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

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

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

Encore Wire Stock Up 0.3 %

Encore Wire stock opened at $284.89 on Thursday. The business’s 50-day simple moving average is $249.52 and its 200 day simple moving average is $219.33. The stock has a market cap of $4.50 billion, a price-to-earnings ratio of 15.11 and a beta of 1.31. Encore Wire has a 12-month low of $146.36 and a 12-month high of $295.90.

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, beating the consensus estimate of $3.65 by $0.27. The business had revenue of $632.66 million for the quarter, compared to analysts’ expectations of $579.64 million. Encore Wire had a return on equity of 17.77% and a net margin of 12.45%. The firm’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the business earned $6.50 earnings per share. As a group, sell-side analysts expect that Encore Wire will post 21.23 EPS for the current year.

Hedge Funds Weigh In On Encore Wire

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale raised its position in shares of Encore Wire by 26.6% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 49,324 shares of the electronics maker’s stock worth $10,668,000 after purchasing an additional 10,366 shares during the period. Illinois Municipal Retirement Fund acquired a new stake in shares of Encore Wire during the third quarter worth about $1,840,000. Stifel Financial Corp raised its position in shares of Encore Wire by 501.7% during the third quarter. Stifel Financial Corp now owns 74,015 shares of the electronics maker’s stock worth $13,505,000 after purchasing an additional 61,714 shares during the period. Federated Hermes Inc. raised its position in shares of Encore Wire by 2,928.3% during the third quarter. Federated Hermes Inc. now owns 5,996 shares of the electronics maker’s stock worth $1,094,000 after purchasing an additional 5,798 shares during the period. Finally, Quantedge Capital Pte Ltd raised its position in shares of Encore Wire by 19.2% during the third quarter. Quantedge Capital Pte Ltd now owns 27,272 shares of the electronics maker’s stock worth $4,976,000 after purchasing an additional 4,400 shares during the period. 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.