BidaskClub Lowers Encore Wire (WIRE) to Buy

BidaskClub cut shares of Encore Wire (NASDAQ:WIRE) from a strong-buy rating to a buy rating in a report issued on Saturday morning.

Several other analysts have also recently commented on the stock. Sidoti upgraded shares of Encore Wire from a neutral rating to a buy rating and set a $58.00 price target on the stock in a research note on Wednesday, December 6th. Zacks Investment Research upgraded shares of Encore Wire from a sell rating to a hold rating in a report on Thursday, October 5th. Finally, TheStreet upgraded shares of Encore Wire from a c+ rating to a b rating in a report on Monday, October 23rd.

Shares of Encore Wire (WIRE) opened at $48.90 on Friday. The company has a market cap of $1,007.46, a price-to-earnings ratio of 20.46, a price-to-earnings-growth ratio of 2.29 and a beta of 2.31. Encore Wire has a one year low of $37.30 and a one year high of $49.75.

Encore Wire (NASDAQ:WIRE) last announced its quarterly earnings results on Tuesday, October 31st. The electronics maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.55 by $0.12. The business had revenue of $292.00 million for the quarter, compared to analysts’ expectations of $279.60 million. Encore Wire had a net margin of 4.53% and a return on equity of 8.42%. The business’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.29 EPS. analysts expect that Encore Wire will post 2.32 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, January 5th will be issued a $0.02 dividend. The ex-dividend date is Thursday, January 4th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.16%. Encore Wire’s dividend payout ratio (DPR) is presently 3.35%.

In other news, VP Frank J. Bilban sold 10,000 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $49.53, for a total value of $495,300.00. Following the sale, the vice president now directly owns 44,900 shares in the company, valued at approximately $2,223,897. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Frank J. Bilban sold 9,814 shares of the business’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $48.30, for a total transaction of $474,016.20. Following the completion of the sale, the vice president now owns 56,934 shares in the company, valued at $2,749,912.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,507 shares of company stock worth $1,285,749. Insiders own 3.79% of the company’s stock.

Large investors have recently modified their holdings of the stock. Piedmont Investment Advisors LLC bought a new position in Encore Wire during the 3rd quarter valued at about $202,000. SG Americas Securities LLC bought a new position in Encore Wire during the 3rd quarter valued at about $272,000. Crossmark Global Holdings Inc. bought a new position in Encore Wire during the 3rd quarter valued at about $273,000. Suntrust Banks Inc. grew its holdings in Encore Wire by 1.6% during the 2nd quarter. Suntrust Banks Inc. now owns 6,781 shares of the electronics maker’s stock valued at $289,000 after purchasing an additional 104 shares during the last quarter. Finally, BNP Paribas Arbitrage SA grew its holdings in Encore Wire by 62.7% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 6,835 shares of the electronics maker’s stock valued at $292,000 after purchasing an additional 2,634 shares during the last quarter. Institutional investors own 88.92% of the company’s stock.

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Encore Wire Company Profile

Encore Wire Corporation is a manufacturer of electrical building wire and cable. The Company is a supplier of building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments, and manufactured housing. The Company manufactures electric building wire, principally NM-B cable, for use primarily as interior wiring in homes, apartments and manufactured housing, and THHN/THWN-2 cable and metal-clad and armored cable for use primarily as wiring in commercial and industrial buildings.

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