Encore Wire (WIRE) Upgraded by Sidoti to “Buy”

Sidoti upgraded shares of Encore Wire (NASDAQ:WIRE) from a neutral rating to a buy rating in a research note issued to investors on Wednesday morning. The brokerage currently has $58.00 price objective on the electronics maker’s stock.

A number of other equities research analysts have also recently commented on WIRE. BidaskClub cut shares of Encore Wire from a hold rating to a sell rating in a report on Monday, August 14th. Zacks Investment Research cut shares of Encore Wire from a hold rating to a sell rating in a report on Tuesday, August 8th. Finally, TheStreet raised shares of Encore Wire from a c+ rating to a b rating in a report on Monday, October 23rd.

Shares of Encore Wire (WIRE) traded up $1.90 during trading hours on Wednesday, hitting $48.50. 181,300 shares of the stock were exchanged, compared to its average volume of 77,852. Encore Wire has a 1-year low of $37.30 and a 1-year high of $49.75. The stock has a market capitalization of $969.99, a PE ratio of 19.50, a price-to-earnings-growth ratio of 2.01 and a beta of 2.31.

Encore Wire (NASDAQ:WIRE) last announced its earnings results on Tuesday, October 31st. The electronics maker reported $0.67 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 business had revenue of $292.00 million during the quarter, compared to analysts’ expectations of $279.60 million. During the same period in the prior year, the company earned $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 will post 2.32 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, January 19th. Investors of record on Friday, January 5th will be issued 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 0.16%. Encore Wire’s dividend payout ratio is currently 3.35%.

In related news, VP Frank J. Bilban sold 4,136 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $47.50, for a total transaction of $196,460.00. Following the completion of the transaction, the vice president now directly owns 61,150 shares of the company’s stock, valued at $2,904,625. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Frank J. Bilban sold 9,814 shares of the stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $48.30, for a total transaction of $474,016.20. Following the transaction, the vice president now directly owns 56,934 shares of the company’s stock, valued at $2,749,912.20. The disclosure for this sale can be found here. Insiders have sold 16,507 shares of company stock valued at $790,449 over the last three months. 3.79% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of WIRE. Suntrust Banks Inc. increased its holdings in Encore Wire by 1.6% in the second quarter. Suntrust Banks Inc. now owns 6,781 shares of the electronics maker’s stock valued at $289,000 after buying an additional 104 shares in the last quarter. Texas Permanent School Fund increased its holdings in Encore Wire by 0.9% in the second quarter. Texas Permanent School Fund now owns 15,149 shares of the electronics maker’s stock valued at $647,000 after buying an additional 136 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in Encore Wire by 1.6% in the second quarter. Public Employees Retirement System of Ohio now owns 9,974 shares of the electronics maker’s stock valued at $426,000 after buying an additional 154 shares in the last quarter. Rhumbline Advisers increased its holdings in Encore Wire by 0.8% in the second quarter. Rhumbline Advisers now owns 47,630 shares of the electronics maker’s stock valued at $2,034,000 after buying an additional 381 shares in the last quarter. Finally, Voya Investment Management LLC increased its holdings in Encore Wire by 8.4% in the second quarter. Voya Investment Management LLC now owns 10,848 shares of the electronics maker’s stock valued at $463,000 after buying an additional 841 shares in the last quarter. 88.95% of the stock is owned by hedge funds and other institutional investors.

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Encore Wire Company Profile

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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