Great Lakes Advisors LLC acquired a new stake in Encore Wire Co. (NASDAQ:WIRE – Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 72,190 shares of the electronics maker’s stock, valued at approximately $13,422,000. Great Lakes Advisors LLC owned approximately 0.43% of Encore Wire at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Pinnacle Holdings LLC acquired a new stake in shares of Encore Wire in the 1st quarter valued at $37,000. Dark Forest Capital Management LP acquired a new stake in shares of Encore Wire in the 1st quarter valued at $66,000. Federated Hermes Inc. raised its holdings in shares of Encore Wire by 33.8% in the 1st quarter. Federated Hermes Inc. now owns 368 shares of the electronics maker’s stock valued at $68,000 after purchasing an additional 93 shares in the last quarter. Clearstead Advisors LLC acquired a new stake in shares of Encore Wire in the 1st quarter valued at $75,000. Finally, Fortis Capital Advisors LLC acquired a new stake in shares of Encore Wire in the 4th quarter valued at $121,000. 99.82% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts recently commented on the stock. CJS Securities assumed coverage on shares of Encore Wire in a research note on Wednesday, October 11th. They set an “outperform” rating and a $235.00 price target on the stock. DA Davidson cut their price target on shares of Encore Wire from $250.00 to $240.00 in a research note on Thursday, July 27th. Finally, StockNews.com lowered shares of Encore Wire from a “buy” rating to a “hold” rating in a research note on Thursday, November 2nd.
Encore Wire Price Performance
Shares of NASDAQ:WIRE opened at $193.74 on Friday. Encore Wire Co. has a 12 month low of $132.32 and a 12 month high of $206.74. The company’s fifty day moving average price is $179.64 and its 200 day moving average price is $173.31. The firm has a market capitalization of $3.06 billion, a P/E ratio of 7.57 and a beta of 1.26.
Encore Wire (NASDAQ:WIRE – Get Free Report) last announced its earnings results on Tuesday, October 24th. The electronics maker reported $4.82 earnings per share for the quarter, beating the consensus estimate of $4.66 by $0.16. The business had revenue of $636.99 million during the quarter. Encore Wire had a net margin of 17.51% and a return on equity of 25.60%. On average, sell-side analysts anticipate that Encore Wire Co. will post 21.53 EPS for the current year.
Encore Wire Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, January 5th will be paid a $0.02 dividend. The ex-dividend date is Thursday, January 4th. This represents a $0.08 annualized dividend and a dividend yield of 0.04%. Encore Wire’s dividend payout ratio (DPR) is presently 0.31%.
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.
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