Encore Wire (NASDAQ:WIRE) Receives Neutral Rating from Sidoti

Sidoti reiterated their neutral rating on shares of Encore Wire (NASDAQ:WIRE) in a research report sent to investors on Tuesday morning, Benzinga reports. Sidoti currently has a $290.00 target price on the electronics maker’s stock.

WIRE has been the subject of several other research reports. StockNews.com lowered Encore Wire from a buy rating to a hold rating in a report on Friday, March 22nd. DA Davidson reissued a neutral rating and issued a $295.00 price objective on shares of Encore Wire in a report on Tuesday.

Encore Wire Price Performance

Shares of Encore Wire stock opened at $289.70 on Tuesday. Encore Wire has a 1 year low of $138.20 and a 1 year high of $295.90. The firm has a market cap of $4.57 billion, a PE ratio of 13.52 and a beta of 1.31. The stock has a fifty day moving average price of $240.49 and a 200-day moving average price of $213.22.

Encore Wire (NASDAQ:WIRE) last announced its quarterly earnings data on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.05. Encore Wire had a return on equity of 20.92% and a net margin of 14.50%. The company had revenue of $633.78 million during the quarter, compared to analyst estimates of $601.48 million. During the same quarter last year, the firm posted $8.28 EPS. The firm’s revenue for the quarter was down 8.7% on a year-over-year basis. As a group, equities analysts anticipate that Encore Wire will post 16.52 EPS for the current fiscal year.

Encore Wire Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 19th. Shareholders of record on Friday, April 5th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date of this dividend is Thursday, April 4th. Encore Wire’s payout ratio is presently 0.37%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale grew its holdings in Encore Wire by 26.6% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 49,324 shares of the electronics maker’s stock valued at $10,668,000 after buying an additional 10,366 shares in the last quarter. Illinois Municipal Retirement Fund bought a new stake in shares of Encore Wire during the 3rd quarter valued at about $1,840,000. Stifel Financial Corp boosted its position in shares of Encore Wire by 501.7% during the 3rd quarter. Stifel Financial Corp now owns 74,015 shares of the electronics maker’s stock valued at $13,505,000 after acquiring an additional 61,714 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of Encore Wire by 2,928.3% during the 3rd quarter. Federated Hermes Inc. now owns 5,996 shares of the electronics maker’s stock valued at $1,094,000 after acquiring an additional 5,798 shares during the last quarter. Finally, Quantedge Capital Pte Ltd boosted its position in shares of Encore Wire by 19.2% during the 3rd quarter. Quantedge Capital Pte Ltd now owns 27,272 shares of the electronics maker’s stock valued at $4,976,000 after acquiring an additional 4,400 shares during the last quarter. Hedge funds and other institutional investors own 99.82% of the company’s stock.

About Encore Wire

Encore Wire Corporation engages in manufacture and sale of electrical building wires and cables in the United States. It offers NM-B cables, UF-B cables, THHN/THWN-2, XHHW-2, USE-2, RHH/RHW-2, and other types of wire products, including SEU, SER, photovoltaic, URD, tray cables, metal-clads, and armored cables.