Encore Wire Corp. (NASDAQ:WIRE) will post its quarterly earnings results after the market closes on Thursday, October 20th. Analysts expect Encore Wire Corp. to post earnings of $0.61 per share for the quarter.
Encore Wire Corp. (NASDAQ:WIRE) last issued its earnings results on Wednesday, July 27th. The company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.57 by $0.19. The firm earned $238.80 million during the quarter, compared to the consensus estimate of $241.88 million. Encore Wire Corp. had a return on equity of 7.73% and a net margin of 4.28%. The company’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 EPS. On average, analysts expect Encore Wire Corp. to post $2.01 EPS for the current fiscal year and $2.78 EPS for the next fiscal year.
Encore Wire Corp. (NASDAQ:WIRE) opened at 35.45 on Wednesday. The company has a market cap of $733.67 million, a P/E ratio of 17.55 and a beta of 2.08. Encore Wire Corp. has a one year low of $32.96 and a one year high of $44.95. The company has a 50-day moving average of $36.45 and a 200 day moving average of $38.13.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Shareholders of record on Friday, October 7th will be issued a $0.02 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.23%. Encore Wire Corp.’s dividend payout ratio is currently 3.96%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Encore Wire Corp. by 6.0% in the second quarter. Vanguard Group Inc. now owns 1,533,549 shares of the company’s stock valued at $57,170,000 after buying an additional 86,644 shares during the period. TFS Capital LLC boosted its position in shares of Encore Wire Corp. by 172.4% in the second quarter. TFS Capital LLC now owns 52,311 shares of the company’s stock valued at $1,950,000 after buying an additional 33,106 shares during the period. BlackRock Fund Advisors boosted its position in shares of Encore Wire Corp. by 2.1% in the second quarter. BlackRock Fund Advisors now owns 1,333,121 shares of the company’s stock valued at $49,699,000 after buying an additional 27,731 shares during the period. Highbridge Capital Management LLC acquired a new position in shares of Encore Wire Corp. during the second quarter valued at about $603,000. Finally, Analytic Investors LLC acquired a new position in shares of Encore Wire Corp. during the second quarter valued at about $579,000. 88.81% of the stock is owned by hedge funds and other institutional investors.
WIRE has been the subject of a number of research analyst reports. Zacks Investment Research cut shares of Encore Wire Corp. from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 3rd. Sidoti cut shares of Encore Wire Corp. from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $46.00 to $44.00 in a report on Thursday, July 28th. Finally, DA Davidson reaffirmed a “hold” rating on shares of Encore Wire Corp. in a report on Monday, September 19th.
About Encore Wire Corp.
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 operates in the manufacture of 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 segment.
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