TheStreet cut shares of Encore Wire Corporation (NASDAQ:WIRE) from a b rating to a c+ rating in a report published on Friday, August 4th.
Separately, Zacks Investment Research downgraded Encore Wire Corporation from a strong-buy rating to a sell rating in a report on Wednesday, April 26th.
Encore Wire Corporation (NASDAQ:WIRE) opened at 38.20 on Friday. Encore Wire Corporation has a 52 week low of $33.70 and a 52 week high of $49.75. The stock has a market capitalization of $792.92 million, a PE ratio of 18.91 and a beta of 2.24. The firm has a 50-day moving average price of $41.89 and a 200-day moving average price of $43.47.
Encore Wire Corporation (NASDAQ:WIRE) last issued its quarterly earnings results on Tuesday, August 1st. The electronics maker reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.58 by $0.06. Encore Wire Corporation had a return on equity of 7.42% and a net margin of 4.01%. The business had revenue of $291.50 million during the quarter, compared to analysts’ expectations of $282.25 million. During the same quarter in the previous year, the company posted $0.38 earnings per share. The company’s quarterly revenue was up 22.1% compared to the same quarter last year. Equities research analysts predict that Encore Wire Corporation will post $2.23 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, October 6th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $0.08 annualized dividend and a yield of 0.21%. Encore Wire Corporation’s dividend payout ratio (DPR) is presently 3.98%.
A number of hedge funds have recently made changes to their positions in the stock. State of Alaska Department of Revenue boosted its stake in shares of Encore Wire Corporation by 2.2% in the first quarter. State of Alaska Department of Revenue now owns 2,290 shares of the electronics maker’s stock valued at $105,000 after buying an additional 50 shares during the period. Louisiana State Employees Retirement System boosted its stake in Encore Wire Corporation by 1.2% in the first quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the electronics maker’s stock worth $386,000 after buying an additional 100 shares during the last quarter. Suntrust Banks Inc. boosted its stake in Encore Wire Corporation by 1.6% in the second quarter. Suntrust Banks Inc. now owns 6,781 shares of the electronics maker’s stock worth $289,000 after buying an additional 104 shares during the last quarter. Texas Permanent School Fund boosted its stake in Encore Wire Corporation by 0.9% in the second quarter. Texas Permanent School Fund now owns 15,149 shares of the electronics maker’s stock worth $647,000 after buying an additional 136 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in Encore Wire Corporation by 3.5% in the first quarter. BNP Paribas Arbitrage SA now owns 4,201 shares of the electronics maker’s stock worth $193,000 after buying an additional 143 shares during the last quarter. 90.18% of the stock is currently owned by institutional investors and hedge funds.
Encore Wire Corporation 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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