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.

Encore Wire (NASDAQ:WIRE) last released its earnings results on Tuesday, October 31st. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.12. Encore Wire had a net margin of 4.53% and a return on equity of 8.42%. The firm had revenue of $292.00 million during the quarter, compared to the consensus estimate of $279.60 million. During the same period in the previous year, the firm earned $0.29 earnings per share. Encore Wire’s revenue was up 23.1% compared to the same quarter last year. sell-side analysts anticipate that Encore Wire will post 2.32 EPS for the current fiscal year.

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.

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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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