Encore Wire (NASDAQ:WIRE) was downgraded by equities researchers at Sidoti from a “buy” rating to a “neutral” rating in a report released on Wednesday, The Fly reports.
Several other equities research analysts have also recently commented on WIRE. Zacks Investment Research cut shares of Encore Wire from a “buy” rating to a “hold” rating in a research report on Saturday, January 12th. DA Davidson set a $60.00 price objective on shares of Encore Wire and gave the company a “buy” rating in a research report on Tuesday, December 4th. Finally, BidaskClub raised shares of Encore Wire from a “sell” rating to a “hold” rating in a research report on Tuesday, November 6th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Encore Wire has a consensus rating of “Hold” and a consensus price target of $59.00.
WIRE opened at $54.60 on Wednesday. The firm has a market capitalization of $1.11 billion, a P/E ratio of 20.92, a P/E/G ratio of 1.63 and a beta of 1.37. Encore Wire has a 12 month low of $40.96 and a 12 month high of $58.70.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Bremer Trust National Association acquired a new stake in shares of Encore Wire during the fourth quarter worth $30,000. LSV Asset Management acquired a new stake in shares of Encore Wire during the first quarter worth $101,000. State of Alaska Department of Revenue increased its position in shares of Encore Wire by 2.2% during the first quarter. State of Alaska Department of Revenue now owns 2,290 shares of the electronics maker’s stock worth $105,000 after buying an additional 50 shares during the period. Bank of Montreal Can boosted its stake in Encore Wire by 111.1% during the fourth quarter. Bank of Montreal Can now owns 2,538 shares of the electronics maker’s stock worth $127,000 after acquiring an additional 1,336 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in Encore Wire by 13.8% during the second quarter. Teacher Retirement System of Texas now owns 2,746 shares of the electronics maker’s stock worth $102,000 after acquiring an additional 334 shares in the last quarter. Hedge funds and other institutional investors own 89.95% of the company’s stock.
Encore Wire Company Profile
Encore Wire Corporation manufactures and sells electrical building wire and cable products for interior electrical wiring in the United States. Its products include NM-B cable for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2, metal-clad, and armored cables for use primarily as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; and other types of wire products.
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