Encore Wire (NASDAQ:WIRE) Releases Earnings Results, Beats Expectations By $0.27 EPS

Encore Wire (NASDAQ:WIRE) announced its quarterly earnings results on Tuesday. The electronics maker reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $3.65 by $0.27, Briefing.com reports. Encore Wire had a net margin of 12.45% and a return on equity of 17.77%. The business had revenue of $632.66 million during the quarter, compared to analysts’ expectations of $579.64 million. During the same period last year, the business earned $6.50 earnings per share. The business’s revenue for the quarter was down 4.2% on a year-over-year basis.

Encore Wire Trading Up 0.2 %

NASDAQ WIRE traded up $0.62 during trading on Friday, reaching $284.68. 129,422 shares of the company’s stock were exchanged, compared to its average volume of 262,624. The firm has a market capitalization of $4.49 billion, a PE ratio of 15.07 and a beta of 1.31. Encore Wire has a fifty-two week low of $146.36 and a fifty-two week high of $295.90. The company’s fifty day simple moving average is $248.36 and its 200-day simple moving average is $218.64.

Encore Wire Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 19th. Shareholders of record on Friday, April 5th were given a dividend of $0.02 per share. The ex-dividend date was Thursday, April 4th. This represents a $0.08 dividend on an annualized basis and a yield of 0.03%. Encore Wire’s payout ratio is presently 0.42%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on WIRE shares. StockNews.com began coverage on shares of Encore Wire in a report on Thursday. They issued a “hold” rating on the stock. DA Davidson lowered shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price objective on the stock. in a report on Tuesday, April 16th. Sidoti reissued a “neutral” rating and set a $290.00 target price on shares of Encore Wire in a research report on Tuesday, April 16th. Finally, CJS Securities reaffirmed a “market perform” rating on shares of Encore Wire in a research report on Friday, April 19th.

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.