BidaskClub upgraded shares of Encore Wire (NASDAQ:WIRE) from a hold rating to a buy rating in a research report released on Thursday.
Several other equities research analysts have also recently issued reports on WIRE. Zacks Investment Research upgraded Encore Wire from a hold rating to a strong-buy rating and set a $62.00 price objective on the stock in a report on Tuesday, February 27th. ValuEngine upgraded Encore Wire from a hold rating to a buy rating in a report on Friday, March 2nd. DA Davidson lifted their price objective on Encore Wire to $54.00 and gave the stock a neutral rating in a report on Friday, February 23rd. Finally, Sidoti upgraded Encore Wire from a neutral rating to a buy rating and set a $58.00 price objective on the stock in a report on Wednesday, December 6th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $58.00.
Shares of Encore Wire (WIRE) opened at $57.80 on Thursday. Encore Wire has a twelve month low of $37.30 and a twelve month high of $58.00. The stock has a market capitalization of $1,169.93, a PE ratio of 18.06, a P/E/G ratio of 1.89 and a beta of 2.12.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 20th. Stockholders of record on Friday, April 6th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 5th. Encore Wire’s dividend payout ratio is currently 2.50%.
In other news, insider Matthew D. Ford sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $52.45, for a total transaction of $131,125.00. Following the transaction, the insider now directly owns 4,000 shares in the company, valued at approximately $209,800. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Frank J. Bilban sold 10,000 shares of the business’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 owns 44,900 shares in the company, valued at $2,223,897. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,524 shares of company stock worth $1,848,839. Insiders own 3.79% of the company’s stock.
Several institutional investors have recently modified their holdings of WIRE. Janus Henderson Group PLC boosted 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 worth $48,383,000 after purchasing an additional 137,099 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Encore Wire by 263.9% during the 4th quarter. Millennium Management LLC now owns 172,425 shares of the electronics maker’s stock worth $8,388,000 after purchasing an additional 125,037 shares during the last quarter. Dean Investment Associates LLC acquired a new position in shares of Encore Wire during the 3rd quarter worth approximately $3,473,000. Lyon Street Capital LLC acquired a new position in shares of Encore Wire during the 3rd quarter worth approximately $3,390,000. Finally, Thrivent Financial For Lutherans boosted its holdings in shares of Encore Wire by 14.9% during the 4th quarter. Thrivent Financial For Lutherans now owns 527,962 shares of the electronics maker’s stock worth $25,685,000 after purchasing an additional 68,372 shares during the last quarter. Institutional investors and hedge funds own 88.91% of the company’s stock.
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Encore Wire 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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