Encore Wire Co. (NASDAQ:WIRE) to Post Q1 2024 Earnings of $3.91 Per Share, DA Davidson Forecasts

Encore Wire Co. (NASDAQ:WIRE) – Analysts at DA Davidson increased their Q1 2024 EPS estimates for shares of Encore Wire in a report released on Wednesday, April 17th. DA Davidson analyst B. Thielman now expects that the electronics maker will post earnings of $3.91 per share for the quarter, up from their prior estimate of $3.73. DA Davidson currently has a “Neutral” rating and a $295.00 price objective on the stock. The consensus estimate for Encore Wire’s current full-year earnings is $16.52 per share.

WIRE has been the topic of a number of other reports. StockNews.com downgraded shares of Encore Wire from a “buy” rating to a “hold” rating in a report on Friday, March 22nd. Sidoti reiterated a “neutral” rating and issued a $290.00 target price on shares of Encore Wire in a report on Tuesday.

Encore Wire Price Performance

NASDAQ WIRE opened at $287.00 on Thursday. The company’s 50 day simple moving average is $242.95 and its 200 day simple moving average is $214.48. Encore Wire has a 12 month low of $138.20 and a 12 month high of $295.90. The company has a market capitalization of $4.53 billion, a P/E ratio of 13.39 and a beta of 1.31.

Encore Wire (NASDAQ:WIRE) last released its quarterly earnings results on Wednesday, February 14th. The electronics maker reported $4.10 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.05. Encore Wire had a net margin of 14.50% and a return on equity of 20.92%. The company had revenue of $633.78 million for the quarter, compared to the consensus estimate of $601.48 million. During the same period in the previous year, the firm earned $8.28 EPS. Encore Wire’s revenue was down 8.7% on a year-over-year basis.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale increased its position in shares of Encore Wire by 26.6% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 49,324 shares of the electronics maker’s stock worth $10,668,000 after acquiring an additional 10,366 shares in the last quarter. Illinois Municipal Retirement Fund purchased a new position in Encore Wire during the third quarter valued at approximately $1,840,000. Stifel Financial Corp grew its position in Encore Wire by 501.7% during the third quarter. Stifel Financial Corp now owns 74,015 shares of the electronics maker’s stock valued at $13,505,000 after purchasing an additional 61,714 shares in the last quarter. Federated Hermes Inc. grew its position in Encore Wire by 2,928.3% during the third quarter. Federated Hermes Inc. now owns 5,996 shares of the electronics maker’s stock valued at $1,094,000 after purchasing an additional 5,798 shares in the last quarter. Finally, Quantedge Capital Pte Ltd grew its position in Encore Wire by 19.2% during the third quarter. Quantedge Capital Pte Ltd now owns 27,272 shares of the electronics maker’s stock valued at $4,976,000 after purchasing an additional 4,400 shares in the last quarter. 99.82% of the stock is owned by hedge funds and other institutional investors.

Encore Wire Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 19th. Stockholders of record on Friday, April 5th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.03%. The ex-dividend date is Thursday, April 4th. Encore Wire’s dividend payout ratio (DPR) is currently 0.37%.

About Encore Wire

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.