Encore Wire Corporation (WIRE) Stock Formed Bearish H&S. What To Expect?

July 14, 2018 - By Duane Lopez

Investors sentiment increased to 1.63 in 2018 Q1. Its up 0.30, from 1.33 in 2017Q4. It improved, as 5 investors sold Encore Wire Corporation shares while 43 reduced holdings. 29 funds opened positions while 49 raised stakes. 18.13 million shares or 0.06% less from 18.15 million shares in 2017Q4 were reported.
Heartland Advsrs invested 0.82% in Encore Wire Corporation (NASDAQ:WIRE). Arizona State Retirement holds 0.02% of its portfolio in Encore Wire Corporation (NASDAQ:WIRE) for 32,885 shares. Parametric Port Associate Limited stated it has 37,800 shares or 0% of all its holdings. Parkside Bank & Trust And Trust holds 20 shares or 0% of its portfolio. Mason Street Advsrs Ltd stated it has 0.01% in Encore Wire Corporation (NASDAQ:WIRE). Credit Suisse Ag has 24,158 shares. Tiaa Cref Limited Liability Company holds 78,892 shares or 0% of its portfolio. Ls Inv Advsrs Limited Company holds 0% or 649 shares. Indexiq Advsr Limited Liability has 36,558 shares. Lyon Street Limited Liability Corp reported 1.36% of its portfolio in Encore Wire Corporation (NASDAQ:WIRE). Ny State Common Retirement Fund holds 0% in Encore Wire Corporation (NASDAQ:WIRE) or 52,329 shares. New York-based Citigroup Incorporated has invested 0% in Encore Wire Corporation (NASDAQ:WIRE). Victory Capital Mgmt Inc owns 0.14% invested in Encore Wire Corporation (NASDAQ:WIRE) for 1.11M shares. 9,113 were accumulated by Voya Investment Mgmt Limited Liability. Vanguard invested 0% of its portfolio in Encore Wire Corporation (NASDAQ:WIRE).

Since January 16, 2018, it had 0 insider buys, and 2 sales for $903,843 activity. 2,500 shares were sold by Ford Matthew D., worth $131,125 on Friday, February 23.

The stock of Encore Wire Corporation (WIRE) formed H&S with $46.20 target or 6.00 % below today’s $49.15 share price. The 5 months Head & Shoulders indicates high risk for the $1.02B company. It was reported on Jul, 14 by Faxor.com. If the $46.20 price target is reached, the company will be worth $61.44M less.
Head-and-shoulders are one of the best chart patterns to trade. They work in bear and bull markets and according to many researchers have very low failure rate. Even thought they have high pullback rate, such patters usually provide good risk-reward entry opportunities. The percentage of stocks meeting price targets is 55%.

The stock increased 1.34% or $0.65 during the last trading session, reaching $49.15. About 22,963 shares traded. Encore Wire Corporation (NASDAQ:WIRE) has risen 20.29% since July 14, 2017 and is uptrending. It has outperformed by 7.72% the S&P500.

Analysts await Encore Wire Corporation (NASDAQ:WIRE) to report earnings on August, 7. They expect $0.75 earnings per share, up 44.23 % or $0.23 from last year’s $0.52 per share. WIRE’s profit will be $15.63M for 16.38 P/E if the $0.75 EPS becomes a reality. After $0.54 actual earnings per share reported by Encore Wire Corporation for the previous quarter, Wall Street now forecasts 38.89 % EPS growth.

Another recent and important Encore Wire Corporation (NASDAQ:WIRE) news was published by Nasdaq.com which published an article titled: “Navient to announce second-quarter 2018 results on July 24, host earnings call on July 25” on July 02, 2018.

Encore Wire Corporation manufactures and sells electrical building wire and cable products for interior electrical wiring in the United States. The company has market cap of $1.02 billion. The company's products include NM-B cable, a non-metallic sheathed cable for use as interior wiring in homes, apartments, and manufactured housing; UF-B cable, an underground feeder cable for conduct power underground to outside lighting and other applications remote from buildings; and SE Style cable, a service entrance cable. It has a 15.31 P/E ratio. It also offers THHN/THWN-2 and XHHW-2 cables for use as branch circuit, feeder, and service entrance conductors in commercial and industrial buildings and structures; USE-2 cables for use in aboveground or underground applications in listed raceways for branch circuit, feeder, and service entrance conductors; and tray cables for use as branch circuit or feeders for power, lighting, control, and signal circuits for direct installations in raceways and outdoor locations.

Encore Wire Corporation (NASDAQ:WIRE) Institutional Positions Chart

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