Encore Wire (NASDAQ:WIRE) Receives “Market Perform” Rating from CJS Securities

CJS Securities reissued their market perform rating on shares of Encore Wire (NASDAQ:WIRE) in a research note released on Friday morning, Benzinga reports.

A number of other analysts have also recently commented on the stock. StockNews.com cut shares of Encore Wire from a buy rating to a hold rating in a research report on Friday, March 22nd. DA Davidson lowered shares of Encore Wire from a buy rating to a neutral rating and set a $295.00 price objective on the stock. in a report on Tuesday. Finally, Sidoti reiterated a neutral rating and set a $290.00 price objective on shares of Encore Wire in a report on Tuesday.

Encore Wire Trading Down 0.9 %

Shares of WIRE opened at $284.40 on Friday. The stock has a market capitalization of $4.49 billion, a P/E ratio of 13.27 and a beta of 1.31. The firm’s fifty day simple moving average is $243.95 and its two-hundred day simple moving average is $214.99. Encore Wire has a 12 month low of $138.20 and a 12 month high of $295.90.

Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings results on Wednesday, February 14th. The electronics maker reported $4.10 EPS for the quarter, beating analysts’ consensus estimates of $4.05 by $0.05. The business had revenue of $633.78 million for the quarter, compared to analysts’ expectations of $601.48 million. Encore Wire had a net margin of 14.50% and a return on equity of 20.92%. The business’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $8.28 earnings per share. As a group, research analysts predict that Encore Wire will post 21.23 EPS for the current fiscal year.

Encore Wire Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 19th. Investors of record on Friday, April 5th were issued a $0.02 dividend. The ex-dividend date was Thursday, April 4th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.03%. Encore Wire’s dividend payout ratio is presently 0.37%.

Institutional Investors Weigh In On Encore Wire

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its holdings in shares of Encore Wire by 0.9% in the 1st quarter. BlackRock Inc. now owns 3,124,572 shares of the electronics maker’s stock worth $356,420,000 after acquiring an additional 28,777 shares during the last quarter. Vanguard Group Inc. increased its stake in Encore Wire by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 2,239,317 shares of the electronics maker’s stock valued at $255,439,000 after buying an additional 30,523 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Encore Wire by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,526,095 shares of the electronics maker’s stock valued at $174,086,000 after buying an additional 23,364 shares during the last quarter. State Street Corp increased its stake in Encore Wire by 0.8% in the 2nd quarter. State Street Corp now owns 678,341 shares of the electronics maker’s stock valued at $70,506,000 after buying an additional 5,631 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in Encore Wire by 1,243.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 618,565 shares of the electronics maker’s stock valued at $7,788,000 after buying an additional 572,539 shares during the last quarter. Institutional investors and hedge funds 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.