Encore Wire (NASDAQ:WIRE) was downgraded by investment analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday.
A number of other equities research analysts also recently issued reports on WIRE. Zacks Investment Research raised shares of Encore Wire from a “sell” rating to a “hold” rating in a research report on Thursday, October 5th. Sidoti started coverage on shares of Encore Wire in a research report on Thursday, October 19th. They set a “neutral” rating for the company. Finally, TheStreet raised shares of Encore Wire from a “c+” rating to a “b” rating in a research report on Monday, October 23rd.
Shares of Encore Wire (NASDAQ WIRE) opened at $48.40 on Friday. Encore Wire has a 1 year low of $37.30 and a 1 year high of $49.75. The stock has a market cap of $1,007.45, a price-to-earnings ratio of 20.25, a PEG ratio of 2.29 and a beta of 2.31.
Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings data on Tuesday, October 31st. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.12. Encore Wire had a net margin of 4.53% and a return on equity of 8.42%. The firm had revenue of $292.00 million during the quarter, compared to the consensus estimate of $279.60 million. During the same quarter in the previous year, the firm posted $0.29 EPS. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. equities analysts anticipate that Encore Wire will post 2.32 earnings per share for the current year.
In related news, insider Matthew D. Ford sold 1,000 shares of the company’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $46.00, for a total value of $46,000.00. Following the completion of the transaction, the insider now owns 2,500 shares of the company’s stock, valued at approximately $115,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Frank J. Bilban sold 1,557 shares of the company’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $47.51, for a total transaction of $73,973.07. Following the completion of the transaction, the chief financial officer now directly owns 56,934 shares of the company’s stock, valued at approximately $2,704,934.34. The disclosure for this sale can be found here. Insiders sold a total of 26,507 shares of company stock valued at $1,285,749 in the last ninety days. 3.79% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Encore Wire by 2.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,833,564 shares of the electronics maker’s stock worth $78,294,000 after buying an additional 50,586 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Encore Wire by 0.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,749,958 shares of the electronics maker’s stock worth $78,354,000 after buying an additional 7,650 shares during the period. Janus Henderson Group PLC boosted its holdings in Encore Wire by 14.5% in the 3rd quarter. Janus Henderson Group PLC now owns 1,080,586 shares of the electronics maker’s stock worth $48,383,000 after buying an additional 137,099 shares during the period. Frontier Capital Management Co. LLC boosted its holdings in Encore Wire by 1.2% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,067,791 shares of the electronics maker’s stock worth $47,810,000 after buying an additional 13,118 shares during the period. Finally, State Street Corp boosted its holdings in Encore Wire by 3.3% in the 2nd quarter. State Street Corp now owns 490,856 shares of the electronics maker’s stock worth $20,958,000 after buying an additional 15,670 shares during the period. 88.92% of the stock is owned by institutional investors.
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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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