Encore Wire Co. (NASDAQ:WIRE) has earned an average recommendation of “Hold” from the six analysts that are covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $58.00.
Several analysts recently issued reports on the stock. BidaskClub raised shares of Encore Wire from a “sell” rating to a “hold” rating in a research report on Wednesday, June 20th. ValuEngine downgraded shares of Encore Wire from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. DA Davidson raised shares of Encore Wire from a “neutral” rating to a “buy” rating in a research report on Wednesday, May 2nd. Finally, Zacks Investment Research downgraded shares of Encore Wire from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 26th.
A number of hedge funds and other institutional investors have recently bought and sold shares of WIRE. SG Americas Securities LLC acquired a new stake in Encore Wire in the 1st quarter valued at $158,000. Xact Kapitalforvaltning AB acquired a new stake in Encore Wire in the 4th quarter valued at $201,000. Cubist Systematic Strategies LLC bought a new position in Encore Wire during the 1st quarter valued at $203,000. Raymond James Financial Services Advisors Inc. bought a new position in Encore Wire during the 4th quarter valued at $206,000. Finally, Element Capital Management LLC bought a new position in Encore Wire during the 1st quarter valued at $216,000. 88.70% of the stock is owned by institutional investors and hedge funds.
Shares of WIRE stock opened at $48.05 on Thursday. The company has a market cap of $1.03 billion, a PE ratio of 18.41, a P/E/G ratio of 1.75 and a beta of 1.99. Encore Wire has a 52 week low of $37.30 and a 52 week high of $58.70.
Encore Wire (NASDAQ:WIRE) last announced its quarterly earnings data on Wednesday, May 2nd. The electronics maker reported $0.54 EPS for the quarter, missing the consensus estimate of $0.67 by ($0.13). The company had revenue of $291.40 million for the quarter, compared to analyst estimates of $321.65 million. Encore Wire had a return on equity of 8.34% and a net margin of 5.50%. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the business earned $0.65 EPS. research analysts expect that Encore Wire will post 2.82 earnings per share for the current year.
About Encore Wire
Encore Wire Corporation manufactures and sells electrical building wire and cable products for interior electrical wiring in the United States. Its products include NM-B cable for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2, metal-clad, and armored cables for use primarily as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; and other types of wire products.
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