Encore Wire (NASDAQ:WIRE) Posts Quarterly Earnings Results, Beats Estimates By $0.27 EPS

Encore Wire (NASDAQ:WIRE) released its quarterly earnings data on Tuesday. The electronics maker reported $3.92 earnings per share for the quarter, topping analysts’ consensus estimates of $3.65 by $0.27, Briefing.com reports. The company had revenue of $632.66 million during the quarter, compared to analyst estimates of $579.64 million. Encore Wire had a net margin of 14.50% and a return on equity of 20.92%. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.50 earnings per share.

Encore Wire Trading Up 0.2 %

Shares of WIRE stock opened at $283.60 on Wednesday. Encore Wire has a 12-month low of $138.20 and a 12-month high of $295.90. The business’s fifty day simple moving average is $246.44 and its 200-day simple moving average is $217.73. The company has a market cap of $4.48 billion, a PE ratio of 13.23 and a beta of 1.31.

Encore Wire Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have recently weighed in on WIRE. StockNews.com cut shares of Encore Wire from a “buy” rating to a “hold” rating in a research report on Friday, March 22nd. CJS Securities reaffirmed a “market perform” rating on shares of Encore Wire in a research report on Friday, April 19th. DA Davidson lowered Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price target for the company. in a research report on Tuesday, April 16th. Finally, Sidoti reaffirmed a “neutral” rating and set a $290.00 price objective on shares of Encore Wire in a research report on Tuesday, April 16th.

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.