Encore Wire Co. (NASDAQ:WIRE) declared a quarterly dividend on Thursday, May 14th, Zacks reports. Stockholders of record on Thursday, July 2nd will be given a dividend of 0.02 per share by the electronics maker on Friday, July 17th. This represents a $0.08 annualized dividend and a dividend yield of 0.16%. The ex-dividend date is Wednesday, July 1st.

Encore Wire has a payout ratio of 2.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Encore Wire to earn $2.30 per share next year, which means the company should continue to be able to cover its $0.08 annual dividend with an expected future payout ratio of 3.5%.

WIRE opened at $48.57 on Tuesday. The company has a market cap of $942.47 million, a P/E ratio of 16.08 and a beta of 1.20. The business’s 50-day moving average price is $47.16 and its 200-day moving average price is $49.84. Encore Wire has a 12 month low of $38.01 and a 12 month high of $62.08.

Encore Wire (NASDAQ:WIRE) last posted its earnings results on Tuesday, April 28th. The electronics maker reported $0.89 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.41. The company had revenue of $302.79 million for the quarter, compared to analysts’ expectations of $297.48 million. Encore Wire had a return on equity of 8.23% and a net margin of 5.01%. Encore Wire’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period last year, the firm earned $0.64 earnings per share. Analysts expect that Encore Wire will post 2.93 earnings per share for the current year.

Several analysts recently issued reports on the company. ValuEngine cut Encore Wire from a “hold” rating to a “sell” rating in a research note on Monday, May 18th. DA Davidson cut Encore Wire from a “buy” rating to a “neutral” rating and cut their target price for the stock from $60.00 to $56.00 in a research note on Thursday, April 30th. BidaskClub cut Encore Wire from a “hold” rating to a “sell” rating in a research note on Saturday, June 20th. Finally, Zacks Investment Research cut Encore Wire from a “buy” rating to a “hold” rating in a research note on Monday, May 4th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $61.00.

About Encore Wire

Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. Its products include NM-B cables for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2, metal-clad, and armored cables for use primarily as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; and other types of wire products.

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Dividend History for Encore Wire (NASDAQ:WIRE)

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