Encore Wire (NASDAQ:WIRE) Downgraded by DA Davidson

DA Davidson lowered shares of Encore Wire (NASDAQ:WIRE) from a buy rating to a neutral rating in a research note published on Tuesday morning, Marketbeat Ratings reports. They currently have $295.00 target price on the electronics maker’s stock. DA Davidson also issued estimates for Encore Wire’s Q1 2024 earnings at $3.91 EPS.

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

Encore Wire Price Performance

Shares of NASDAQ:WIRE opened at $287.00 on Tuesday. The company has a market capitalization of $4.53 billion, a P/E ratio of 13.39 and a beta of 1.31. The business’s 50 day simple moving average is $242.95 and its 200 day simple moving average is $214.48. Encore Wire has a 1 year low of $138.20 and a 1 year high of $295.90.

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, beating the consensus estimate of $4.05 by $0.05. The firm 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 company’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $8.28 EPS. On average, sell-side analysts anticipate that Encore Wire will post 16.52 EPS for the current fiscal year.

Encore Wire Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 19th. Stockholders of record on Friday, April 5th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is 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 (DPR) is currently 0.37%.

Hedge Funds Weigh In On Encore Wire

Institutional investors have recently modified their holdings of the business. DekaBank Deutsche Girozentrale raised its holdings in shares of Encore Wire by 26.6% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 49,324 shares of the electronics maker’s stock worth $10,668,000 after buying an additional 10,366 shares in the last quarter. Illinois Municipal Retirement Fund acquired a new position in Encore Wire in the 3rd quarter worth about $1,840,000. Stifel Financial Corp increased its holdings in Encore Wire by 501.7% in the 3rd quarter. Stifel Financial Corp now owns 74,015 shares of the electronics maker’s stock worth $13,505,000 after purchasing an additional 61,714 shares in the last quarter. Federated Hermes Inc. increased its holdings in Encore Wire by 2,928.3% in the 3rd quarter. Federated Hermes Inc. now owns 5,996 shares of the electronics maker’s stock worth $1,094,000 after purchasing an additional 5,798 shares in the last quarter. Finally, Quantedge Capital Pte Ltd increased its holdings in Encore Wire by 19.2% in the 3rd quarter. Quantedge Capital Pte Ltd now owns 27,272 shares of the electronics maker’s stock worth $4,976,000 after purchasing an additional 4,400 shares in the last quarter. Institutional investors and hedge funds 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.