Encore Wire (NASDAQ:WIRE) Upgraded by BidaskClub to Hold

BidaskClub upgraded shares of Encore Wire (NASDAQ:WIRE) from a sell rating to a hold rating in a research report sent to investors on Thursday morning, BidAskClub reports.

A number of other equities research analysts have also weighed in on WIRE. Zacks Investment Research lowered shares of Encore Wire from a hold rating to a sell rating in a research note on Saturday, July 27th. Sidoti raised shares of Encore Wire from a neutral rating to a buy rating in a research note on Monday, June 3rd.

Shares of WIRE opened at $59.78 on Thursday. The firm’s 50-day moving average price is $54.50 and its 200-day moving average price is $56.01. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 1.77 and a beta of 1.51. Encore Wire has a 1-year low of $40.96 and a 1-year high of $61.68.

Encore Wire (NASDAQ:WIRE) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.03). The company had revenue of $336.87 million for the quarter, compared to the consensus estimate of $330.42 million. Encore Wire had a net margin of 6.09% and a return on equity of 11.01%. The company’s revenue for the quarter was up .0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.86 EPS. As a group, sell-side analysts expect that Encore Wire will post 3.37 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Friday, October 4th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.13%. The ex-dividend date is Thursday, October 3rd. Encore Wire’s payout ratio is currently 2.14%.

Large investors have recently bought and sold shares of the stock. Steward Partners Investment Advisory LLC bought a new stake in Encore Wire during the second quarter worth about $29,000. Bremer Bank National Association bought a new stake in Encore Wire during the first quarter worth about $36,000. Advisor Group Inc. boosted its stake in Encore Wire by 133.6% during the second quarter. Advisor Group Inc. now owns 2,782 shares of the electronics maker’s stock worth $163,000 after acquiring an additional 1,591 shares in the last quarter. Everence Capital Management Inc. bought a new stake in Encore Wire during the first quarter worth about $203,000. Finally, Sawgrass Asset Management LLC bought a new stake in Encore Wire during the first quarter worth about $207,000. 89.11% of the stock is currently owned by institutional investors and hedge funds.

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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