Zacks: Encore Wire Co. (WIRE) Given Consensus Recommendation of “Buy” by Analysts

Encore Wire Co. (NASDAQ:WIRE) has been assigned a consensus broker rating score of 1.67 (Buy) from the three analysts that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a hold rating and two have assigned a strong buy rating to the company. Encore Wire’s rating score has improved by 16.5% from three months ago as a result of a number of analysts’ upgrades and downgrades.

Brokers have set a 12-month consensus price target of $48.25 for the company and are anticipating that the company will post $0.47 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Encore Wire an industry rank of 208 out of 265 based on the ratings given to its competitors.

A number of research firms recently commented on WIRE. BidaskClub cut Encore Wire from a “buy” rating to a “hold” rating in a report on Thursday, January 25th. Sidoti raised Encore Wire from a “neutral” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Wednesday, December 6th. Zacks Investment Research cut Encore Wire from a “hold” rating to a “strong sell” rating in a report on Thursday, November 2nd. Finally, TheStreet raised Encore Wire from a “c+” rating to a “b” rating in a report on Monday, October 23rd.

In other news, CFO Frank J. Bilban sold 8,924 shares of the company’s stock in a transaction that occurred on Thursday, January 18th. The stock was sold at an average price of $51.52, for a total transaction of $459,764.48. Following the sale, the chief financial officer now directly owns 19,900 shares of the company’s stock, valued at approximately $1,025,248. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Frank J. Bilban sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, January 11th. The stock was sold at an average price of $50.50, for a total value of $757,500.00. Following the sale, the vice president now directly owns 34,900 shares in the company, valued at $1,762,450. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,395 shares of company stock worth $2,311,704. 3.79% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Algert Global LLC purchased a new stake in shares of Encore Wire during the 4th quarter worth approximately $231,000. Mutual of America Capital Management LLC raised its holdings in Encore Wire by 5.9% during the 4th quarter. Mutual of America Capital Management LLC now owns 142,769 shares of the electronics maker’s stock valued at $6,946,000 after buying an additional 7,907 shares during the period. Foundry Partners LLC raised its holdings in Encore Wire by 15.3% during the 4th quarter. Foundry Partners LLC now owns 11,540 shares of the electronics maker’s stock valued at $561,000 after buying an additional 1,535 shares during the period. James Investment Research Inc. purchased a new stake in Encore Wire during the 4th quarter valued at $2,052,000. Finally, Schwab Charles Investment Management Inc. raised its holdings in Encore Wire by 5.6% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 197,343 shares of the electronics maker’s stock valued at $9,601,000 after buying an additional 10,503 shares during the period. 88.89% of the stock is currently owned by institutional investors and hedge funds.

Encore Wire (WIRE) opened at $49.90 on Friday. Encore Wire has a twelve month low of $37.30 and a twelve month high of $52.65. The company has a market capitalization of $1,068.86, a P/E ratio of 20.88, a P/E/G ratio of 2.43 and a beta of 2.26.

The firm also recently declared a quarterly dividend, which was paid on Friday, January 19th. Investors of record on Friday, January 5th were issued a $0.02 dividend. The ex-dividend date of this dividend was Thursday, January 4th. This represents a $0.08 dividend on an annualized basis and a yield of 0.16%. Encore Wire’s dividend payout ratio is presently 3.35%.

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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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