Encore Wire (WIRE) Reaches New 52-Week High at $60.93

Shares of Encore Wire Co. (NASDAQ:WIRE) hit a new 52-week high on Monday . The company traded as high as $60.93 and last traded at $60.18, with a volume of 318 shares traded. The stock had previously closed at $60.45.

WIRE has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Encore Wire from a “hold” rating to a “strong-buy” rating and set a $68.00 price target for the company in a research note on Saturday, March 2nd. Sidoti cut shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $58.00 target price for the company. in a research note on Wednesday, February 13th. Finally, BidaskClub upgraded shares of Encore Wire from a “hold” rating to a “buy” rating in a research note on Tuesday, December 25th. Two analysts have rated the stock with a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $62.00.

The company has a market capitalization of $1.25 billion, a P/E ratio of 16.19, a price-to-earnings-growth ratio of 1.50 and a beta of 1.40.

Encore Wire (NASDAQ:WIRE) last released its earnings results on Tuesday, February 19th. The electronics maker reported $1.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.47. Encore Wire had a net margin of 6.06% and a return on equity of 11.41%. The company had revenue of $319.73 million during the quarter, compared to analysts’ expectations of $296.41 million. During the same quarter last year, the business earned $1.36 EPS. The business’s revenue was up 6.1% on a year-over-year basis. As a group, sell-side analysts predict that Encore Wire Co. will post 4 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 18th. Stockholders of record on Thursday, April 4th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.13%. The ex-dividend date is Wednesday, April 3rd. Encore Wire’s dividend payout ratio (DPR) is presently 2.14%.

In other news, insider Matthew D. Ford sold 4,000 shares of the stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $59.00, for a total value of $236,000.00. Following the completion of the transaction, the insider now owns 11,000 shares in the company, valued at approximately $649,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.99% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Citigroup Inc. increased its holdings in shares of Encore Wire by 2.1% in the 4th quarter. Citigroup Inc. now owns 12,869 shares of the electronics maker’s stock valued at $646,000 after purchasing an additional 260 shares in the last quarter. Texas Permanent School Fund increased its holdings in shares of Encore Wire by 4.2% in the 4th quarter. Texas Permanent School Fund now owns 13,663 shares of the electronics maker’s stock valued at $686,000 after purchasing an additional 545 shares in the last quarter. Bremer Trust National Association purchased a new position in shares of Encore Wire in the 4th quarter valued at about $30,000. TIAA CREF Investment Management LLC increased its holdings in Encore Wire by 0.8% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 95,359 shares of the electronics maker’s stock valued at $4,777,000 after acquiring an additional 738 shares in the last quarter. Finally, Teachers Advisors LLC increased its holdings in Encore Wire by 3.5% during the 3rd quarter. Teachers Advisors LLC now owns 39,640 shares of the electronics maker’s stock valued at $1,986,000 after acquiring an additional 1,335 shares in the last quarter. Institutional investors and hedge funds own 89.65% of the company’s stock.

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Encore Wire Company Profile (NASDAQ: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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