Encore Wire (NASDAQ:WIRE) Coverage Initiated at StockNews.com

Research analysts at StockNews.com assumed coverage on shares of Encore Wire (NASDAQ:WIRE) in a report issued on Friday. The firm set a “hold” rating on the electronics maker’s stock.

A number of other equities research analysts also recently issued reports on the stock. Sidoti restated a “neutral” rating and issued a $290.00 target price on shares of Encore Wire in a report on Tuesday, April 16th. CJS Securities restated a “market perform” rating on shares of Encore Wire in a report on Friday, April 19th. Finally, DA Davidson cut Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 target price on the stock. in a report on Tuesday, April 16th.

Encore Wire Stock Up 0.8 %

Shares of Encore Wire stock opened at $283.04 on Friday. The firm has a market cap of $4.47 billion, a PE ratio of 15.02 and a beta of 1.28. Encore Wire has a fifty-two week low of $150.51 and a fifty-two week high of $295.90. The business’s fifty day moving average is $255.62 and its two-hundred day moving average is $222.93.

Encore Wire (NASDAQ:WIRE) last released its earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share for the quarter, topping the consensus estimate of $3.65 by $0.27. The firm had revenue of $632.66 million for the quarter, compared to the consensus estimate of $579.64 million. Encore Wire had a return on equity of 17.77% and a net margin of 12.45%. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period in the prior year, the business posted $6.50 earnings per share. Equities research analysts anticipate that Encore Wire will post 21.24 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Spire Wealth Management lifted its position in Encore Wire by 42.0% during the first quarter. Spire Wealth Management now owns 142 shares of the electronics maker’s stock valued at $37,000 after buying an additional 42 shares in the last quarter. Blue Trust Inc. lifted its position in Encore Wire by 69.2% during the fourth quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock valued at $43,000 after buying an additional 83 shares in the last quarter. Quest Partners LLC acquired a new position in Encore Wire during the fourth quarter valued at approximately $80,000. Banque Cantonale Vaudoise lifted its position in Encore Wire by 10.7% during the first quarter. Banque Cantonale Vaudoise now owns 414 shares of the electronics maker’s stock valued at $109,000 after buying an additional 40 shares in the last quarter. Finally, GAMMA Investing LLC acquired a new position in Encore Wire during the fourth quarter valued at approximately $99,000. 99.82% of the stock is owned by institutional investors and hedge funds.

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.