Encore Wire (NASDAQ:WIRE) Earns Buy Rating from Analysts at StockNews.com

StockNews.com initiated coverage on shares of Encore Wire (NASDAQ:WIRE – Get Rating) in a research note issued to investors on Thursday. The firm issued a buy rating on the electronics maker’s stock.

Separately, DA Davidson increased their price target on shares of Encore Wire from $200.00 to $250.00 in a report on Thursday, February 16th.

Encore Wire Price Performance

Shares of Encore Wire stock opened at $172.42 on Thursday. Encore Wire has a fifty-two week low of $94.39 and a fifty-two week high of $206.74. The firm has a fifty day moving average price of $171.76 and a two-hundred day moving average price of $147.19. The company has a market cap of $3.15 billion, a PE ratio of 4.67 and a beta of 1.32.

Encore Wire (NASDAQ:WIRE – Get Rating) last issued its quarterly earnings results on Wednesday, February 15th. The electronics maker reported $8.28 earnings per share for the quarter, beating analysts’ consensus estimates of $4.61 by $3.67. Encore Wire had a net margin of 23.79% and a return on equity of 43.96%. The firm had revenue of $693.89 million during the quarter, compared to the consensus estimate of $631.04 million. During the same period in the prior year, the firm earned $6.91 EPS. The business’s revenue was up .9% on a year-over-year basis. Analysts expect that Encore Wire will post 19.76 earnings per share for the current fiscal year.

Encore Wire Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 21st. Stockholders of record on Thursday, April 6th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.05%. The ex-dividend date is Wednesday, April 5th. Encore Wire’s payout ratio is 0.22%.

Insider Transactions at Encore Wire

In other news, insider Matthew D. Ford sold 2,725 shares of the firm’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $200.00, for a total transaction of $545,000.00. Following the completion of the transaction, the insider now directly owns 34,138 shares of the company’s stock, valued at approximately $6,827,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Matthew D. Ford sold 275 shares of Encore Wire stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $200.00, for a total transaction of $55,000.00. Following the completion of the transaction, the insider now directly owns 36,863 shares of the company’s stock, valued at approximately $7,372,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Matthew D. Ford sold 2,725 shares of Encore Wire stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $200.00, for a total transaction of $545,000.00. Following the transaction, the insider now directly owns 34,138 shares of the company’s stock, valued at $6,827,600. The disclosure for this sale can be found here. 4.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Encore Wire

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in Encore Wire by 0.9% during the 1st quarter. BlackRock Inc. now owns 3,124,572 shares of the electronics maker’s stock valued at $356,420,000 after purchasing an additional 28,777 shares during the last quarter. Vanguard Group Inc. increased its position in Encore Wire by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 2,239,317 shares of the electronics maker’s stock valued at $255,439,000 after acquiring an additional 30,523 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Encore Wire by 0.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,590,369 shares of the electronics maker’s stock valued at $218,773,000 after acquiring an additional 14,038 shares in the last quarter. State Street Corp increased its position in Encore Wire by 0.8% in the 2nd quarter. State Street Corp now owns 678,341 shares of the electronics maker’s stock valued at $70,506,000 after acquiring an additional 5,631 shares in the last quarter. Finally, Royce & Associates LP increased its position in Encore Wire by 9.5% in the 3rd quarter. Royce & Associates LP now owns 402,506 shares of the electronics maker’s stock valued at $46,506,000 after acquiring an additional 35,028 shares in the last quarter. 99.20% of the stock is owned by institutional investors.

Encore Wire Company Profile

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Encore Wire Corp. engages in manufacturing copper electrical building wire and cable. It supplies building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments and manufactured housing. The company was founded by Vincent A. Rego in 1989 and is headquartered in McKinney, TX.