Sidoti Reiterates Neutral Rating for Encore Wire (NASDAQ:WIRE)

Sidoti reaffirmed their neutral rating on shares of Encore Wire (NASDAQ:WIRE) in a report published on Tuesday, Benzinga reports. Sidoti currently has a $290.00 price target on the electronics maker’s stock.

Several other equities research analysts have also issued reports on WIRE. DA Davidson lowered shares of Encore Wire from a buy rating to a neutral rating and set a $295.00 target price on the stock. in a research note on Tuesday. StockNews.com lowered shares of Encore Wire from a buy rating to a hold rating in a research note on Friday, March 22nd.

Encore Wire Stock Performance

Shares of WIRE opened at $284.40 on Tuesday. The business’s 50-day moving average is $243.95 and its two-hundred 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. The company has a market capitalization of $4.49 billion, a P/E ratio of 13.27 and a beta of 1.31.

Encore Wire (NASDAQ:WIRE) last posted its earnings results on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.05 by $0.05. Encore Wire had a net margin of 14.50% and a return on equity of 20.92%. The business had revenue of $633.78 million for the quarter, compared to analyst estimates of $601.48 million. During the same period in the prior year, the company posted $8.28 EPS. The company’s revenue for the quarter was down 8.7% on a year-over-year basis. Analysts forecast that Encore Wire will post 16.52 EPS for the current year.

Encore Wire Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 19th. Investors of record on Friday, April 5th were paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date was Thursday, April 4th. Encore Wire’s dividend payout ratio is presently 0.37%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FCG Investment Co lifted its stake in Encore Wire by 3.8% in the 1st quarter. FCG Investment Co now owns 1,297 shares of the electronics maker’s stock valued at $341,000 after buying an additional 48 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Encore Wire by 13.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,548 shares of the electronics maker’s stock valued at $670,000 after buying an additional 310 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in Encore Wire in the 1st quarter valued at about $24,993,000. Oliver Luxxe Assets LLC lifted its stake in Encore Wire by 1.7% in the 1st quarter. Oliver Luxxe Assets LLC now owns 5,850 shares of the electronics maker’s stock valued at $1,537,000 after buying an additional 96 shares in the last quarter. Finally, MorganRosel Wealth Management LLC purchased a new position in Encore Wire in the 1st quarter worth approximately $1,126,000. 99.82% of the stock is owned by hedge funds and other institutional investors.

About Encore Wire

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.