Encore Wire (NASDAQ:WIRE – Get Free Report) was downgraded by equities research analysts at DA Davidson from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday, Marketbeat.com reports. They currently have a $295.00 price target on the electronics maker’s stock. DA Davidson’s price objective points to a potential upside of 2.71% from the stock’s previous close.
Separately, StockNews.com downgraded Encore Wire from a “buy” rating to a “hold” rating in a research note on Friday, March 22nd.
Read Our Latest Report on WIRE
Encore Wire Price Performance
Encore Wire (NASDAQ:WIRE – Get Free Report) last issued its 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. Encore Wire had a return on equity of 20.92% and a net margin of 14.50%. The firm had revenue of $633.78 million for the quarter, compared to the consensus estimate of $601.48 million. During the same quarter in the previous year, the company posted $8.28 earnings per share. The business’s quarterly revenue was down 8.7% compared to the same quarter last year. On average, equities analysts anticipate that Encore Wire will post 16.52 EPS for the current year.
Institutional Trading of Encore Wire
A number of institutional investors and hedge funds have recently made changes to their positions in WIRE. JPMorgan Chase & Co. lifted its position in shares of Encore Wire by 8.7% in the first quarter. JPMorgan Chase & Co. now owns 118,038 shares of the electronics maker’s stock worth $13,463,000 after buying an additional 9,457 shares during the last quarter. Raymond James & Associates lifted its position in shares of Encore Wire by 132.2% in the first quarter. Raymond James & Associates now owns 19,387 shares of the electronics maker’s stock worth $2,211,000 after buying an additional 11,038 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in shares of Encore Wire by 13.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 10,015 shares of the electronics maker’s stock worth $1,142,000 after buying an additional 1,220 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Encore Wire by 2.0% during the 1st quarter. Bank of New York Mellon Corp now owns 247,999 shares of the electronics maker’s stock worth $28,290,000 after purchasing an additional 4,835 shares during the last quarter. Finally, Citigroup Inc. lifted its position in shares of Encore Wire by 6.3% during the 1st quarter. Citigroup Inc. now owns 18,996 shares of the electronics maker’s stock worth $2,167,000 after purchasing an additional 1,123 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.
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