StockNews.com Initiates Coverage on Encore Wire (NASDAQ:WIRE)

Analysts at StockNews.com initiated coverage on shares of Encore Wire (NASDAQ:WIRE) in a research note issued on Thursday. The firm set a “hold” rating on the electronics maker’s stock.

A number of other analysts have also issued reports on WIRE. DA Davidson lowered shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price target for the company. in a research note on Tuesday, April 16th. Sidoti restated a “neutral” rating and issued a $290.00 price target on shares of Encore Wire in a research note on Tuesday, April 16th. Finally, CJS Securities restated a “market perform” rating on shares of Encore Wire in a research note on Friday, April 19th.

Encore Wire Stock Performance

Shares of NASDAQ WIRE opened at $284.89 on Thursday. Encore Wire has a 1 year low of $146.36 and a 1 year high of $295.90. The stock’s 50-day simple moving average is $249.52 and its 200-day simple moving average is $219.33. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of 15.11 and a beta of 1.31.

Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings data on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.65 by $0.27. Encore Wire had a return on equity of 17.77% and a net margin of 12.45%. The company had revenue of $632.66 million for the quarter, compared to the consensus estimate of $579.64 million. During the same period in the previous year, the business earned $6.50 EPS. Encore Wire’s revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, research analysts predict that Encore Wire will post 21.23 EPS for the current year.

Institutional Trading of Encore Wire

Several institutional investors have recently added to or reduced their stakes in the business. LSV Asset Management increased its stake in Encore Wire by 21.6% during the third quarter. LSV Asset Management now owns 574,828 shares of the electronics maker’s stock valued at $104,883,000 after purchasing an additional 102,062 shares during the last quarter. Pacer Advisors Inc. increased its stake in Encore Wire by 10.7% during the fourth quarter. Pacer Advisors Inc. now owns 472,555 shares of the electronics maker’s stock valued at $100,938,000 after purchasing an additional 45,863 shares during the last quarter. American Century Companies Inc. increased its stake in Encore Wire by 7.7% during the third quarter. American Century Companies Inc. now owns 310,950 shares of the electronics maker’s stock valued at $56,736,000 after purchasing an additional 22,235 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Encore Wire by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 219,336 shares of the electronics maker’s stock valued at $40,020,000 after purchasing an additional 3,197 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in Encore Wire by 9.3% during the fourth quarter. First Trust Advisors LP now owns 133,841 shares of the electronics maker’s stock valued at $28,588,000 after purchasing an additional 11,405 shares during the last quarter. 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.