Raymond James & Associates Boosts Holdings in Encore Wire Co. (NASDAQ:WIRE)

Raymond James & Associates boosted its position in shares of Encore Wire Co. (NASDAQ:WIRE – Get Rating) by 213.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,672 shares of the electronics maker’s stock after acquiring an additional 16,789 shares during the period. Raymond James & Associates’ holdings in Encore Wire were worth $2,851,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of WIRE. Bank of Montreal Can increased its stake in Encore Wire by 1.4% during the 1st quarter. Bank of Montreal Can now owns 6,158 shares of the electronics maker’s stock valued at $755,000 after purchasing an additional 83 shares in the last quarter. Evergreen Capital Management LLC increased its stake in Encore Wire by 5.1% during the 1st quarter. Evergreen Capital Management LLC now owns 1,925 shares of the electronics maker’s stock valued at $220,000 after purchasing an additional 93 shares in the last quarter. Avantax Advisory Services Inc. increased its stake in Encore Wire by 3.9% during the 2nd quarter. Avantax Advisory Services Inc. now owns 2,668 shares of the electronics maker’s stock valued at $277,000 after purchasing an additional 100 shares in the last quarter. Convergence Investment Partners LLC increased its stake in Encore Wire by 8.1% during the 2nd quarter. Convergence Investment Partners LLC now owns 1,327 shares of the electronics maker’s stock valued at $138,000 after purchasing an additional 100 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its holdings in 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 in the last quarter. Hedge funds and other institutional investors own 99.20% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on WIRE shares. DA Davidson increased their price objective on shares of Encore Wire to $200.00 in a report on Thursday, October 27th. StockNews.com started coverage on shares of Encore Wire in a report on Wednesday, October 12th. They set a “buy” rating on the stock.

Encore Wire Trading Up 3.7 %

NASDAQ:WIRE opened at $149.67 on Friday. The company’s 50-day moving average price is $143.07 and its 200-day moving average price is $131.64. The company has a market cap of $2.75 billion, a P/E ratio of 4.21 and a beta of 1.31. Encore Wire Co. has a twelve month low of $94.39 and a twelve month high of $155.35.

Encore Wire (NASDAQ:WIRE – Get Rating) last posted its quarterly 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 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 for the quarter was up 6.4% on a year-over-year basis. During the same period last year, the firm posted $8.51 earnings per share. On average, analysts expect that Encore Wire Co. will post 33.35 earnings per share for the current year.

Encore Wire Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 20th. Investors of record on Friday, January 6th were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.05%. The ex-dividend date of this dividend was Thursday, January 5th. Encore Wire’s payout ratio is currently 0.23%.

Encore Wire Company Profile

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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.