Zacks: Encore Wire Corporation (WIRE) Given $48.25 Average Target Price by Analysts
Encore Wire Corporation (NASDAQ:WIRE) has been assigned an average broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. One research analyst has rated the stock with a hold rating and one has issued a strong buy rating on the company.
Brokers have set a 12 month consensus price target of $48.25 for the company and are expecting that the company will post $0.47 EPS for the current quarter, according to Zacks. Zacks has also assigned Encore Wire Corporation an industry rank of 118 out of 265 based on the ratings given to related companies.
WIRE has been the topic of a number of recent analyst reports. TheStreet lowered shares of Encore Wire Corporation from a “b” rating to a “c+” rating in a research note on Friday, August 4th. Zacks Investment Research lowered shares of Encore Wire Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. BidaskClub lowered shares of Encore Wire Corporation from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Finally, Sidoti assumed coverage on shares of Encore Wire Corporation in a research report on Thursday, October 19th. They set a “neutral” rating on the stock.
In other Encore Wire Corporation news, VP Frank J. Bilban sold 4,136 shares of the company’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $47.50, for a total value of $196,460.00. Following the sale, the vice president now owns 61,150 shares of the company’s stock, valued at $2,904,625. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.79% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Prudential Financial Inc. lifted its stake in shares of Encore Wire Corporation by 80.9% during the second quarter. Prudential Financial Inc. now owns 71,870 shares of the electronics maker’s stock valued at $3,069,000 after buying an additional 32,140 shares during the period. Heartland Advisors Inc. lifted its stake in shares of Encore Wire Corporation by 9.3% during the second 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. Citadel Advisors LLC lifted its stake in shares of Encore Wire Corporation by 42.5% during the second quarter. Citadel Advisors LLC now owns 15,109 shares of the electronics maker’s stock valued at $645,000 after buying an additional 4,505 shares during the period. BlackRock Inc. lifted its stake in shares of Encore Wire Corporation by 52,370.3% during the first quarter. BlackRock Inc. now owns 2,531,167 shares of the electronics maker’s stock valued at $116,433,000 after buying an additional 2,526,343 shares during the period. Finally, Teachers Advisors LLC lifted its stake in shares of Encore Wire Corporation by 5.3% during the first quarter. Teachers Advisors LLC now owns 271,498 shares of the electronics maker’s stock valued at $12,489,000 after buying an additional 13,669 shares during the period. 88.57% of the stock is currently owned by institutional investors.
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Shares of Encore Wire Corporation (NASDAQ:WIRE) traded down $0.55 during trading hours on Friday, hitting $44.90. 47,500 shares of the stock were exchanged, compared to its average volume of 95,482. Encore Wire Corporation has a 1-year low of $37.30 and a 1-year high of $49.75. The stock has a market capitalization of $934.60, a PE ratio of 18.79, a price-to-earnings-growth ratio of 1.94 and a beta of 2.32.
Encore Wire Corporation (NASDAQ:WIRE) last issued its quarterly earnings results on Tuesday, October 31st. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.12. Encore Wire Corporation had a net margin of 4.53% and a return on equity of 8.42%. The business had revenue of $292.00 million for the quarter, compared to analyst estimates of $279.60 million. During the same period in the previous year, the business posted $0.29 earnings per share. The business’s revenue was up 23.1% compared to the same quarter last year. analysts anticipate that Encore Wire Corporation will post 2.32 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 19th. Shareholders of record on Friday, January 5th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $0.08 annualized dividend and a yield of 0.18%. Encore Wire Corporation’s payout ratio is currently 3.35%.
About Encore Wire Corporation
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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