StockNews.com Begins Coverage on Encore Wire (NASDAQ:WIRE)

Stock analysts at StockNews.com assumed coverage on shares of Encore Wire (NASDAQ:WIRE) in a report released on Friday. The brokerage set a “hold” rating on the electronics maker’s stock.

Several other research firms have also recently commented on WIRE. Sidoti restated a “neutral” rating and issued a $290.00 target price on shares of Encore Wire in a research note on Tuesday, April 16th. CJS Securities restated a “market perform” rating on shares of Encore Wire in a report on Friday, April 19th. Finally, DA Davidson lowered shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price target on the stock. in a research note on Tuesday, April 16th.

Encore Wire Stock Performance

Shares of WIRE stock opened at $289.75 on Friday. The company has a market capitalization of $4.58 billion, a P/E ratio of 15.37 and a beta of 1.23. Encore Wire has a 52 week low of $150.51 and a 52 week high of $295.90. The company’s 50 day moving average price is $284.57 and its two-hundred day moving average price is $249.63.

Encore Wire (NASDAQ:WIRE) last announced its earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share for the quarter, topping analysts’ consensus estimates of $3.65 by $0.27. Encore Wire had a net margin of 12.45% and a return on equity of 17.77%. The firm had revenue of $632.66 million during the quarter, compared to analyst estimates of $579.64 million. During the same period in the prior year, the business earned $6.50 EPS. The company’s revenue for the quarter was down 4.2% compared to the same quarter last year. Analysts forecast that Encore Wire will post 21.24 earnings per share for the current year.

Institutional Trading of Encore Wire

Several institutional investors and hedge funds have recently added to or reduced their stakes in WIRE. Spire Wealth Management raised its holdings in shares of Encore Wire by 42.0% in the 1st quarter. Spire Wealth Management now owns 142 shares of the electronics maker’s stock valued at $37,000 after purchasing an additional 42 shares during the period. Blue Trust Inc. lifted its position in shares of Encore Wire by 69.2% in the fourth quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock valued at $43,000 after buying an additional 83 shares during the last quarter. Quest Partners LLC bought a new position in shares of Encore Wire during the 4th quarter worth approximately $80,000. Beaird Harris Wealth Management LLC acquired a new position in shares of Encore Wire during the 3rd quarter worth approximately $91,000. Finally, GAMMA Investing LLC bought a new stake in Encore Wire in the 4th quarter valued at $99,000. 99.82% of the stock is owned by institutional investors.

About Encore Wire

Encore Wire Corporation engages in manufacture and sale of electrical building wires and cables in the United States. It offers NM-B cables, UF-B cables, THHN/THWN-2, XHHW-2, USE-2, RHH/RHW-2, and other types of wire products, including SEU, SER, photovoltaic, URD, tray cables, metal-clads, and armored cables.