Encore Wire Co. (NASDAQ:WIRE) reached a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $54.40 and last traded at $47.70, with a volume of 43700 shares changing hands. The stock had previously closed at $47.70.
The electronics maker reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.28. Encore Wire had a net margin of 4.53% and a return on equity of 8.42%. The business had revenue of $301.29 million for the quarter, compared to analyst estimates of $279.70 million. During the same quarter in the prior year, the business posted $0.55 EPS. Encore Wire’s revenue for the quarter was up 25.9% compared to the same quarter last year.
A number of brokerages have issued reports on WIRE. BidaskClub lowered shares of Encore Wire from a “buy” rating to a “hold” rating in a research note on Thursday, January 25th. Sidoti upgraded shares of Encore Wire from a “neutral” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Wednesday, December 6th. Finally, Zacks Investment Research lowered shares of Encore Wire from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 2nd.
In other news, CFO Frank J. Bilban sold 8,924 shares of the company’s stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $51.52, for a total value of $459,764.48. Following the sale, the chief financial officer now directly owns 19,900 shares of the company’s stock, valued at approximately $1,025,248. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Matthew D. Ford sold 1,000 shares of the company’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $46.00, for a total transaction of $46,000.00. Following the completion of the sale, the insider now directly owns 2,500 shares in the company, valued at $115,000. The disclosure for this sale can be found here. Insiders have sold a total of 46,395 shares of company stock worth $2,311,704 in the last 90 days. 3.79% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in WIRE. Janus Henderson Group PLC boosted its holdings in shares of Encore Wire by 14.5% in the 3rd quarter. Janus Henderson Group PLC now owns 1,080,586 shares of the electronics maker’s stock valued at $48,383,000 after acquiring an additional 137,099 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Encore Wire by 263.9% in the 4th quarter. Millennium Management LLC now owns 172,425 shares of the electronics maker’s stock valued at $8,388,000 after acquiring an additional 125,037 shares during the last quarter. Dean Investment Associates LLC purchased a new stake in shares of Encore Wire in the 3rd quarter valued at $3,473,000. Lyon Street Capital LLC purchased a new stake in shares of Encore Wire in the 3rd quarter valued at $3,390,000. Finally, Thrivent Financial For Lutherans boosted its holdings in shares of Encore Wire by 14.9% in the 4th quarter. Thrivent Financial For Lutherans now owns 527,962 shares of the electronics maker’s stock valued at $25,685,000 after acquiring an additional 68,372 shares during the last quarter. 85.87% of the stock is currently owned by institutional investors and hedge funds.
The firm has a market cap of $1,005.38, a price-to-earnings ratio of 19.96, a P/E/G ratio of 2.29 and a beta of 2.26.
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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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