Encore Wire Co. (NASDAQ:WIRE) to Post FY2024 Earnings of $21.23 Per Share, DA Davidson Forecasts

Encore Wire Co. (NASDAQ:WIRE - Free Report) - Equities researchers at DA Davidson upped their FY2024 earnings estimates for Encore Wire in a report released on Wednesday, April 17th. DA Davidson analyst B. Thielman now expects that the electronics maker will earn $21.23 per share for the year, up from their previous forecast of $16.52. 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. DA Davidson also issued estimates for Encore Wire's FY2025 earnings at $23.42 EPS.

Other equities analysts also recently issued reports about the stock. Sidoti reaffirmed a "neutral" rating and set a $290.00 price objective on shares of Encore Wire in a research note on Tuesday. CJS Securities reaffirmed a "market perform" rating on shares of Encore Wire in a research note on Friday. Finally, StockNews.com downgraded shares of Encore Wire from a "buy" rating to a "hold" rating in a research note on Friday, March 22nd.

Encore Wire Price Performance

NASDAQ WIRE traded down $2.60 during trading on Friday, hitting $284.40. 623,619 shares of the company's stock traded hands, compared to its average volume of 257,053. The stock has a fifty day moving average of $243.95 and a two-hundred day moving average of $214.99. Encore Wire has a 12-month low of $138.20 and a 12-month high of $295.90. The firm has a market cap of $4.49 billion, a P/E ratio of 13.27 and a beta of 1.31.

Encore Wire (NASDAQ:WIRE - Get Free Report) last posted its quarterly earnings results on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.05 by $0.05. Encore Wire had a net margin of 14.50% and a return on equity of 20.92%. The business had revenue of $633.78 million during the quarter, compared to analyst estimates of $601.48 million. During the same period in the prior year, the business posted $8.28 earnings per share. The company's revenue was down 8.7% on a year-over-year basis.

Hedge Funds Weigh In On Encore Wire

Institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. raised its stake in Encore Wire by 69.2% in the fourth quarter. Blue Trust Inc. now owns 203 shares of the electronics maker's stock worth $43,000 after buying an additional 83 shares in the last quarter. Dark Forest Capital Management LP purchased a new stake in Encore Wire in the first quarter worth about $66,000. IFP Advisors Inc grew its holdings in Encore Wire by 231.5% in the second quarter. IFP Advisors Inc now owns 358 shares of the electronics maker's stock worth $67,000 after purchasing an additional 250 shares during the period. Quest Partners LLC purchased a new stake in Encore Wire in the fourth quarter worth about $80,000. Finally, Advisory Services Network LLC purchased a new stake in Encore Wire in the fourth quarter worth about $88,000. 99.82% of the stock is owned by institutional investors.

Encore Wire Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 19th. Investors of record on Friday, April 5th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date is Thursday, April 4th. Encore Wire's payout ratio is currently 0.37%.

Encore Wire Company Profile

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.