Encore Wire (NASDAQ:WIRE) Raised to “Strong-Buy” at Zacks Investment Research

Encore Wire (NASDAQ:WIRE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday, Zacks.com reports. The firm currently has a $77.00 price objective on the electronics maker’s stock. Zacks Investment Research‘s price objective points to a potential upside of 13.50% from the stock’s previous close.

According to Zacks, “Encore Wire Corporation is a low-cost manufacturer of copper electrical building wire and cable. The Company is a significant supplier of both residential wire for interior electrical wiring in homes, apartments and manufactured housing, as well as building wire for electrical distribution in commercial and industrial buildings. “

Other equities analysts have also issued research reports about the stock. DA Davidson increased their price objective on shares of Encore Wire from $70.00 to $80.00 in a research report on Thursday, February 18th. TheStreet upgraded shares of Encore Wire from a “c+” rating to a “b-” rating in a report on Friday, November 13th. Finally, Sidoti lowered shares of Encore Wire from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $59.00 to $65.00 in a research report on Thursday, January 21st.

NASDAQ:WIRE opened at $67.84 on Tuesday. The company has a market capitalization of $1.40 billion, a P/E ratio of 24.49 and a beta of 1.24. Encore Wire has a 12 month low of $38.01 and a 12 month high of $68.99. The business’s 50-day moving average is $61.90 and its 200 day moving average is $54.07.

Encore Wire (NASDAQ:WIRE) last released its quarterly earnings data on Wednesday, February 17th. The electronics maker reported $1.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.51. Encore Wire had a return on equity of 7.43% and a net margin of 4.91%. Equities research analysts predict that Encore Wire will post 2.9 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in WIRE. Dupont Capital Management Corp increased its position in shares of Encore Wire by 41.8% during the fourth quarter. Dupont Capital Management Corp now owns 29,770 shares of the electronics maker’s stock worth $1,803,000 after acquiring an additional 8,778 shares during the period. Monarch Partners Asset Management LLC purchased a new stake in Encore Wire in the fourth quarter worth about $3,756,000. First Trust Advisors LP raised its holdings in shares of Encore Wire by 27.7% in the 3rd quarter. First Trust Advisors LP now owns 54,438 shares of the electronics maker’s stock valued at $2,527,000 after purchasing an additional 11,806 shares in the last quarter. Sei Investments Co. lifted its stake in shares of Encore Wire by 101.6% during the 3rd quarter. Sei Investments Co. now owns 12,105 shares of the electronics maker’s stock worth $562,000 after purchasing an additional 6,100 shares during the last quarter. Finally, Mackay Shields LLC grew its stake in Encore Wire by 5.7% in the third quarter. Mackay Shields LLC now owns 62,814 shares of the electronics maker’s stock valued at $2,916,000 after purchasing an additional 3,400 shares during the last quarter. 87.80% of the stock is owned by institutional investors.

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 cables that are metal-clad and armored cables for use 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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