Encore Wire (NASDAQ:WIRE) Coverage Initiated at StockNews.com

StockNews.com began coverage on shares of Encore Wire (NASDAQ:WIRE) in a research note published on Monday. The brokerage issued a hold rating on the electronics maker’s stock.

Several other research analysts also recently weighed in on the company. CJS Securities restated a market perform rating on shares of Encore Wire in a research note on Friday, April 19th. Sidoti reiterated a neutral rating and set a $290.00 price objective on shares of Encore Wire in a research note on Tuesday, April 16th. Finally, DA Davidson lowered shares of Encore Wire from a buy rating to a neutral rating and set a $295.00 price objective on the stock. in a report on Tuesday, April 16th.

Encore Wire Stock Performance

NASDAQ WIRE opened at $289.84 on Monday. The company has a market capitalization of $4.58 billion, a price-to-earnings ratio of 15.38 and a beta of 1.19. The company’s 50-day simple moving average is $287.71 and its two-hundred day simple moving average is $260.44. Encore Wire has a one year low of $150.51 and a one year high of $295.90.

Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings data on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $3.65 by $0.27. The company had revenue of $632.66 million for the quarter, compared to the consensus estimate of $579.64 million. Encore Wire had a return on equity of 17.77% and a net margin of 12.45%. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same quarter last year, the company earned $6.50 earnings per share. Equities analysts expect that Encore Wire will post 21.24 earnings per share for the current fiscal year.

Encore Wire Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 19th. Investors of record on Friday, July 5th were given a $0.02 dividend. The ex-dividend date of this dividend was Friday, July 5th. This represents a $0.08 dividend on an annualized basis and a yield of 0.03%. Encore Wire’s dividend payout ratio is currently 0.42%.

Hedge Funds Weigh In On Encore Wire

A number of institutional investors have recently bought and sold shares of the business. DekaBank Deutsche Girozentrale increased its stake in shares of Encore Wire by 26.6% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 49,324 shares of the electronics maker’s stock worth $10,668,000 after acquiring an additional 10,366 shares during the period. Hennessy Advisors Inc. raised its stake in shares of Encore Wire by 43.9% during the 1st quarter. Hennessy Advisors Inc. now owns 23,600 shares of the electronics maker’s stock valued at $6,202,000 after buying an additional 7,200 shares during the last quarter. Ogborne Capital Management LLC purchased a new position in shares of Encore Wire during the 4th quarter valued at about $8,278,000. Chesapeake Capital Corp IL acquired a new position in shares of Encore Wire in the 4th quarter valued at about $871,000. Finally, MorganRosel Wealth Management LLC acquired a new stake in Encore Wire during the first quarter worth about $1,126,000. 99.82% of the stock is owned by hedge funds and other institutional investors.

About Encore Wire

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.