Encore Wire (NASDAQ:WIRE) Stock Price Down 8.6%

Posted by MarketBeat News on Aug 4th, 2022

Encore Wire Co. (NASDAQ:WIRE – Get Rating) shares were down 8.6% during mid-day trading on Tuesday . The company traded as low as $126.35 and last traded at $126.36. Approximately 3,258 shares changed hands during trading, a decline of 99% from the average daily volume of 281,986 shares. The stock had previously closed at $138.23.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on WIRE shares. DA Davidson boosted their price objective on Encore Wire from $175.00 to $190.00 and gave the company an “outperform” rating in a report on Wednesday, July 27th. StockNews.com upgraded Encore Wire from a “hold” rating to a “buy” rating in a report on Wednesday, May 18th.

Encore Wire Trading Up 1.0 %

The stock has a 50-day simple moving average of $117.07 and a two-hundred day simple moving average of $117.12. The firm has a market capitalization of $2.33 billion, a P/E ratio of 3.58 and a beta of 1.27.

Encore Wire (NASDAQ:WIRE – Get Rating) last issued its earnings results on Monday, July 25th. The electronics maker reported $10.71 earnings per share for the quarter, beating analysts’ consensus estimates of $5.14 by $5.57. The business had revenue of $838.20 million during the quarter, compared to analyst estimates of $727.08 million. Encore Wire had a return on equity of 49.46% and a net margin of 23.24%. Encore Wire’s revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the company posted $8.82 EPS. As a group, research analysts expect that Encore Wire Co. will post 26.86 EPS for the current year.

Encore Wire Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Friday, July 1st were given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.07%. The ex-dividend date of this dividend was Thursday, June 30th. Encore Wire’s payout ratio is 0.23%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Sageworth Trust Co of South Dakota bought a new position in shares of Encore Wire in the 4th quarter worth $42,000. Archer Investment Corp bought a new position in shares of Encore Wire in the 4th quarter worth $43,000. CWM LLC raised its position in shares of Encore Wire by 376.6% in the 2nd quarter. CWM LLC now owns 305 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 241 shares in the last quarter. Banque Cantonale Vaudoise purchased a new position in Encore Wire during the 2nd quarter worth $49,000. Finally, EverSource Wealth Advisors LLC grew its stake in Encore Wire by 218.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 637 shares of the electronics maker’s stock worth $66,000 after buying an additional 437 shares during the last quarter. 90.89% of the stock is owned by institutional investors.

About Encore Wire

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