Encore Wire Corporation (WIRE) is Initiated by Singular Research to Buy, Price Target at $47

Encore Wire Corporation (WIRE) was Initiated by Singular Research to “Buy” and the brokerage firm has set the Price Target at $47. Singular Research advised their investors in a research report released on May 31, 2016.

On the company’s financial health, Encore Wire Corporation reported $0.41 EPS for the quarter, missing the analyst consensus estimate by $ -0.12 based on the information available during the earnings call on Apr 27, 2016. Analyst had a consensus of $0.53. The company had revenue of $225.50 million for the quarter, compared to analysts expectations of $222.97 million. The company’s revenue was down -9.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.52 EPS.

Encore Wire Corporation opened for trading at $38.25 and hit $38.9001 on the upside on Friday, eventually ending the session at $38.61, with a gain of 1.34% or 0.51 points. The heightened volatility saw the trading volume jump to 50,351 shares. Company has a market cap of $799 M.

Investors should note that on May 17, 2016, Encore Wire Corporation announced a cash dividend of $0.0200. The company’s management has announced Jun 29, 2016 as the ex-dividend date and fixed the record date on Jul 1, 2016. The payable date has been fixed on Jul 15, 2016.

In a different news, on Aug 10, 2015, Gregory J Fisher (director) purchased 1,500 shares at $33.30 per share price. According to the SEC, on Aug 7, 2015, Donald Eugene Courtney (director) purchased 5,000 shares at $33.00 per share price. On Mar 3, 2015, William R Iii Thomas (director) purchased 1,000 shares at $37.24 per share price, according to the Form-4 filing with the securities and exchange commission.

Encore Wire Corporation is a manufacturer of electrical building wire and cable. The Company is a supplier of building wire for interior electrical wiring in commercial and industrial buildings homes apartments and manufactured housing. The Company offers an electrical building wire product line that consists primarily of NM-B cable UF-B cable THHN/THWN-2 and other types of wire products including metal clad and armored cable. All of these products are manufactured with copper or aluminum as the conductor. The principal bases for differentiation among stock-keeping units (SKUs) are product type conductor type diameter insulation color and packaging.

Encore Wire Corporation

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