Analysts Set Expectations for Encore Wire Co.’s Q1 2024 Earnings (NASDAQ:WIRE)

Encore Wire Co. (NASDAQ:WIRE) – Equities researchers at DA Davidson upped their Q1 2024 earnings per share (EPS) estimates for Encore Wire in a note issued to investors on Wednesday, April 17th. DA Davidson analyst B. Thielman now forecasts that the electronics maker will post earnings of $3.91 per share for the quarter, up from their previous estimate of $3.73. DA Davidson has a “Neutral” rating and a $295.00 price target on the stock. The consensus estimate for Encore Wire’s current full-year earnings is $16.52 per share.

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

Other equities analysts also recently issued reports about the company. StockNews.com downgraded Encore Wire from a “buy” rating to a “hold” rating in a research report on Friday, March 22nd. CJS Securities restated a “market perform” rating on shares of Encore Wire in a research report on Friday. Finally, Sidoti restated a “neutral” rating and issued a $290.00 price objective on shares of Encore Wire in a research report on Tuesday.

Encore Wire Stock Performance

NASDAQ WIRE opened at $284.40 on Thursday. The company has a market capitalization of $4.49 billion, a PE ratio of 13.27 and a beta of 1.31. The business’s fifty day moving average is $243.95 and its 200 day moving average is $214.99. Encore Wire has a fifty-two week low of $138.20 and a fifty-two week high of $295.90.

Hedge Funds Weigh In On Encore Wire

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

Encore Wire Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 19th. Stockholders of record on Friday, April 5th were given a $0.02 dividend. The ex-dividend date of this dividend was Thursday, April 4th. This represents a $0.08 annualized dividend and a dividend yield of 0.03%. Encore Wire’s payout ratio is 0.37%.

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.