Element Capital Management LLC acquired a new stake in Encore Wire Co. (NASDAQ:WIRE) during the first quarter, HoldingsChannel.com reports. The firm acquired 3,804 shares of the electronics maker’s stock, valued at approximately $216,000.
Other hedge funds also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Encore Wire by 2.1% in the 4th quarter. BlackRock Inc. now owns 2,604,296 shares of the electronics maker’s stock valued at $126,700,000 after acquiring an additional 52,764 shares in the last quarter. Wells Fargo & Company MN increased its position in Encore Wire by 22.0% in the 4th quarter. Wells Fargo & Company MN now owns 38,719 shares of the electronics maker’s stock worth $1,883,000 after buying an additional 6,985 shares during the period. Prudential Financial Inc. increased its position in Encore Wire by 36.8% in the 1st 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. Teacher Retirement System of Texas bought a new position in Encore Wire in the 4th quarter worth approximately $346,000. Finally, Franklin Resources Inc. increased its position in Encore Wire by 88.0% in the 4th quarter. Franklin Resources Inc. now owns 142,291 shares of the electronics maker’s stock worth $6,922,000 after buying an additional 66,591 shares during the period. 88.70% of the stock is currently owned by institutional investors and hedge funds.
WIRE has been the topic of several recent analyst reports. Zacks Investment Research raised Encore Wire from a “hold” rating to a “strong-buy” rating and set a $62.00 price target on the stock in a research report on Tuesday, February 27th. ValuEngine raised Encore Wire from a “hold” rating to a “buy” rating in a research report on Friday, March 2nd. BidaskClub raised Encore Wire from a “hold” rating to a “buy” rating in a research report on Thursday, March 15th. Finally, DA Davidson raised Encore Wire from a “neutral” rating to a “buy” rating in a research report on Wednesday, May 2nd. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $58.00.
Shares of NASDAQ:WIRE opened at $49.50 on Wednesday. Encore Wire Co. has a 1-year low of $37.30 and a 1-year high of $58.70. The company has a market cap of $1.05 billion, a PE ratio of 18.97, a PEG ratio of 1.78 and a beta of 1.99.
Encore Wire (NASDAQ:WIRE) last announced its quarterly earnings data on Wednesday, May 2nd. The electronics maker reported $0.54 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.13). Encore Wire had a return on equity of 8.34% and a net margin of 5.50%. The firm had revenue of $291.40 million for the quarter, compared to analyst estimates of $321.65 million. During the same period in the previous year, the business posted $0.65 EPS. Encore Wire’s revenue for the quarter was up 4.3% compared to the same quarter last year. research analysts expect that Encore Wire Co. will post 2.82 earnings per share for the current fiscal year.
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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