Putnam Investments LLC Has $890,000 Stock Position in Encore Wire Co. (NASDAQ:WIRE)

Putnam Investments LLC trimmed its stake in shares of Encore Wire Co. (NASDAQ:WIRE – Get Rating) by 1.7% during the third quarter, Holdings Channel reports. The firm owned 7,701 shares of the electronics maker’s stock after selling 137 shares during the period. Putnam Investments LLC’s holdings in Encore Wire were worth $890,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas boosted its holdings in Encore Wire by 410.1% during the third quarter. Teacher Retirement System of Texas now owns 17,482 shares of the electronics maker’s stock valued at $2,020,000 after purchasing an additional 14,055 shares in the last quarter. Chase Investment Counsel Corp acquired a new stake in Encore Wire during the third quarter valued at approximately $576,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Encore Wire in the 3rd quarter worth approximately $1,315,000. Euclidean Technologies Management LLC boosted its holdings in shares of Encore Wire by 13.2% in the 3rd quarter. Euclidean Technologies Management LLC now owns 18,592 shares of the electronics maker’s stock worth $2,148,000 after acquiring an additional 2,166 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Encore Wire in the 2nd quarter worth approximately $1,143,000. 99.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, DA Davidson boosted their target price on Encore Wire from $200.00 to $250.00 in a report on Thursday, February 16th.

Insiders Place Their Bets

In other Encore Wire news, insider Matthew D. Ford sold 2,725 shares of the company’s stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $200.00, for a total transaction of $545,000.00. Following the transaction, the insider now owns 34,138 shares of the company’s stock, valued at approximately $6,827,600. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Encore Wire news, insider Matthew D. Ford sold 275 shares of the company’s stock in a transaction on Friday, February 17th. The shares were sold at an average price of $200.00, for a total transaction of $55,000.00. Following the completion of the sale, the insider now owns 36,863 shares in the company, valued at approximately $7,372,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Matthew D. Ford sold 2,725 shares of the company’s stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $200.00, for a total transaction of $545,000.00. Following the sale, the insider now owns 34,138 shares of the company’s stock, valued at approximately $6,827,600. The disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.

Encore Wire Price Performance

Shares of WIRE opened at $176.76 on Tuesday. The company has a market capitalization of $3.23 billion, a P/E ratio of 4.79 and a beta of 1.32. Encore Wire Co. has a one year low of $94.39 and a one year high of $206.74. The business’s 50 day simple moving average is $168.63 and its 200-day simple moving average is $146.23.

Encore Wire (NASDAQ:WIRE – Get Rating) last announced its earnings results on Wednesday, February 15th. The electronics maker reported $8.28 EPS for the quarter, topping the consensus estimate of $4.61 by $3.67. The business had revenue of $693.89 million for the quarter, compared to the consensus estimate of $631.04 million. Encore Wire had a return on equity of 43.96% and a net margin of 23.79%. Encore Wire’s revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the business earned $6.91 EPS. On average, sell-side analysts anticipate that Encore Wire Co. will post 19.76 EPS for the current fiscal year.

Encore Wire Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 21st. Shareholders of record on Thursday, April 6th will be issued 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 is Wednesday, April 5th. Encore Wire’s dividend payout ratio is 0.22%.

Encore Wire Profile

(Get Rating)

Encore Wire Corp. engages in manufacturing copper electrical building wire and cable. The firm supplies building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments and manufactured housing. It offers an electric building wire product line that consists primarily of NM-B cable, UF-B cable, THHN/THWN-2 and other types of wire products, including Metal Clad, Armored Cable, Photovoltaic Cable and Bare Copper.