Encore Wire (NASDAQ:WIRE) was upgraded by Zacks Investment Research from a "hold" rating to a "strong-buy" rating in a report issued on Tuesday, Zacks.com reports. The firm presently has a $77.00 price objective on the electronics maker's stock. Zacks Investment Research's target price would suggest a potential upside of 13.50% from the company's current price.
According to Zacks, "Encore Wire Corporation is a low-cost manufacturer of copper electrical building wire and cable. The Company is a significant supplier of both residential wire for interior electrical wiring in homes, apartments and manufactured housing, as well as building wire for electrical distribution in commercial and industrial buildings. "
WIRE has been the topic of several other research reports. Sidoti downgraded Encore Wire from a "buy" rating to a "neutral" rating and increased their target price for the stock from $59.00 to $65.00 in a research report on Thursday, January 21st. DA Davidson increased their target price on shares of Encore Wire from $70.00 to $80.00 in a report on Thursday, February 18th. Finally, TheStreet upgraded Encore Wire from a "c+" rating to a "b-" rating in a report on Friday, November 13th.
Shares of NASDAQ WIRE opened at $67.84 on Tuesday. Encore Wire has a twelve month low of $38.01 and a twelve month high of $68.99. The stock's 50 day moving average price is $61.90 and its 200-day moving average price is $54.07. The company has a market capitalization of $1.40 billion, a PE ratio of 24.49 and a beta of 1.24.
Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings data on Wednesday, February 17th. The electronics maker reported $1.17 EPS for the quarter, beating the consensus estimate of $0.66 by $0.51. Encore Wire had a return on equity of 7.43% and a net margin of 4.91%. Research analysts expect that Encore Wire will post 2.9 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the company. Lazard Asset Management LLC purchased a new position in shares of Encore Wire during the fourth quarter valued at approximately $27,000. Vantage Consulting Group Inc purchased a new stake in Encore Wire in the fourth quarter worth $36,000. Black Swift Group LLC purchased a new stake in Encore Wire in the fourth quarter worth $61,000. Benjamin F. Edwards & Company Inc. grew its stake in Encore Wire by 746.4% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 1,295 shares of the electronics maker's stock worth $78,000 after purchasing an additional 1,142 shares during the period. Finally, Pacer Advisors Inc. purchased a new stake in Encore Wire in the third quarter worth $150,000. 87.80% of the stock is currently owned by hedge funds and other institutional investors.
About Encore Wire
Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. Its products include NM-B cables for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2 cables that are metal-clad and armored cables for use as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; and other types of wire products.
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