StockNews.com Begins Coverage on Encore Wire (NASDAQ:WIRE)

Analysts at StockNews.com began coverage on shares of Encore Wire (NASDAQ:WIRE) in a research report issued to clients and investors on Thursday. The firm set a “hold” rating on the electronics maker’s stock.

Several other research firms also recently issued reports on WIRE. DA Davidson downgraded shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price target for the company. in a research report on Tuesday, April 16th. CJS Securities reaffirmed a “market perform” rating on shares of Encore Wire in a report on Friday, April 19th. Finally, Sidoti reaffirmed a “neutral” rating and set a $290.00 price objective on shares of Encore Wire in a report on Tuesday, April 16th.

Encore Wire Stock Performance

NASDAQ:WIRE opened at $282.41 on Thursday. The company has a market capitalization of $4.46 billion, a PE ratio of 13.18 and a beta of 1.31. Encore Wire has a fifty-two week low of $138.20 and a fifty-two week high of $295.90. The company has a 50 day simple moving average of $247.44 and a two-hundred day simple moving average of $218.19.

Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.65 by $0.27. Encore Wire had a return on equity of 20.92% and a net margin of 14.50%. The firm had revenue of $632.66 million for the quarter, compared to analysts’ expectations of $579.64 million. During the same period in the prior year, the business earned $6.50 EPS. The company’s revenue for the quarter was down 4.2% compared to the same quarter last year. Research analysts predict that Encore Wire will post 21.23 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Seizert Capital Partners LLC purchased a new stake in Encore Wire in the third quarter worth approximately $24,143,000. LSV Asset Management boosted its stake in Encore Wire by 21.6% in the third quarter. LSV Asset Management now owns 574,828 shares of the electronics maker’s stock worth $104,883,000 after buying an additional 102,062 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in Encore Wire in the first quarter worth approximately $24,993,000. Norges Bank purchased a new stake in Encore Wire in the fourth quarter worth approximately $20,223,000. Finally, First Dallas Securities Inc. boosted its stake in Encore Wire by 226.5% in the third quarter. First Dallas Securities Inc. now owns 97,505 shares of the electronics maker’s stock worth $17,791,000 after buying an additional 67,640 shares in the last quarter. Hedge funds and other institutional investors 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.