DA Davidson Lowers Encore Wire (NASDAQ:WIRE) to Neutral

DA Davidson downgraded shares of Encore Wire (NASDAQ:WIRE) from a buy rating to a neutral rating in a research note published on Tuesday morning, MarketBeat.com reports. DA Davidson currently has $295.00 price target on the electronics maker’s stock. DA Davidson also issued estimates for Encore Wire’s Q1 2024 earnings at $3.91 EPS, FY2024 earnings at $21.23 EPS and FY2025 earnings at $23.42 EPS.

Separately, StockNews.com cut Encore Wire from a buy rating to a hold rating in a report on Friday, March 22nd.

Encore Wire Stock Performance

Shares of NASDAQ WIRE opened at $284.40 on Tuesday. The stock has a market cap of $4.49 billion, a PE ratio of 13.27 and a beta of 1.31. The business has a fifty day moving average of $243.95 and a two-hundred day moving average of $214.99. Encore Wire has a 52-week low of $138.20 and a 52-week high of $295.90.

Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings data on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.05 by $0.05. The company had revenue of $633.78 million during the quarter, compared to analysts’ expectations of $601.48 million. Encore Wire had a return on equity of 20.92% and a net margin of 14.50%. The business’s revenue was down 8.7% on a year-over-year basis. During the same period last year, the business earned $8.28 earnings per share. Analysts predict that Encore Wire will post 16.52 earnings per share for the current year.

Encore Wire Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 19th. Investors of record on Friday, April 5th were issued a $0.02 dividend. The ex-dividend date was Thursday, April 4th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.03%. Encore Wire’s dividend payout ratio is 0.37%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in WIRE. Blue Trust Inc. raised its holdings in shares of Encore Wire by 69.2% in the fourth quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock valued at $43,000 after buying an additional 83 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in Encore Wire in the first quarter worth about $66,000. IFP Advisors Inc increased its position in Encore Wire by 231.5% in the second quarter. IFP Advisors Inc now owns 358 shares of the electronics maker’s stock worth $67,000 after purchasing an additional 250 shares during the period. Quest Partners LLC acquired a new stake in Encore Wire in the fourth quarter worth about $80,000. Finally, Advisory Services Network LLC acquired a new stake in Encore Wire in the fourth quarter worth about $88,000. 99.82% of the stock is owned by institutional investors.

Encore Wire Company Profile

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.