Encore Wire (NASDAQ:WIRE) Now Covered by Analysts at StockNews.com

Research analysts at StockNews.com started coverage on shares of Encore Wire (NASDAQ:WIRE – Get Rating) in a note issued to investors on Thursday. The firm set a “buy” rating on the electronics maker’s stock.

Separately, DA Davidson upped their target price on shares of Encore Wire from $200.00 to $250.00 in a research report on Thursday, February 16th.

Encore Wire Stock Down 6.8 %

WIRE opened at $168.84 on Thursday. The firm has a 50-day simple moving average of $170.25 and a two-hundred day simple moving average of $146.66. Encore Wire has a 52 week low of $94.39 and a 52 week high of $206.74. The company has a market capitalization of $3.08 billion, a PE ratio of 4.57 and a beta of 1.32.

Encore Wire (NASDAQ:WIRE – Get Rating) last released its quarterly earnings data on Wednesday, February 15th. The electronics maker reported $8.28 EPS for the quarter, beating the consensus estimate of $4.61 by $3.67. The business had revenue of $693.89 million during the quarter, compared to the consensus estimate of $631.04 million. Encore Wire had a net margin of 23.79% and a return on equity of 43.96%. The business’s revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $6.91 EPS. As a group, sell-side analysts expect that Encore Wire will post 19.76 earnings per share for the current year.

Insider Activity

In other news, insider Matthew D. Ford sold 275 shares of the company’s stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $200.00, for a total transaction of $55,000.00. Following the sale, the insider now directly owns 36,863 shares in the company, valued at approximately $7,372,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Matthew D. Ford sold 275 shares of the stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $200.00, for a total value of $55,000.00. Following the sale, the insider now directly owns 36,863 shares of the company’s stock, valued at approximately $7,372,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew D. Ford sold 2,725 shares of the stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $200.00, for a total transaction of $545,000.00. Following the completion of the sale, the insider now directly owns 34,138 shares in the company, valued at $6,827,600. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Encore Wire

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its position in Encore Wire by 41.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 242 shares of the electronics maker’s stock worth $33,000 after purchasing an additional 71 shares during the period. Strs Ohio bought a new position in Encore Wire in the 4th quarter worth about $41,000. Ronald Blue Trust Inc. grew its stake in Encore Wire by 204.2% in the 4th quarter. Ronald Blue Trust Inc. now owns 365 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 245 shares in the last quarter. Quadrant Capital Group LLC grew its stake in Encore Wire by 71.7% in the 3rd quarter. Quadrant Capital Group LLC now owns 395 shares of the electronics maker’s stock worth $46,000 after acquiring an additional 165 shares in the last quarter. Finally, Wipfli Financial Advisors LLC bought a new position in Encore Wire in the 3rd quarter worth about $78,000. 99.20% of the stock is owned by hedge funds and other institutional investors.

Encore Wire Company Profile

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Encore Wire Corp. engages in manufacturing copper electrical building wire and cable. It supplies building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments and manufactured housing. The company was founded by Vincent A. Rego in 1989 and is headquartered in McKinney, TX.