from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, TheStreet raised Encore Wire from a “c+” rating to a “b” rating in a research report on Monday, October 23rd.
Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings results on Tuesday, October 31st. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.12. Encore Wire had a return on equity of 8.42% and a net margin of 4.53%. The business had revenue of $292.00 million for the quarter, compared to the consensus estimate of $279.60 million. During the same quarter in the prior year, the company earned $0.29 EPS. The business’s revenue was up 23.1% compared to the same quarter last year. equities analysts anticipate that Encore Wire will post 2.32 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 19th. Investors of record on Friday, January 5th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date is Thursday, January 4th. Encore Wire’s payout ratio is currently 3.35%.
In other Encore Wire news, insider Matthew D. Ford sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $46.00, for a total value of $46,000.00. Following the completion of the sale, the insider now owns 2,500 shares of the company’s stock, valued at $115,000. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Frank J. Bilban sold 9,814 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $48.30, for a total value of $474,016.20. Following the completion of the sale, the vice president now directly owns 56,934 shares of the company’s stock, valued at approximately $2,749,912.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,507 shares of company stock worth $1,285,749. 3.79% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in the company. Piedmont Investment Advisors LLC purchased a new position in Encore Wire during the third quarter valued at approximately $202,000. SG Americas Securities LLC purchased a new position in Encore Wire during the third quarter valued at approximately $272,000. Crossmark Global Holdings Inc. purchased a new position in Encore Wire during the third quarter valued at approximately $273,000. Suntrust Banks Inc. raised its position in Encore Wire by 1.6% during the second quarter. Suntrust Banks Inc. now owns 6,781 shares of the electronics maker’s stock valued at $289,000 after acquiring an additional 104 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in Encore Wire by 62.7% during the second quarter. BNP Paribas Arbitrage SA now owns 6,835 shares of the electronics maker’s stock valued at $292,000 after acquiring an additional 2,634 shares in the last quarter. Hedge funds and other institutional investors own 88.92% of the company’s stock.
About Encore Wire
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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