BidaskClub downgraded shares of Encore Wire (NASDAQ:WIRE) from a strong-buy rating to a buy rating in a report published on Wednesday morning, BidAskClub reports.

WIRE has been the topic of a number of other research reports. Zacks Investment Research lowered Encore Wire from a buy rating to a hold rating in a research note on Wednesday, January 30th. Sidoti lowered Encore Wire from a buy rating to a neutral rating and set a $58.00 target price on the stock. in a research note on Wednesday, February 13th.

WIRE opened at $53.38 on Wednesday. The company has a market capitalization of $1.12 billion, a P/E ratio of 14.01, a PEG ratio of 1.46 and a beta of 1.40. Encore Wire has a 1-year low of $40.96 and a 1-year high of $61.68.

Encore Wire (NASDAQ:WIRE) last released its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.08). The firm had revenue of $314.71 million during the quarter, compared to analyst estimates of $295.68 million. Encore Wire had a return on equity of 11.37% and a net margin of 6.11%. The business’s revenue was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 EPS. Analysts expect that Encore Wire will post 3.67 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 19th. Investors of record on Friday, July 5th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date is Wednesday, July 3rd. Encore Wire’s payout ratio is currently 2.14%.

In related news, insider Matthew D. Ford sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $59.00, for a total value of $236,000.00. Following the sale, the insider now owns 11,000 shares of the company’s stock, valued at approximately $649,000. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.99% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the stock. GYL Financial Synergies LLC purchased a new stake in Encore Wire in the 1st quarter valued at approximately $647,000. BlueMountain Capital Management LLC lifted its stake in Encore Wire by 12.5% in the 1st quarter. BlueMountain Capital Management LLC now owns 11,192 shares of the electronics maker’s stock valued at $640,000 after buying an additional 1,247 shares in the last quarter. BlueCrest Capital Management Ltd purchased a new stake in Encore Wire in the 1st quarter valued at approximately $243,000. RMB Capital Management LLC purchased a new stake in Encore Wire in the 1st quarter valued at approximately $217,000. Finally, Morgan Stanley lifted its stake in shares of Encore Wire by 28.0% during the 1st quarter. Morgan Stanley now owns 110,521 shares of the electronics maker’s stock worth $6,323,000 after purchasing an additional 24,145 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

About Encore Wire

Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. Its products include NM-B cables for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2, metal-clad, and armored cables for use primarily as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; and other types of wire products.

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