Encore Wire (NASDAQ:WIRE) Cut to Hold at StockNews.com

StockNews.com cut shares of Encore Wire (NASDAQ:WIREFree Report) from a buy rating to a hold rating in a research note published on Wednesday morning.

Separately, DA Davidson decreased their target price on Encore Wire from $250.00 to $240.00 in a research note on Thursday, July 27th.

Check Out Our Latest Research Report on Encore Wire

Encore Wire Stock Down 1.2 %

Shares of NASDAQ:WIRE opened at $172.72 on Wednesday. The firm’s 50 day moving average price is $167.15 and its 200-day moving average price is $171.19. Encore Wire has a twelve month low of $108.53 and a twelve month high of $206.74. The stock has a market capitalization of $2.90 billion, a PE ratio of 5.62 and a beta of 1.33.

Encore Wire (NASDAQ:WIREGet Free Report) last posted its quarterly earnings data on Tuesday, July 25th. The electronics maker reported $6.01 EPS for the quarter, missing the consensus estimate of $6.55 by ($0.54). The company had revenue of $636.46 million during the quarter, compared to analysts’ expectations of $738.60 million. Encore Wire had a return on equity of 32.05% and a net margin of 20.70%. The company’s revenue for the quarter was down 24.1% on a year-over-year basis. During the same quarter last year, the company earned $10.71 earnings per share. Analysts expect that Encore Wire will post 21.35 earnings per share for the current fiscal year.

Encore Wire Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, October 6th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.05%. The ex-dividend date of this dividend is Thursday, October 5th. Encore Wire’s payout ratio is presently 0.26%.

Institutional Investors Weigh In On Encore Wire

A number of hedge funds have recently bought and sold shares of WIRE. EverSource Wealth Advisors LLC raised its holdings in shares of Encore Wire by 41.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 242 shares of the electronics maker’s stock worth $33,000 after buying an additional 71 shares during the period. Pinnacle Holdings LLC purchased a new position in shares of Encore Wire during the first quarter worth approximately $37,000. Dark Forest Capital Management LP bought a new position in shares of Encore Wire during the 1st quarter worth $66,000. IFP Advisors Inc lifted its position in shares of Encore Wire by 231.5% in the 2nd quarter. IFP Advisors Inc now owns 358 shares of the electronics maker’s stock worth $67,000 after purchasing an additional 250 shares during the period. Finally, Federated Hermes Inc. lifted its position in shares of Encore Wire by 33.8% in the 1st quarter. Federated Hermes Inc. now owns 368 shares of the electronics maker’s stock worth $68,000 after purchasing an additional 93 shares during the period. Hedge funds and other institutional investors own 99.82% of the company’s stock.

About Encore Wire

(Get Free Report)

Encore Wire Corporation engages in manufacture and sale of electrical building wires and cables in the United States. The company 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.

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