State of New Jersey Common Pension Fund D Acquires 3,199 Shares of Encore Wire Co. (NASDAQ:WIRE)

State of New Jersey Common Pension Fund D lifted its holdings in shares of Encore Wire Co. (NASDAQ:WIREGet Rating) by 16.5% during the 1st quarter, Holdings Channel reports. The firm owned 22,609 shares of the electronics maker’s stock after purchasing an additional 3,199 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Encore Wire were worth $2,579,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. National Asset Management Inc. bought a new position in shares of Encore Wire during the first quarter worth approximately $648,000. TriaGen Wealth Management LLC bought a new position in Encore Wire in the first quarter valued at approximately $471,000. Navellier & Associates Inc. grew its stake in shares of Encore Wire by 8.6% during the first quarter. Navellier & Associates Inc. now owns 13,733 shares of the electronics maker’s stock worth $1,567,000 after buying an additional 1,092 shares during the last quarter. Euclidean Technologies Management LLC grew its stake in shares of Encore Wire by 14.6% during the first quarter. Euclidean Technologies Management LLC now owns 18,602 shares of the electronics maker’s stock worth $2,122,000 after buying an additional 2,373 shares during the last quarter. Finally, Islay Capital Management LLC bought a new stake in shares of Encore Wire during the first quarter worth $93,000. 90.89% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. StockNews.com raised shares of Encore Wire from a “hold” rating to a “buy” rating in a research note on Wednesday, May 18th. DA Davidson lifted their price target on shares of Encore Wire from $175.00 to $190.00 and gave the stock an “outperform” rating in a report on Wednesday, July 27th.

Encore Wire Stock Performance

Shares of NASDAQ:WIRE opened at $138.47 on Monday. The firm has a market cap of $2.73 billion, a PE ratio of 4.06 and a beta of 1.15. The firm’s fifty day moving average is $116.61 and its 200-day moving average is $116.99. Encore Wire Co. has a 52 week low of $77.96 and a 52 week high of $151.64.

Encore Wire (NASDAQ:WIREGet Rating) last released its earnings results on Monday, July 25th. The electronics maker reported $10.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.14 by $5.57. The business had revenue of $838.20 million for the quarter, compared to analyst estimates of $727.08 million. Encore Wire had a net margin of 23.24% and a return on equity of 51.83%. Encore Wire’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $8.82 earnings per share. Sell-side analysts forecast that Encore Wire Co. will post 19.18 EPS for the current year.

Encore Wire Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Friday, July 1st were issued a $0.02 dividend. The ex-dividend date was Thursday, June 30th. This represents a $0.08 annualized dividend and a yield of 0.06%. Encore Wire’s payout ratio is 0.23%.

Encore Wire Profile

(Get Rating)

Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. The company's products include NM-B cables for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2 cables and metal-clad and armored cables for use as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; USE-2 cables; and other types of wire products.

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Institutional Ownership by Quarter for Encore Wire (NASDAQ:WIRE)

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