Baird Financial Group Inc. Cuts Stake in Encore Wire Co. (NASDAQ:WIRE)

Baird Financial Group Inc. reduced its position in Encore Wire Co. (NASDAQ:WIREGet Rating) by 19.8% during the 2nd quarter, Holdings Channel.com reports. The firm owned 5,026 shares of the electronics maker’s stock after selling 1,241 shares during the period. Baird Financial Group Inc.’s holdings in Encore Wire were worth $522,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Bank of Montreal Can lifted its stake in shares of Encore Wire by 1.4% during the first quarter. Bank of Montreal Can now owns 6,158 shares of the electronics maker’s stock worth $755,000 after buying an additional 83 shares during the period. Evergreen Capital Management LLC lifted its stake in shares of Encore Wire by 5.1% during the first quarter. Evergreen Capital Management LLC now owns 1,925 shares of the electronics maker’s stock worth $220,000 after buying an additional 93 shares during the period. Avantax Advisory Services Inc. lifted its stake in shares of Encore Wire by 3.9% during the second quarter. Avantax Advisory Services Inc. now owns 2,668 shares of the electronics maker’s stock worth $277,000 after buying an additional 100 shares during the period. Convergence Investment Partners LLC lifted its stake in shares of Encore Wire by 8.1% during the second quarter. Convergence Investment Partners LLC now owns 1,327 shares of the electronics maker’s stock worth $138,000 after buying an additional 100 shares during the period. Finally, Exchange Traded Concepts LLC lifted its stake in shares of Encore Wire by 1.7% during the second quarter. Exchange Traded Concepts LLC now owns 6,805 shares of the electronics maker’s stock worth $707,000 after buying an additional 111 shares during the period. 93.90% of the stock is owned by hedge funds and other institutional investors.

Encore Wire Price Performance

NASDAQ WIRE opened at $143.90 on Monday. The company has a market capitalization of $2.64 billion, a PE ratio of 4.05 and a beta of 1.32. The company has a fifty day moving average of $129.72 and a 200 day moving average of $125.03. Encore Wire Co. has a 1 year low of $94.39 and a 1 year high of $155.35.

Encore Wire (NASDAQ:WIREGet Rating) last posted its earnings results on Tuesday, October 25th. The electronics maker reported $9.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.63 by $5.34. The company had revenue of $762.40 million during the quarter, compared to the consensus estimate of $693.13 million. Encore Wire had a net margin of 23.43% and a return on equity of 46.63%. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm posted $8.51 earnings per share. Research analysts expect that Encore Wire Co. will post 33.35 earnings per share for the current year.

Encore Wire Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 20th. Investors of record on Friday, January 6th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, January 5th. This represents a $0.08 dividend on an annualized basis and a yield of 0.06%. Encore Wire’s dividend payout ratio is presently 0.23%.

Analysts Set New Price Targets

Several research firms have recently commented on WIRE. StockNews.com began coverage on shares of Encore Wire in a research note on Wednesday, October 12th. They set a “buy” rating for the company. DA Davidson boosted their target price on shares of Encore Wire to $200.00 in a research report on Thursday, October 27th.

About Encore Wire

(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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