Encore Wire (NASDAQ:WIRE) Now Covered by Analysts at StockNews.com

Stock analysts at StockNews.com began coverage on shares of Encore Wire (NASDAQ:WIRE) in a research note issued on Thursday. The firm set a “hold” rating on the electronics maker’s stock.

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

Encore Wire Trading Up 0.0 %

Shares of WIRE stock opened at $289.30 on Thursday. The firm has a fifty day moving average price of $283.36 and a 200 day moving average price of $245.86. The company has a market cap of $4.57 billion, a P/E ratio of 15.35 and a beta of 1.23. Encore Wire has a 12 month low of $150.51 and a 12 month high of $295.90.

Encore Wire (NASDAQ:WIRE) last announced its quarterly earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share for the quarter, beating 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 analysts’ expectations of $579.64 million. During the same period in the previous year, the company earned $6.50 earnings per share. Encore Wire’s quarterly revenue was down 4.2% compared to the same quarter last year. On average, equities analysts forecast that Encore Wire will post 21.24 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WIRE. Ogborne Capital Management LLC boosted its holdings in shares of Encore Wire by 17.3% in the 1st quarter. Ogborne Capital Management LLC now owns 45,456 shares of the electronics maker’s stock valued at $11,945,000 after buying an additional 6,703 shares during the period. Boston Partners acquired a new position in shares of Encore Wire in the 1st quarter worth approximately $31,764,000. Cetera Advisors LLC acquired a new position in shares of Encore Wire in the 1st quarter worth approximately $304,000. Yaupon Capital Management LP acquired a new position in shares of Encore Wire in the 1st quarter worth approximately $6,675,000. Finally, B. Riley Wealth Advisors Inc. grew its stake in shares of Encore Wire by 5.9% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 15,084 shares of the electronics maker’s stock worth $3,964,000 after purchasing an additional 840 shares during the last quarter. 99.82% of the stock is owned by institutional investors and hedge funds.

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.