BidaskClub upgraded shares of Encore Wire (NASDAQ:WIRE) from a hold rating to a buy rating in a research report sent to investors on Tuesday.
Several other brokerages have also recently issued reports on WIRE. Zacks Investment Research cut Encore Wire from a hold rating to a strong sell rating in a research report on Thursday, November 2nd. Sidoti began coverage on Encore Wire in a research report on Thursday, October 19th. They issued a neutral rating on the stock. Finally, TheStreet raised Encore Wire from a c+ rating to a b rating in a research report on Monday, October 23rd.
Shares of Encore Wire (NASDAQ:WIRE) traded up $0.80 during trading hours on Tuesday, hitting $52.20. The company had a trading volume of 66,431 shares, compared to its average volume of 72,264. The stock has a market capitalization of $1,090.00, a PE ratio of 21.75, a price-to-earnings-growth ratio of 2.44 and a beta of 2.31. Encore Wire has a one year low of $37.30 and a one year high of $52.50.
Encore Wire (NASDAQ:WIRE) last announced its earnings results on Tuesday, October 31st. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.12. The company had revenue of $292.00 million for the quarter, compared to analysts’ expectations of $279.60 million. Encore Wire had a return on equity of 8.42% and a net margin of 4.53%. Encore Wire’s quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.29 earnings per share. equities analysts predict that Encore Wire will post 2.32 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 19th. Shareholders of record on Friday, January 5th will be given a $0.02 dividend. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $0.08 annualized dividend and a yield of 0.15%. Encore Wire’s dividend payout ratio is currently 3.33%.
In other Encore Wire news, CFO Frank J. Bilban sold 1,557 shares of the business’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $47.51, for a total value of $73,973.07. Following the sale, the chief financial officer now directly owns 56,934 shares in the company, valued at $2,704,934.34. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Frank J. Bilban sold 4,136 shares of the business’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $47.50, for a total value of $196,460.00. Following the completion of the sale, the vice president now owns 61,150 shares in the company, valued at $2,904,625. The disclosure for this sale can be found here. In the last three months, insiders sold 50,531 shares of company stock worth $2,508,164. Insiders own 3.79% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Encore Wire by 2.8% in the second quarter. Vanguard Group Inc. now owns 1,833,564 shares of the electronics maker’s stock valued at $78,294,000 after buying an additional 50,586 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Encore Wire by 0.4% in the third quarter. Dimensional Fund Advisors LP now owns 1,749,958 shares of the electronics maker’s stock valued at $78,354,000 after buying an additional 7,650 shares during the period. Janus Henderson Group PLC raised its stake in shares of Encore Wire by 14.5% in the third quarter. Janus Henderson Group PLC now owns 1,080,586 shares of the electronics maker’s stock valued at $48,383,000 after buying an additional 137,099 shares during the period. Frontier Capital Management Co. LLC raised its stake in shares of Encore Wire by 1.2% in the third quarter. Frontier Capital Management Co. LLC now owns 1,067,791 shares of the electronics maker’s stock valued at $47,810,000 after buying an additional 13,118 shares during the period. Finally, State Street Corp raised its stake in shares of Encore Wire by 3.3% in the second quarter. State Street Corp now owns 490,856 shares of the electronics maker’s stock valued at $20,958,000 after buying an additional 15,670 shares during the period. Hedge funds and other institutional investors own 88.92% of the company’s stock.
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Encore Wire Company Profile
Encore Wire Corporation is a manufacturer of electrical building wire and cable. The Company is a supplier of building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments, and manufactured housing. The Company manufactures electric building wire, principally NM-B cable, for use primarily as interior wiring in homes, apartments and manufactured housing, and THHN/THWN-2 cable and metal-clad and armored cable for use primarily as wiring in commercial and industrial buildings.
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