Encore Wire Co. (NASDAQ:WIRE) declared a quarterly dividend on Thursday, May 14th, Zacks reports. Stockholders of record on Thursday, July 2nd will be given a dividend of 0.02 per share by the electronics maker on Friday, July 17th. This represents a $0.08 annualized dividend and a dividend yield of 0.16%. The ex-dividend date is Wednesday, July 1st.
Encore Wire has a payout ratio of 2.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Encore Wire to earn $2.30 per share next year, which means the company should continue to be able to cover its $0.08 annual dividend with an expected future payout ratio of 3.5%.
WIRE opened at $48.57 on Tuesday. The company has a market cap of $942.47 million, a P/E ratio of 16.08 and a beta of 1.20. The business’s 50-day moving average price is $47.16 and its 200-day moving average price is $49.84. Encore Wire has a 12 month low of $38.01 and a 12 month high of $62.08.
Several analysts recently issued reports on the company. ValuEngine cut Encore Wire from a “hold” rating to a “sell” rating in a research note on Monday, May 18th. DA Davidson cut Encore Wire from a “buy” rating to a “neutral” rating and cut their target price for the stock from $60.00 to $56.00 in a research note on Thursday, April 30th. BidaskClub cut Encore Wire from a “hold” rating to a “sell” rating in a research note on Saturday, June 20th. Finally, Zacks Investment Research cut Encore Wire from a “buy” rating to a “hold” rating in a research note on Monday, May 4th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $61.00.
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, metal-clad, and armored cables for use primarily 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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