Encore Wire Co. (NASDAQ:WIRE) Short Interest Up 17.2% in July

Encore Wire Co. (NASDAQ:WIREGet Rating) was the target of a significant increase in short interest in July. As of July 15th, there was short interest totalling 1,910,000 shares, an increase of 17.2% from the June 30th total of 1,630,000 shares. Approximately 10.1% of the company’s stock are sold short. Based on an average daily volume of 249,800 shares, the days-to-cover ratio is currently 7.6 days.

Analysts Set New Price Targets

A number of analysts have recently commented on WIRE shares. DA Davidson boosted their price objective on shares of Encore Wire from $175.00 to $190.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 27th. StockNews.com upgraded shares of Encore Wire from a “hold” rating to a “buy” rating in a report on Wednesday, May 18th.

Hedge Funds Weigh In On Encore Wire

Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its holdings in shares of Encore Wire by 0.9% in the first quarter. BlackRock Inc. now owns 3,124,572 shares of the electronics maker’s stock valued at $356,420,000 after purchasing an additional 28,777 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Encore Wire by 1.4% in the first quarter. Vanguard Group Inc. now owns 2,239,317 shares of the electronics maker’s stock valued at $255,439,000 after purchasing an additional 30,523 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Encore Wire by 1.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,526,095 shares of the electronics maker’s stock valued at $174,086,000 after purchasing an additional 23,364 shares during the last quarter. State Street Corp increased its holdings in shares of Encore Wire by 2.5% in the first quarter. State Street Corp now owns 672,710 shares of the electronics maker’s stock valued at $76,749,000 after purchasing an additional 16,292 shares during the last quarter. Finally, Westwood Holdings Group Inc. increased its holdings in shares of Encore Wire by 6.4% in the first quarter. Westwood Holdings Group Inc. now owns 335,128 shares of the electronics maker’s stock valued at $38,228,000 after purchasing an additional 20,220 shares during the last quarter. 90.89% of the stock is currently owned by institutional investors and hedge funds.

Encore Wire Trading Up 1.0 %

Shares of WIRE opened at $122.00 on Thursday. The company has a market cap of $2.33 billion, a price-to-earnings ratio of 3.58 and a beta of 1.27. Encore Wire has a 1-year low of $78.88 and a 1-year high of $151.64. The company’s fifty day simple moving average is $117.07 and its 200 day simple moving average is $117.12.

Encore Wire (NASDAQ:WIREGet Rating) last issued its earnings results on Monday, July 25th. The electronics maker reported $10.71 earnings per share for the quarter, topping analysts’ consensus estimates of $5.14 by $5.57. The business had revenue of $838.20 million for the quarter, compared to the consensus estimate of $727.08 million. Encore Wire had a net margin of 23.24% and a return on equity of 49.46%. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period in the previous year, the company earned $8.82 earnings per share. As a group, research analysts forecast that Encore Wire will post 26.86 earnings per share for the current year.

Encore Wire Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Friday, July 1st were issued a $0.02 dividend. The ex-dividend date of this dividend was Thursday, June 30th. This represents a $0.08 annualized dividend and a dividend yield of 0.07%. Encore Wire’s dividend payout ratio is currently 0.23%.

Encore Wire Company 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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