Encore Wire (NASDAQ:WIRE) Upgraded at Zacks Investment Research
According to Zacks, “Encore Wire Corporation is a low-cost manufacturer of copper electrical building wire and cable. The Company is a significant supplier of both residential wire for interior electrical wiring in homes, apartments and manufactured housing, as well as building wire for electrical distribution in commercial and industrial buildings. “
A number of other analysts have also recently commented on WIRE. BidaskClub cut shares of Encore Wire from a strong-buy rating to a buy rating in a research note on Wednesday, May 22nd. Sidoti upgraded shares of Encore Wire from a neutral rating to a buy rating in a research note on Monday, June 3rd.
Encore Wire (NASDAQ:WIRE) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.08). The firm had revenue of $314.71 million during the quarter, compared to analyst estimates of $295.68 million. Encore Wire had a net margin of 6.11% and a return on equity of 11.37%. The business’s revenue was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.54 EPS. Equities research analysts forecast that Encore Wire will post 3.67 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 19th. Stockholders of record on Friday, July 5th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date is Wednesday, July 3rd. Encore Wire’s dividend payout ratio is presently 2.14%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Morgan Stanley grew its stake in Encore Wire by 50.2% during the 3rd quarter. Morgan Stanley now owns 107,564 shares of the electronics maker’s stock worth $5,388,000 after purchasing an additional 35,961 shares in the last quarter. Bank of Montreal Can grew its stake in Encore Wire by 111.1% during the 4th quarter. Bank of Montreal Can now owns 2,538 shares of the electronics maker’s stock worth $127,000 after purchasing an additional 1,336 shares in the last quarter. Rhumbline Advisers grew its stake in Encore Wire by 17.8% during the 4th quarter. Rhumbline Advisers now owns 66,076 shares of the electronics maker’s stock worth $3,316,000 after purchasing an additional 10,002 shares in the last quarter. Oregon Public Employees Retirement Fund acquired a new position in Encore Wire during the 4th quarter worth $398,000. Finally, Prudential Financial Inc. grew its stake in Encore Wire by 35.0% during the 4th quarter. Prudential Financial Inc. now owns 157,284 shares of the electronics maker’s stock worth $7,893,000 after purchasing an additional 40,815 shares in the last quarter. Institutional investors own 88.82% of the company’s stock.
Encore Wire Company Profile
Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. Its products include NM-B cables 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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