Encore Wire (NASDAQ:WIRE) Posts Earnings Results, Beats Estimates By $5.02 EPS

Encore Wire (NASDAQ:WIRE – Get Rating) issued its quarterly earnings results on Thursday. The electronics maker reported $7.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.94 by $5.02, MarketWatch Earnings reports. Encore Wire had a net margin of 20.88% and a return on equity of 48.24%. The company had revenue of $723.07 million during the quarter, compared to the consensus estimate of $567.63 million. During the same quarter in the previous year, the firm earned $1.99 earnings per share. The firm’s quarterly revenue was up 62.8% on a year-over-year basis.

Shares of Encore Wire stock traded up $2.02 on Friday, hitting $112.81. The company’s stock had a trading volume of 407,162 shares, compared to its average volume of 189,722. Encore Wire has a 52-week low of $65.98 and a 52-week high of $151.64. The firm has a fifty day moving average price of $116.36 and a 200-day moving average price of $124.16. The company has a market capitalization of $2.23 billion, a P/E ratio of 3.50 and a beta of 1.17.

The business also recently declared a quarterly dividend, which was paid on Thursday, April 14th. Stockholders of record on Friday, April 1st were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, March 31st. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.07%. Encore Wire’s dividend payout ratio (DPR) is presently 0.25%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Sei Investments Co. raised its position in Encore Wire by 119.5% in the fourth quarter. Sei Investments Co. now owns 45,329 shares of the electronics maker’s stock valued at $6,488,000 after purchasing an additional 24,678 shares during the period. Comerica Bank increased its position in shares of Encore Wire by 197.0% during the fourth quarter. Comerica Bank now owns 56,775 shares of the electronics maker’s stock worth $6,284,000 after acquiring an additional 37,657 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in Encore Wire by 31.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 38,091 shares of the electronics maker’s stock valued at $5,451,000 after buying an additional 9,195 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Encore Wire by 1.0% in the fourth quarter. Alliancebernstein L.P. now owns 28,673 shares of the electronics maker’s stock valued at $4,103,000 after buying an additional 285 shares during the last quarter. Finally, California State Teachers Retirement System increased its holdings in Encore Wire by 1.4% in the fourth quarter. California State Teachers Retirement System now owns 28,217 shares of the electronics maker’s stock valued at $4,038,000 after buying an additional 403 shares during the last quarter. Institutional investors and hedge funds own 81.75% of the company’s stock.

WIRE has been the subject of several recent analyst reports. Zacks Investment Research downgraded shares of Encore Wire from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 20th. StockNews.com initiated coverage on shares of Encore Wire in a research note on Thursday, March 31st. They issued a “buy” rating on the stock.

Encore Wire Company Profile (Get Rating)

Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. The company's products include NM-B cables for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2 cables and metal-clad and armored cables for use as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; USE-2 cables; and other types of wire products.

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