Analysts Set Expectations for Encore Wire Co.’s Q1 2024 Earnings (NASDAQ:WIRE)

Encore Wire Co. (NASDAQ:WIRE) – Investment analysts at DA Davidson lifted their Q1 2024 earnings per share (EPS) estimates for shares of Encore Wire in a report released on Wednesday, April 17th. DA Davidson analyst B. Thielman now anticipates that the electronics maker will post earnings per share of $3.91 for the quarter, up from their previous estimate of $3.73. DA Davidson has a “Neutral” rating and a $295.00 price objective on the stock. The consensus estimate for Encore Wire’s current full-year earnings is $16.52 per share.

Several other equities research analysts also recently weighed in on WIRE. Sidoti reaffirmed a “neutral” rating and set a $290.00 price target on shares of Encore Wire in a research report on Tuesday. CJS Securities restated a “market perform” rating on shares of Encore Wire in a research report on Friday. Finally, StockNews.com cut Encore Wire from a “buy” rating to a “hold” rating in a research report on Friday, March 22nd.

Encore Wire Stock Performance

Shares of WIRE opened at $284.40 on Thursday. The business’s 50-day moving average is $243.95 and its two-hundred day moving average is $214.99. The company has a market capitalization of $4.49 billion, a P/E ratio of 13.27 and a beta of 1.31. Encore Wire has a fifty-two week low of $138.20 and a fifty-two week high of $295.90.

Encore Wire (NASDAQ:WIRE) last announced its quarterly earnings results on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.05. The company had revenue of $633.78 million for the quarter, compared to the consensus estimate of $601.48 million. Encore Wire had a return on equity of 20.92% and a net margin of 14.50%. The firm’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same period last year, the firm earned $8.28 EPS.

Encore Wire Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 19th. Stockholders of record on Friday, April 5th were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.03%. The ex-dividend date was Thursday, April 4th. Encore Wire’s dividend payout ratio (DPR) is presently 0.37%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Banque Cantonale Vaudoise lifted its stake in Encore Wire by 10.7% in the 1st quarter. Banque Cantonale Vaudoise now owns 414 shares of the electronics maker’s stock valued at $109,000 after buying an additional 40 shares in the last quarter. Nations Financial Group Inc. IA ADV lifted its stake in Encore Wire by 0.8% in the 4th quarter. Nations Financial Group Inc. IA ADV now owns 5,330 shares of the electronics maker’s stock valued at $1,138,000 after buying an additional 41 shares in the last quarter. FCG Investment Co lifted its stake in Encore Wire by 3.8% in the 1st quarter. FCG Investment Co now owns 1,297 shares of the electronics maker’s stock valued at $341,000 after buying an additional 48 shares in the last quarter. SummerHaven Investment Management LLC lifted its stake in Encore Wire by 1.3% in the 4th quarter. SummerHaven Investment Management LLC now owns 4,104 shares of the electronics maker’s stock valued at $877,000 after buying an additional 51 shares in the last quarter. Finally, Natixis Advisors L.P. lifted its stake in Encore Wire by 0.5% in the 4th quarter. Natixis Advisors L.P. now owns 10,213 shares of the electronics maker’s stock valued at $2,181,000 after buying an additional 53 shares in the last quarter. 99.82% of the stock is owned by hedge funds and other 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.