Kingswood Wealth Advisors LLC Invests $293,000 in Encore Wire Co. (NASDAQ:WIRE)

Kingswood Wealth Advisors LLC purchased a new position in shares of Encore Wire Co. (NASDAQ:WIRE) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,574 shares of the electronics maker’s stock, valued at approximately $293,000.

Several other large investors have also modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Encore Wire by 0.9% during the first quarter. BlackRock Inc. now owns 3,124,572 shares of the electronics maker’s stock worth $356,420,000 after purchasing an additional 28,777 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Encore Wire by 1.4% during the first quarter. Vanguard Group Inc. now owns 2,239,317 shares of the electronics maker’s stock worth $255,439,000 after purchasing an additional 30,523 shares during the last quarter. 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 in the last quarter. State Street Corp raised its position in Encore Wire by 0.8% in the second quarter. State Street Corp now owns 678,341 shares of the electronics maker’s stock worth $70,506,000 after acquiring an additional 5,631 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Encore Wire by 1,243.9% in the first quarter. Envestnet Asset Management Inc. now owns 618,565 shares of the electronics maker’s stock worth $7,788,000 after acquiring an additional 572,539 shares in the last quarter. Hedge funds and other institutional investors own 99.82% of the company’s stock.

Encore Wire Stock Up 7.1 %

Shares of WIRE stock opened at $199.94 on Wednesday. Encore Wire Co. has a fifty-two week low of $132.32 and a fifty-two week high of $206.74. The stock has a market cap of $3.16 billion, a P/E ratio of 7.81 and a beta of 1.26. The business has a fifty day simple moving average of $177.73 and a 200-day simple moving average of $172.67.

Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $4.82 EPS for the quarter, beating analysts’ consensus estimates of $4.66 by $0.16. The business had revenue of $636.99 million for the quarter. Encore Wire had a return on equity of 25.60% and a net margin of 17.51%. On average, sell-side analysts anticipate that Encore Wire Co. will post 21.53 earnings per share for the current year.

Encore Wire Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 19th. Investors of record on Friday, January 5th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.04%. The ex-dividend date is Thursday, January 4th. Encore Wire’s payout ratio is currently 0.31%.

Analysts Set New Price Targets

WIRE has been the subject of several research analyst reports. StockNews.com cut Encore Wire from a “buy” rating to a “hold” rating in a research report on Thursday, November 2nd. DA Davidson cut their price objective on Encore Wire from $250.00 to $240.00 in a research report on Thursday, July 27th. Finally, CJS Securities started coverage on Encore Wire in a research report on Wednesday, October 11th. They issued an “outperform” rating and a $235.00 price objective for the company.

Encore Wire Profile

Encore Wire Corporation engages in manufacture and sale of electrical building wires and cables in the United States. The company offers NM-B cables, UF-B cables, THHN/THWN-2, XHHW-2, USE-2, RHH/RHW-2, and other types of wire products, including SEU, SER, photovoltaic, URD, tray cables, metal-clads, and armored cables.