Encore Wire (WIRE) Upgraded to “Strong-Buy” by BidaskClub

BidaskClub upgraded shares of Encore Wire (NASDAQ:WIRE) from a buy rating to a strong-buy rating in a research report sent to investors on Wednesday, December 27th.

A number of other brokerages have also recently commented on WIRE. Zacks Investment Research cut Encore Wire from a hold rating to a strong sell rating in a research report on Thursday, November 2nd. Sidoti initiated coverage on Encore Wire in a research report on Thursday, October 19th. They issued a neutral rating on the stock. Finally, TheStreet raised Encore Wire from a c+ rating to a b rating in a research report on Monday, October 23rd.

Encore Wire (NASDAQ WIRE) opened at $50.60 on Wednesday. Encore Wire has a twelve month low of $37.30 and a twelve month high of $50.85. The firm has a market capitalization of $1,007.46, a P/E ratio of 21.17, a price-to-earnings-growth ratio of 2.29 and a beta of 2.31.

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

The business also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, January 5th will be given 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 is currently 3.35%.

In related news, VP Frank J. Bilban sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $49.53, for a total value of $495,300.00. Following the transaction, the vice president now directly owns 44,900 shares of the company’s stock, valued at approximately $2,223,897. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Frank J. Bilban sold 4,136 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $47.50, for a total value of $196,460.00. Following the completion of the transaction, the vice president now directly owns 61,150 shares in the company, valued at $2,904,625. The disclosure for this sale can be found here. Over the last three months, insiders sold 26,507 shares of company stock worth $1,285,749. Insiders own 3.79% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Prudential Financial Inc. lifted its position in Encore Wire by 80.9% in the 2nd quarter. Prudential Financial Inc. now owns 71,870 shares of the electronics maker’s stock valued at $3,069,000 after acquiring an additional 32,140 shares in the last quarter. Dean Investment Associates LLC bought a new position in shares of Encore Wire during the 3rd quarter valued at $3,473,000. Janus Henderson Group PLC lifted its holdings in shares of Encore Wire by 14.5% during the 3rd quarter. Janus Henderson Group PLC now owns 1,080,586 shares of the electronics maker’s stock valued at $48,383,000 after buying an additional 137,099 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Encore Wire by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 1,833,564 shares of the electronics maker’s stock valued at $78,294,000 after buying an additional 50,586 shares during the period. Finally, Heartland Advisors Inc. lifted its holdings in shares of Encore Wire by 9.3% during the 2nd quarter. Heartland Advisors Inc. now owns 293,597 shares of the electronics maker’s stock valued at $12,537,000 after buying an additional 25,000 shares during the period. 88.92% of the stock is currently owned by institutional investors and hedge funds.

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About Encore Wire

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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