Lazard Asset Management LLC Increases Stake in Encore Wire Co. (NASDAQ:WIRE)

Lazard Asset Management LLC grew its stake in Encore Wire Co. (NASDAQ:WIREGet Rating) by 98.1% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,757 shares of the electronics maker’s stock after buying an additional 870 shares during the quarter. Lazard Asset Management LLC’s holdings in Encore Wire were worth $182,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in WIRE. Goldman Sachs Group Inc. boosted its stake in shares of Encore Wire by 42.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 272,210 shares of the electronics maker’s stock valued at $31,051,000 after buying an additional 81,185 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Encore Wire by 32.4% in the 1st quarter. Acadian Asset Management LLC now owns 245,151 shares of the electronics maker’s stock valued at $27,946,000 after buying an additional 59,960 shares during the period. Prudential Financial Inc. boosted its stake in shares of Encore Wire by 84.4% in the 1st quarter. Prudential Financial Inc. now owns 130,040 shares of the electronics maker’s stock valued at $14,833,000 after buying an additional 59,501 shares during the period. Royce & Associates LP boosted its stake in shares of Encore Wire by 17.2% in the 2nd quarter. Royce & Associates LP now owns 367,478 shares of the electronics maker’s stock valued at $38,188,000 after buying an additional 53,827 shares during the period. Finally, First National Trust Co boosted its stake in shares of Encore Wire by 547.2% in the 1st quarter. First National Trust Co now owns 51,774 shares of the electronics maker’s stock valued at $5,906,000 after buying an additional 43,774 shares during the period. Hedge funds and other institutional investors own 93.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. StockNews.com assumed coverage on Encore Wire in a research report on Wednesday, October 12th. They set a “buy” rating on the stock. DA Davidson raised their target price on Encore Wire to $200.00 in a research report on Thursday, October 27th.

Encore Wire Stock Performance

Shares of NASDAQ WIRE opened at $143.90 on Monday. Encore Wire Co. has a fifty-two week low of $94.39 and a fifty-two week high of $155.35. The firm has a market capitalization of $2.64 billion, a PE ratio of 4.05 and a beta of 1.32. The stock’s 50-day simple moving average is $129.72 and its 200-day simple moving average is $125.03.

Encore Wire (NASDAQ:WIREGet Rating) last issued its earnings results on Tuesday, October 25th. The electronics maker reported $9.97 earnings per share for the quarter, topping the consensus estimate of $4.63 by $5.34. The business had revenue of $762.40 million for the quarter, compared to analyst estimates of $693.13 million. Encore Wire had a return on equity of 46.63% and a net margin of 23.43%. The business’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the company earned $8.51 EPS. On average, sell-side analysts forecast that Encore Wire Co. will post 33.35 earnings per share for the current fiscal year.

Encore Wire Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 20th. Shareholders of record on Friday, January 6th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.06%. The ex-dividend date is Thursday, January 5th. Encore Wire’s dividend payout ratio (DPR) is 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.

Read More

Want to see what other hedge funds are holding WIRE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Encore Wire Co. (NASDAQ:WIREGet Rating).

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

Receive News & Ratings for Encore Wire Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Encore Wire and related companies with MarketBeat.com's FREE daily email newsletter.