Zacks: Encore Wire Co. (WIRE) Receives Average Rating of “Buy” from Analysts
Shares of Encore Wire Co. (NASDAQ:WIRE) have been assigned an average broker rating score of 1.67 (Buy) from the three analysts that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating and two have assigned a strong buy rating to the company. Encore Wire’s rating score has improved by 16.5% in the last 90 days as a result of a number of analysts’ ratings changes.
Analysts have set a one year consensus target price of $48.25 for the company and are expecting that the company will post $0.47 EPS for the current quarter, according to Zacks. Zacks has also given Encore Wire an industry rank of 117 out of 265 based on the ratings given to related companies.
WIRE has been the subject of several analyst reports. Zacks Investment Research upgraded Encore Wire from a “sell” rating to a “hold” rating in a report on Friday, August 25th. Sidoti initiated coverage on Encore Wire in a report on Thursday, October 19th. They set a “neutral” rating for the company. TheStreet upgraded Encore Wire from a “c+” rating to a “b” rating in a report on Monday, October 23rd. Finally, BidaskClub cut Encore Wire from a “hold” rating to a “sell” rating in a report on Monday, August 14th.
In other Encore Wire news, CFO Frank J. Bilban sold 1,557 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $47.51, for a total value of $73,973.07. Following the completion of the sale, the chief financial officer now owns 56,934 shares in the company, valued at approximately $2,704,934.34. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Frank J. Bilban sold 4,136 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $47.50, for a total value of $196,460.00. Following the completion of the sale, the vice president now owns 61,150 shares of the company’s stock, valued at approximately $2,904,625. The disclosure for this sale can be found here. Insiders have sold a total of 16,507 shares of company stock valued at $790,449 over the last 90 days. 3.79% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WIRE. Piedmont Investment Advisors LLC purchased a new stake in Encore Wire in the 3rd quarter worth approximately $202,000. Aperio Group LLC lifted its holdings in Encore Wire by 25.2% in the 2nd quarter. Aperio Group LLC now owns 6,259 shares of the electronics maker’s stock worth $267,000 after buying an additional 1,260 shares during the period. SG Americas Securities LLC purchased a new stake in Encore Wire in the 3rd quarter worth approximately $272,000. Crossmark Global Holdings Inc. purchased a new stake in Encore Wire in the 3rd quarter worth approximately $273,000. Finally, Suntrust Banks Inc. lifted its holdings in Encore Wire by 1.6% in the 2nd quarter. Suntrust Banks Inc. now owns 6,781 shares of the electronics maker’s stock worth $289,000 after buying an additional 104 shares during the period. Institutional investors and hedge funds own 88.95% of the company’s stock.
Encore Wire (NASDAQ:WIRE) traded down $0.90 on Friday, hitting $47.35. The stock had a trading volume of 73,045 shares, compared to its average volume of 82,932. The stock has a market cap of $985.59, a PE ratio of 19.81, a P/E/G ratio of 2.04 and a beta of 2.31. Encore Wire has a 1 year low of $37.30 and a 1 year high of $49.75.
Encore Wire (NASDAQ:WIRE) last issued its earnings results on Tuesday, October 31st. The electronics maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.12. The company had revenue of $292.00 million during the quarter, compared to analysts’ expectations of $279.60 million. Encore Wire had a return on equity of 8.42% and a net margin of 4.53%. Encore Wire’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.29 EPS. equities analysts anticipate that Encore Wire will post 2.32 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 19th. Investors of record on Friday, January 5th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.17%. The ex-dividend date is Thursday, January 4th. Encore Wire’s dividend payout ratio is presently 3.35%.
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Encore Wire Company Profile
Encore Wire Corporation is a manufacturer of electrical building wire and cable. The Company is a supplier of building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments, and manufactured housing. The Company manufactures electric building wire, principally NM-B cable, for use primarily as interior wiring in homes, apartments and manufactured housing, and THHN/THWN-2 cable and metal-clad and armored cable for use primarily as wiring in commercial and industrial buildings.
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