Encore Wire (NASDAQ:WIRE) Receives “Neutral” Rating from Sidoti

Sidoti reaffirmed their neutral rating on shares of Encore Wire (NASDAQ:WIRE) in a report issued on Tuesday, Benzinga reports. The brokerage currently has a $290.00 target price on the electronics maker’s stock.

Several other equities research analysts have also issued reports on the stock. DA Davidson lowered shares of Encore Wire from a buy rating to a neutral rating and set a $295.00 price objective for the company. in a research report on Tuesday. StockNews.com lowered shares of Encore Wire from a buy rating to a hold rating in a research report on Friday, March 22nd.

Encore Wire Stock Performance

Shares of WIRE stock opened at $284.40 on Tuesday. Encore Wire has a one year low of $138.20 and a one year high of $295.90. The company has a 50 day moving average price of $243.95 and a 200 day moving average price of $214.99. The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of 13.27 and a beta of 1.31.

Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings results on Wednesday, February 14th. The electronics maker reported $4.10 EPS for the quarter, topping the consensus estimate of $4.05 by $0.05. Encore Wire had a net margin of 14.50% and a return on equity of 20.92%. The firm had revenue of $633.78 million during the quarter, compared to analyst estimates of $601.48 million. During the same quarter in the prior year, the business posted $8.28 earnings per share. Encore Wire’s revenue for the quarter was down 8.7% compared to the same quarter last year. As a group, equities analysts forecast that Encore Wire will post 16.52 EPS for the current fiscal year.

Encore Wire Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 19th. Stockholders of record on Friday, April 5th were given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.03%. The ex-dividend date of this dividend was Thursday, April 4th. Encore Wire’s payout ratio is currently 0.37%.

Institutional Investors Weigh In On Encore Wire

Several large investors have recently made changes to their positions in the business. FCG Investment Co grew its holdings in Encore Wire by 3.8% during the 1st quarter. FCG Investment Co now owns 1,297 shares of the electronics maker’s stock valued at $341,000 after purchasing an additional 48 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Encore Wire by 13.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,548 shares of the electronics maker’s stock worth $670,000 after buying an additional 310 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new stake in Encore Wire during the 1st quarter worth $24,993,000. Oliver Luxxe Assets LLC increased its stake in Encore Wire by 1.7% during the 1st quarter. Oliver Luxxe Assets LLC now owns 5,850 shares of the electronics maker’s stock worth $1,537,000 after buying an additional 96 shares during the period. Finally, MorganRosel Wealth Management LLC purchased a new stake in Encore Wire during the 1st quarter worth $1,126,000. Institutional investors and hedge funds own 99.82% of the company’s stock.

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.