Encore Wire Corporation (WIRE) Given $48.25 Average Price Target by Analysts
Encore Wire Corporation (NASDAQ:WIRE) has been assigned a consensus broker rating score of 2.00 (Buy) from the two brokers that cover the stock, Zacks Investment Research reports. One research analyst has rated the stock with a hold rating and one has given a strong buy rating to the company.
Analysts have set a twelve-month consensus price target of $48.25 for the company and are anticipating that the company will post $0.47 earnings per share for the current quarter, according to Zacks. Zacks has also given Encore Wire Corporation an industry rank of 112 out of 265 based on the ratings given to related companies.
Several equities research analysts recently issued reports on WIRE shares. Zacks Investment Research upgraded shares of Encore Wire Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, September 5th. Sidoti started coverage on shares of Encore Wire Corporation in a research note on Thursday, October 19th. They set a “neutral” rating on the stock. TheStreet cut shares of Encore Wire Corporation from a “b” rating to a “c+” rating in a research note on Friday, August 4th. Finally, BidaskClub cut shares of Encore Wire Corporation from a “hold” rating to a “sell” rating in a research note on Monday, August 14th.
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Shares of Encore Wire Corporation (WIRE) traded down $0.55 during mid-day trading on Friday, reaching $44.90. 47,117 shares of the company traded hands, compared to its average volume of 76,960. Encore Wire Corporation has a 52 week low of $37.30 and a 52 week high of $49.75. The stock has a market capitalization of $924.20, a PE ratio of 18.58, a P/E/G ratio of 1.91 and a beta of 2.32.
Encore Wire Corporation (NASDAQ:WIRE) last issued its earnings results on Tuesday, October 31st. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.12. Encore Wire Corporation had a net margin of 4.53% and a return on equity of 8.42%. The company had revenue of $292.00 million for the quarter, compared to analysts’ expectations of $279.60 million. During the same quarter last year, the company posted $0.29 earnings per share. The firm’s quarterly revenue was up 23.1% on a year-over-year basis. equities research analysts expect that Encore Wire Corporation will post 2.32 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, January 5th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.18%. The ex-dividend date is Thursday, January 4th. Encore Wire Corporation’s dividend payout ratio is presently 3.35%.
In other news, VP Frank J. Bilban sold 4,136 shares of Encore Wire Corporation stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $47.50, for a total transaction of $196,460.00. Following the transaction, the vice president now owns 61,150 shares in the company, valued at approximately $2,904,625. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.79% of the company’s stock.
Institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue boosted its stake in shares of Encore Wire Corporation by 78.9% during the 2nd quarter. State of Alaska Department of Revenue now owns 4,096 shares of the electronics maker’s stock worth $174,000 after acquiring an additional 1,806 shares during the last quarter. KCG Holdings Inc. purchased a new position in shares of Encore Wire Corporation during the 1st quarter worth $269,000. SG Americas Securities LLC purchased a new position in shares of Encore Wire Corporation during the 3rd quarter worth $272,000. Crossmark Global Holdings Inc. purchased a new position in shares of Encore Wire Corporation during the 3rd quarter worth $273,000. Finally, Aperio Group LLC boosted its stake in shares of Encore Wire Corporation by 25.2% during the 2nd quarter. Aperio Group LLC now owns 6,259 shares of the electronics maker’s stock worth $267,000 after acquiring an additional 1,260 shares during the last quarter. Institutional investors and hedge funds own 89.08% of the company’s stock.
About Encore Wire Corporation
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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