Dean Capital Management lowered its position in Encore Wire Co. (NASDAQ:WIRE) by 17.0% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 42,170 shares of the electronics maker’s stock after selling 8,630 shares during the period. Dean Capital Management owned 0.20% of Encore Wire worth $2,001,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in Encore Wire during the first quarter worth approximately $158,000. Prudential Financial Inc. increased its position in Encore Wire by 36.8% during the first quarter. Prudential Financial Inc. now owns 144,608 shares of the electronics maker’s stock worth $8,199,000 after buying an additional 38,918 shares during the period. Swiss National Bank increased its position in Encore Wire by 4.9% during the first quarter. Swiss National Bank now owns 36,233 shares of the electronics maker’s stock worth $2,054,000 after buying an additional 1,700 shares during the period. Schwab Charles Investment Management Inc. increased its position in Encore Wire by 7.0% during the first quarter. Schwab Charles Investment Management Inc. now owns 211,202 shares of the electronics maker’s stock worth $11,976,000 after buying an additional 13,859 shares during the period. Finally, First Mercantile Trust Co. increased its position in Encore Wire by 96.5% during the first quarter. First Mercantile Trust Co. now owns 4,211 shares of the electronics maker’s stock worth $239,000 after buying an additional 2,068 shares during the period. Institutional investors own 88.19% of the company’s stock.
A number of research analysts have recently issued reports on the company. BidaskClub lowered Encore Wire from a “hold” rating to a “sell” rating in a report on Tuesday, September 25th. Zacks Investment Research raised Encore Wire from a “sell” rating to a “hold” rating in a report on Friday, August 10th. Finally, DA Davidson set a $60.00 target price on Encore Wire and gave the stock a “buy” rating in a research report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $60.00.
Shares of NASDAQ:WIRE traded down $1.41 on Friday, hitting $47.21. The company had a trading volume of 94,958 shares, compared to its average volume of 73,827. Encore Wire Co. has a 52-week low of $41.00 and a 52-week high of $58.70. The company has a market capitalization of $1.04 billion, a P/E ratio of 18.09, a P/E/G ratio of 1.82 and a beta of 1.83.
Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings data on Wednesday, August 1st. The electronics maker reported $0.86 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.23. Encore Wire had a return on equity of 9.21% and a net margin of 5.89%. The business had revenue of $336.79 million for the quarter, compared to the consensus estimate of $336.08 million. Sell-side analysts forecast that Encore Wire Co. will post 2.76 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 19th. Shareholders of record on Friday, October 5th will be paid a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $0.08 annualized dividend and a yield of 0.17%. Encore Wire’s dividend payout ratio is presently 3.07%.
Encore Wire Profile
Encore Wire Corporation manufactures and sells electrical building wire and cable products for interior electrical wiring in the United States. Its products include NM-B cable 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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