Encore Wire (NASDAQ:WIRE) Stock Rating Reaffirmed by CJS Securities

CJS Securities reiterated their market perform rating on shares of Encore Wire (NASDAQ:WIRE) in a report published on Friday, Benzinga reports.

Several other brokerages also recently issued reports on WIRE. Sidoti reiterated a neutral rating and issued a $290.00 price objective on shares of Encore Wire in a research report on Tuesday, April 16th. DA Davidson downgraded Encore Wire from a buy rating to a neutral rating and set a $295.00 price objective for the company. in a research report on Tuesday, April 16th. Finally, StockNews.com downgraded Encore Wire from a buy rating to a hold rating in a research report on Friday, March 22nd.

Encore Wire Price Performance

Shares of WIRE stock opened at $283.09 on Friday. The stock’s fifty day simple moving average is $245.50 and its 200 day simple moving average is $217.02. The firm has a market cap of $4.47 billion, a price-to-earnings ratio of 13.21 and a beta of 1.31. Encore Wire has a one year low of $138.20 and a one year high of $295.90.

Encore Wire (NASDAQ:WIRE) last announced its quarterly earnings results on Wednesday, February 14th. The electronics maker reported $4.10 EPS for the quarter, beating the consensus estimate of $4.05 by $0.05. The business had revenue of $633.78 million for the quarter, compared to analyst estimates of $601.48 million. Encore Wire had a return on equity of 20.92% and a net margin of 14.50%. Encore Wire’s quarterly revenue was down 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $8.28 EPS. On average, research analysts anticipate that Encore Wire will post 21.23 earnings per share for the current year.

Encore Wire Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 19th. Stockholders of record on Friday, April 5th were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, April 4th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.03%. Encore Wire’s payout ratio is currently 0.37%.

Institutional Investors Weigh In On Encore Wire

A number of institutional investors and hedge funds have recently made changes to their positions in WIRE. Blue Trust Inc. increased its holdings in 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 purchasing an additional 83 shares during the last quarter. Quest Partners LLC bought a new stake in Encore Wire in the fourth quarter valued at about $80,000. Banque Cantonale Vaudoise increased its holdings in Encore Wire by 10.7% in the first quarter. Banque Cantonale Vaudoise now owns 414 shares of the electronics maker’s stock valued at $109,000 after purchasing an additional 40 shares during the last quarter. GAMMA Investing LLC bought a new stake in Encore Wire in the fourth quarter valued at about $99,000. Finally, Beaird Harris Wealth Management LLC bought a new stake in Encore Wire in the third quarter valued at about $91,000. Institutional investors own 99.82% of the company’s stock.

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.