Encore Wire (WIRE) Upgraded to “Buy” by Sidoti
Encore Wire (NASDAQ:WIRE) was upgraded by Sidoti from a “neutral” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $58.00 price target on the electronics maker’s stock. Sidoti’s price objective would indicate a potential upside of 24.46% from the company’s previous close.
Other equities research analysts also recently issued reports about the stock. TheStreet upgraded shares of Encore Wire from a “c+” rating to a “b” rating in a research note on Monday, October 23rd. Zacks Investment Research upgraded shares of Encore Wire from a “sell” rating to a “hold” rating in a research note on Thursday, October 5th. Finally, BidaskClub downgraded shares of Encore Wire from a “hold” rating to a “sell” rating in a research note on Monday, August 14th.
Encore Wire (NASDAQ WIRE) traded down $0.40 during trading on Wednesday, reaching $46.60. 54,000 shares of the company were exchanged, compared to its average volume of 77,410. Encore Wire has a 52-week low of $37.30 and a 52-week high of $49.75. The stock has a market capitalization of $978.32, a P/E ratio of 19.67, a price-to-earnings-growth ratio of 2.03 and a beta of 2.31.
In other Encore Wire news, insider Matthew D. Ford sold 1,000 shares of the business’s stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Frank J. Bilban sold 4,136 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $47.50, for a total transaction of $196,460.00. Following the sale, the vice president now owns 61,150 shares of the company’s stock, valued at $2,904,625. The disclosure for this sale can be found here. 3.79% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Piedmont Investment Advisors LLC acquired a new position in shares of Encore Wire during the third quarter worth $202,000. SG Americas Securities LLC acquired a new position in shares of Encore Wire during the third quarter worth $272,000. Crossmark Global Holdings Inc. acquired a new position in shares of Encore Wire during the third quarter worth $273,000. Aperio Group LLC lifted its position in shares of Encore Wire by 25.2% during the second quarter. Aperio Group LLC now owns 6,259 shares of the electronics maker’s stock worth $267,000 after purchasing an additional 1,260 shares in the last quarter. Finally, Suntrust Banks Inc. lifted its position in shares of Encore Wire by 1.6% during the second quarter. Suntrust Banks Inc. now owns 6,781 shares of the electronics maker’s stock worth $289,000 after purchasing an additional 104 shares in the last quarter. 88.95% of the stock is currently owned by institutional investors and hedge funds.
About Encore Wire
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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