Sidoti Reiterates “Neutral” Rating for Encore Wire (NASDAQ:WIRE)

Encore Wire (NASDAQ:WIRE)‘s stock had its “neutral” rating reaffirmed by equities research analysts at Sidoti in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $290.00 price target on the electronics maker’s stock. Sidoti’s price objective points to a potential upside of 0.96% from the company’s previous close.

WIRE has been the topic of a number of other research reports. DA Davidson downgraded Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 target price on the stock. in a report on Tuesday. StockNews.com cut shares of Encore Wire from a “buy” rating to a “hold” rating in a research note on Friday, March 22nd.

Encore Wire Stock Down 0.9 %

WIRE opened at $287.23 on Tuesday. Encore Wire has a twelve month low of $138.20 and a twelve month high of $295.90. The firm has a 50 day moving average price of $242.95 and a 200-day moving average price of $214.48. 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 earnings results on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.05. The business had revenue of $633.78 million during the quarter, compared to analyst estimates of $601.48 million. Encore Wire had a net margin of 14.50% and a return on equity of 20.92%. The company’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned $8.28 EPS. As a group, analysts expect that Encore Wire will post 16.52 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. grew its stake in shares of Encore Wire by 69.2% during the 4th quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock valued at $43,000 after acquiring an additional 83 shares during the period. Dark Forest Capital Management LP purchased a new position in Encore Wire during the first quarter valued at approximately $66,000. IFP Advisors Inc boosted its position in shares of Encore Wire by 231.5% in the second 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. Quest Partners LLC purchased a new stake in shares of Encore Wire in the fourth quarter worth $80,000. Finally, Advisory Services Network LLC purchased a new stake in shares of Encore Wire in the fourth quarter worth $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.