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

Encore Wire Co. (NASDAQ:WIREGet 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:WIREGet 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

(Get Rating)

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.

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