Encore Wire (NASDAQ:WIRE) Downgraded by DA Davidson

Encore Wire (NASDAQ:WIRE) was downgraded by DA Davidson from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday, MarketBeat reports. They currently have a $295.00 price target on the electronics maker’s stock. DA Davidson’s price target indicates a potential upside of 2.71% from the stock’s previous close.

Separately, StockNews.com downgraded shares of Encore Wire from a “buy” rating to a “hold” rating in a research note on Friday, March 22nd.

Encore Wire Trading Down 0.9 %

WIRE stock opened at $287.23 on Tuesday. The firm’s 50-day moving average price is $242.95 and its two-hundred day moving average price is $214.48. Encore Wire has a 12-month low of $138.20 and a 12-month high of $295.90. The stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of 13.40 and a beta of 1.31.

Encore Wire (NASDAQ:WIRE) last announced its quarterly earnings results on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share (EPS) for the quarter, beating 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 company had revenue of $633.78 million for the quarter, compared to analysts’ expectations of $601.48 million. During the same quarter in the previous year, the company earned $8.28 earnings per share. Encore Wire’s quarterly revenue was down 8.7% on a year-over-year basis. Equities analysts predict that Encore Wire will post 16.52 EPS for the current year.

Hedge Funds Weigh In On Encore Wire

Institutional investors have recently bought and sold shares of the business. Blue Trust Inc. lifted its position in Encore Wire by 69.2% during the fourth quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock valued at $43,000 after purchasing an additional 83 shares during the last quarter. Dark Forest Capital Management LP bought a new position in Encore Wire during the first quarter valued at $66,000. IFP Advisors Inc lifted its holdings 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 acquiring an additional 250 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Encore Wire in the 4th quarter worth about $80,000. Finally, Advisory Services Network LLC bought a new stake in shares of Encore Wire in the 4th quarter worth about $88,000. Institutional investors own 99.82% of the company’s stock.

Encore Wire Company Profile

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.