Encore Wire Co. (NASDAQ:WIRE) Declares $0.02 Quarterly Dividend

Encore Wire Co. (NASDAQ:WIRE) announced a quarterly dividend on Wednesday, May 15th, Zacks reports. Shareholders of record on Friday, July 5th will be given a dividend of 0.02 per share by the electronics maker on Friday, July 19th. This represents a $0.08 annualized dividend and a yield of 0.03%. The ex-dividend date of this dividend is Friday, July 5th.

Encore Wire has decreased its dividend payment by an average of 7.2% annually over the last three years. Encore Wire has a dividend payout ratio of 0.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Encore Wire to earn $23.44 per share next year, which means the company should continue to be able to cover its $0.08 annual dividend with an expected future payout ratio of 0.3%.

Encore Wire Price Performance

WIRE stock opened at $289.84 on Wednesday. Encore Wire has a 52-week low of $150.51 and a 52-week high of $295.90. The stock’s 50 day moving average is $284.94 and its two-hundred day moving average is $252.11. The company has a market capitalization of $4.58 billion, a PE ratio of 15.38 and a beta of 1.19.

Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings data on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.65 by $0.27. Encore Wire had a return on equity of 17.77% and a net margin of 12.45%. The company had revenue of $632.66 million for the quarter, compared to the consensus estimate of $579.64 million. During the same period in the previous year, the business earned $6.50 EPS. Encore Wire’s revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Encore Wire will post 21.24 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on WIRE. CJS Securities restated a “market perform” rating on shares of Encore Wire in a report on Friday, April 19th. Sidoti reissued a “neutral” rating and issued a $290.00 target price on shares of Encore Wire in a report on Tuesday, April 16th. StockNews.com began coverage on Encore Wire in a report on Friday, June 28th. They set a “hold” rating for the company. Finally, DA Davidson downgraded Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price target on the stock. in a report on Tuesday, April 16th.

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.