MetLife Investment Advisors LLC bought a new stake in Encore Wire Co. (NASDAQ:WIRE) during the fourth quarter, HoldingsChannel.com reports. The fund bought 9,729 shares of the electronics maker’s stock, valued at approximately $473,000.
A number of other institutional investors have also recently modified their holdings of WIRE. Raymond James Financial Services Advisors Inc. acquired a new position in Encore Wire in the fourth quarter valued at $206,000. Algert Global LLC acquired a new position in Encore Wire in the fourth quarter valued at $231,000. Ellington Management Group LLC acquired a new position in Encore Wire in the fourth quarter valued at $243,000. Capital Fund Management S.A. acquired a new position in Encore Wire in the fourth quarter valued at $268,000. Finally, Stone Ridge Asset Management LLC acquired a new position in Encore Wire in the fourth quarter valued at $304,000. Hedge funds and other institutional investors own 88.87% of the company’s stock.
In other Encore Wire news, insider Matthew D. Ford sold 2,500 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $52.45, for a total transaction of $131,125.00. Following the transaction, the insider now owns 4,000 shares in the company, valued at $209,800. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.79% of the company’s stock.
A number of research analysts have commented on the company. BidaskClub upgraded Encore Wire from a “hold” rating to a “buy” rating in a research note on Thursday, March 15th. ValuEngine upgraded Encore Wire from a “hold” rating to a “buy” rating in a research note on Friday, March 2nd. Zacks Investment Research upgraded Encore Wire from a “hold” rating to a “strong-buy” rating and set a $62.00 price objective on the stock in a research note on Tuesday, February 27th. Finally, DA Davidson boosted their price objective on Encore Wire to $54.00 and gave the stock a “neutral” rating in a research note on Friday, February 23rd. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Encore Wire currently has an average rating of “Buy” and an average target price of $58.00.
Shares of WIRE opened at $56.10 on Friday. The stock has a market cap of $1,174.57, a price-to-earnings ratio of 21.49, a P/E/G ratio of 1.90 and a beta of 2.00. Encore Wire Co. has a 12 month low of $37.30 and a 12 month high of $58.70.
Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings data on Tuesday, February 20th. The electronics maker reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.28. The company had revenue of $301.29 million for the quarter, compared to analysts’ expectations of $279.70 million. Encore Wire had a return on equity of 8.94% and a net margin of 5.76%. The firm’s quarterly revenue was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.55 earnings per share. sell-side analysts expect that Encore Wire Co. will post 2.97 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, April 20th. Shareholders of record on Friday, April 6th were paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 5th. Encore Wire’s dividend payout ratio is presently 3.07%.
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About Encore Wire
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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