State of Tennessee Treasury Department lowered its holdings in Encore Wire Co. (NASDAQ:WIRE) by 9.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,574 shares of the electronics maker’s stock after selling 1,804 shares during the quarter. State of Tennessee Treasury Department owned 0.08% of Encore Wire worth $806,000 as of its most recent filing with the SEC.
Other institutional investors have also added to or reduced their stakes in the company. Piedmont Investment Advisors LLC acquired a new stake in Encore Wire in the third quarter valued at $202,000. Raymond James Financial Services Advisors Inc. acquired a new stake in Encore Wire in the fourth quarter valued at $206,000. Algert Global LLC acquired a new stake in Encore Wire in the fourth quarter valued at $231,000. Capital Fund Management S.A. acquired a new stake in Encore Wire in the fourth quarter valued at $268,000. Finally, SG Americas Securities LLC acquired a new stake in Encore Wire in the third quarter valued at $272,000. 88.91% of the stock is owned by institutional investors.
WIRE has been the subject of a number of recent analyst reports. DA Davidson raised their target price on Encore Wire to $54.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Zacks Investment Research raised Encore Wire from a “hold” rating to a “strong-buy” rating and set a $62.00 target price for the company in a report on Tuesday, February 27th. BidaskClub raised Encore Wire from a “hold” rating to a “buy” rating in a report on Tuesday, January 16th. Finally, ValuEngine raised Encore Wire from a “hold” rating to a “buy” rating in a research note on Friday, March 2nd. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $58.00.
In related news, CFO Frank J. Bilban sold 8,924 shares of Encore Wire stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $51.52, for a total transaction of $459,764.48. Following the completion of the sale, the chief financial officer now owns 19,900 shares in the company, valued at approximately $1,025,248. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Matthew D. Ford sold 2,500 shares of Encore Wire stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $52.45, for a total value of $131,125.00. Following the sale, the insider now owns 4,000 shares of the company’s stock, valued at approximately $209,800. The disclosure for this sale can be found here. Insiders have sold a total of 26,524 shares of company stock valued at $1,353,539 in the last ninety days. Corporate insiders own 3.79% of the company’s stock.
Shares of NASDAQ:WIRE traded down $1.35 during midday trading on Friday, hitting $54.95. 54,087 shares of the stock were exchanged, compared to its average volume of 76,136. The company has a market capitalization of $1,165.19, a PE ratio of 21.05, a price-to-earnings-growth ratio of 1.88 and a beta of 2.00. Encore Wire Co. has a twelve month low of $37.30 and a twelve month high of $58.70.
Encore Wire (NASDAQ:WIRE) last released its quarterly earnings results on Tuesday, February 20th. The electronics maker reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.28. The business had revenue of $301.29 million during the quarter, compared to the consensus estimate of $279.70 million. Encore Wire had a return on equity of 8.94% and a net margin of 5.76%. The business’s revenue was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.55 EPS. equities analysts forecast that Encore Wire Co. will post 2.97 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 20th. Stockholders of record on Friday, April 6th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, April 5th. Encore Wire’s dividend payout ratio (DPR) is presently 3.07%.
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Encore Wire Company 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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