Wellington Management Group LLP acquired a new stake in Encore Wire Co. (NASDAQ:WIRE) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,856 shares of the electronics maker’s stock, valued at approximately $288,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Mason Street Advisors LLC grew its holdings in shares of Encore Wire by 2.8% in the fourth quarter. Mason Street Advisors LLC now owns 7,301 shares of the electronics maker’s stock valued at $419,000 after purchasing an additional 202 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Encore Wire by 21.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,180 shares of the electronics maker’s stock valued at $67,000 after purchasing an additional 210 shares during the period. Comerica Bank grew its holdings in shares of Encore Wire by 3.6% in the first quarter. Comerica Bank now owns 20,369 shares of the electronics maker’s stock valued at $902,000 after purchasing an additional 700 shares during the period. Swiss National Bank grew its holdings in shares of Encore Wire by 1.8% in the first quarter. Swiss National Bank now owns 40,633 shares of the electronics maker’s stock valued at $1,706,000 after purchasing an additional 700 shares during the period. Finally, BNP Paribas Arbitrage SA grew its holdings in shares of Encore Wire by 8.9% in the first quarter. BNP Paribas Arbitrage SA now owns 8,641 shares of the electronics maker’s stock valued at $363,000 after purchasing an additional 706 shares during the period. 87.25% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts recently issued reports on WIRE shares. Zacks Investment Research lowered shares of Encore Wire from a “buy” rating to a “hold” rating in a report on Monday, May 4th. BidaskClub lowered shares of Encore Wire from a “hold” rating to a “sell” rating in a research note on Saturday, June 20th. DA Davidson lowered shares of Encore Wire from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $60.00 to $56.00 in a research note on Thursday, April 30th. Finally, ValuEngine lowered shares of Encore Wire from a “hold” rating to a “sell” rating in a research note on Monday, May 18th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $61.00.
Shares of WIRE stock opened at $48.82 on Wednesday. The firm has a market cap of $942.47 million, a PE ratio of 16.17 and a beta of 1.20. The company has a 50-day moving average of $47.20 and a two-hundred day moving average of $49.79. Encore Wire Co. has a 1-year low of $38.01 and a 1-year high of $62.08.
Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.89 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.41. The business had revenue of $302.79 million for the quarter, compared to analysts’ expectations of $297.48 million. Encore Wire had a net margin of 5.01% and a return on equity of 8.23%. The business’s quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.64 earnings per share. As a group, sell-side analysts anticipate that Encore Wire Co. will post 2.93 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Thursday, July 2nd will be given a dividend of $0.02 per share. The ex-dividend date is Wednesday, July 1st. This represents a $0.08 annualized dividend and a dividend yield of 0.16%. Encore Wire’s dividend payout ratio is presently 2.89%.
Encore Wire Company Profile
Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. Its products include NM-B cables 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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