Encore Wire Hits New 1-Year Low at $33.41 (WIRE)

Encore Wire (NASDAQ:WIRE)'s share price reached a new 52-week low during trading on Friday , American Banking & Market News reports. The stock traded as low as $33.41 and last traded at $33.75, with a volume of 84,790 shares traded. The stock had previously closed at $34.62.
A number of research firms have recently commented on WIRE. Analysts at Zacks downgraded shares of Encore Wire from a "neutral" rating to an "underperform" rating in a research note on Thursday, January 1st. They now have a $35.50 price target on the stock. Separately, analysts at DA Davidson raised their price target on shares of Encore Wire from $40.00 to $45.00 in a research note on Monday, December 15th. They now have a "neutral" rating on the stock. Finally, analysts at DA Davidson downgraded shares of Encore Wire from a "buy" rating to a "neutral" rating in a research note on Monday, October 27th. They now have a $45.00 price target on the stock, down previously from $55.00.
The stock's 50-day moving average is $36.28 and its 200-day moving average is $40.54. The company has a market cap of $696.4 million and a P/E ratio of 16.64.
Encore Wire (NASDAQ:WIRE) last announced its earnings results on Thursday, October 23rd. The company reported $0.53 earnings per share for the quarter, missing the analysts' consensus estimate of $0.55 by $0.02. The company had revenue of $297.40 million for the quarter, compared to the consensus estimate of $327.00 million. During the same quarter last year, the company posted $0.66 earnings per share. Encore Wire's revenue was down 3.7% compared to the same quarter last year.
Encore Wire Corporation (NASDAQ:WIRE) is a manufacturer of electrical building wire and cable.

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