DA Davidson Comments on Encore Wire Co.’s FY2024 Earnings (NASDAQ:WIRE)

Encore Wire Co. (NASDAQ:WIRE) – Research analysts at DA Davidson boosted their FY2024 EPS estimates for Encore Wire in a note issued to investors on Wednesday, April 17th. DA Davidson analyst B. Thielman now forecasts that the electronics maker will post earnings per share of $21.23 for the year, up from their previous forecast of $16.52. DA Davidson currently has a “Neutral” rating and a $295.00 price target on the stock. The consensus estimate for Encore Wire’s current full-year earnings is $16.52 per share. DA Davidson also issued estimates for Encore Wire’s FY2025 earnings at $23.42 EPS.

Several other research firms have also recently issued reports on WIRE. Sidoti reiterated a “neutral” rating and issued a $290.00 target price on shares of Encore Wire in a research note on Tuesday. StockNews.com downgraded shares of Encore Wire from a “buy” rating to a “hold” rating in a research report on Friday, March 22nd. Finally, CJS Securities restated a “market perform” rating on shares of Encore Wire in a research report on Friday.

Encore Wire Trading Down 0.9 %

Shares of NASDAQ:WIRE opened at $284.40 on Friday. Encore Wire has a 12-month low of $138.20 and a 12-month high of $295.90. The business has a 50 day moving average of $243.95 and a two-hundred day moving average of $214.99. The company has a market capitalization of $4.49 billion, a PE ratio of 13.27 and a beta of 1.31.

Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings data 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. The business had revenue of $633.78 million during the quarter, compared to analysts’ expectations of $601.48 million. Encore Wire had a return on equity of 20.92% and a net margin of 14.50%. The company’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $8.28 EPS.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of WIRE. Envestnet Asset Management Inc. raised its holdings in shares of Encore Wire by 1,243.9% during the first quarter. Envestnet Asset Management Inc. now owns 618,565 shares of the electronics maker’s stock valued at $7,788,000 after acquiring an additional 572,539 shares during the last quarter. Norges Bank purchased a new stake in shares of Encore Wire during the fourth quarter worth approximately $25,846,000. Seizert Capital Partners LLC purchased a new stake in shares of Encore Wire during the third quarter worth approximately $24,143,000. Millennium Management LLC raised its stake in Encore Wire by 364.9% in the 4th quarter. Millennium Management LLC now owns 150,871 shares of the electronics maker’s stock valued at $20,754,000 after purchasing an additional 118,416 shares during the last quarter. Finally, LSV Asset Management lifted its holdings in Encore Wire by 21.6% in the 3rd quarter. LSV Asset Management now owns 574,828 shares of the electronics maker’s stock valued at $104,883,000 after purchasing an additional 102,062 shares in the last quarter. 99.82% of the stock is owned by hedge funds and other institutional investors.

Encore Wire Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 19th. Shareholders of record on Friday, April 5th were issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.03%. The ex-dividend date of this dividend was Thursday, April 4th. Encore Wire’s payout ratio is 0.37%.

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.