Principal Financial Group Inc. Sells 8,597 Shares of Encore Wire Co. (NASDAQ:WIRE)

Principal Financial Group Inc. decreased its stake in shares of Encore Wire Co. (NASDAQ:WIREGet Rating) by 5.8% during the second quarter, Holdings Channel reports. The firm owned 138,588 shares of the electronics maker’s stock after selling 8,597 shares during the quarter. Principal Financial Group Inc.’s holdings in Encore Wire were worth $14,402,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Encore Wire by 0.9% during 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 period. Vanguard Group Inc. lifted its position in Encore Wire by 1.4% during 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 period. Dimensional Fund Advisors LP raised its position in 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 worth $174,086,000 after acquiring an additional 23,364 shares during the period. State Street Corp raised its position in Encore Wire by 2.5% in the first quarter. State Street Corp now owns 672,710 shares of the electronics maker’s stock worth $76,749,000 after acquiring an additional 16,292 shares during the period. Finally, Royce & Associates LP raised its position in Encore Wire by 17.2% in the second quarter. Royce & Associates LP now owns 367,478 shares of the electronics maker’s stock worth $38,188,000 after acquiring an additional 53,827 shares during the period. Institutional investors own 93.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on WIRE. StockNews.com began coverage on shares of Encore Wire in a research report on Wednesday, October 12th. They issued a “buy” rating on the stock. DA Davidson increased their price target on shares of Encore Wire to $200.00 in a research report on Thursday, October 27th.

Encore Wire Trading Up 1.2 %

WIRE opened at $149.77 on Friday. The company has a market capitalization of $2.75 billion, a PE ratio of 4.21 and a beta of 1.32. Encore Wire Co. has a 1-year low of $94.39 and a 1-year high of $155.35. The firm’s 50 day simple moving average is $131.98 and its two-hundred day simple moving average is $125.63.

Encore Wire (NASDAQ:WIREGet Rating) last announced its quarterly earnings data on Tuesday, October 25th. The electronics maker reported $9.97 EPS for the quarter, beating the consensus estimate of $4.63 by $5.34. The firm had revenue of $762.40 million for 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 company’s revenue was up 6.4% on a year-over-year basis. During the same period last year, the firm earned $8.51 EPS. Equities analysts forecast that Encore Wire Co. will post 33.35 earnings per share for the current fiscal year.

Encore Wire Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 20th. Stockholders 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 annualized dividend and a dividend yield of 0.05%. 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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