Moran Wealth Management LLC Boosts Stake in Encore Wire Co. (NASDAQ:WIRE)

Moran Wealth Management LLC raised its holdings in shares of Encore Wire Co. (NASDAQ:WIRE) by 1.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,333 shares of the electronics maker’s stock after purchasing an additional 291 shares during the period. Moran Wealth Management LLC owned 0.13% of Encore Wire worth $4,152,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Pinnacle Holdings LLC bought a new stake in Encore Wire during the 1st quarter valued at about $37,000. Dark Forest Capital Management LP purchased a new stake in shares of Encore Wire during the first quarter valued at approximately $66,000. Federated Hermes Inc. grew its holdings in shares of Encore Wire by 33.8% during the first quarter. Federated Hermes Inc. now owns 368 shares of the electronics maker’s stock valued at $68,000 after buying an additional 93 shares during the last quarter. Clearstead Advisors LLC purchased a new stake in shares of Encore Wire during the first quarter valued at approximately $75,000. Finally, Fortis Capital Advisors LLC purchased a new stake in shares of Encore Wire during the fourth quarter valued at approximately $121,000. 99.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

WIRE has been the topic of a number of recent analyst reports. DA Davidson dropped their price target on shares of Encore Wire from $250.00 to $240.00 in a report on Thursday, July 27th. StockNews.com downgraded shares of Encore Wire from a “buy” rating to a “hold” rating in a report on Thursday, November 2nd. Finally, CJS Securities initiated coverage on shares of Encore Wire in a report on Wednesday, October 11th. They set an “outperform” rating and a $235.00 price target on the stock.

Encore Wire Stock Performance

WIRE opened at $192.33 on Tuesday. Encore Wire Co. has a fifty-two week low of $132.32 and a fifty-two week high of $206.74. The firm’s fifty day moving average is $180.70 and its 200 day moving average is $173.88. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of 7.51 and a beta of 1.26.

Encore Wire (NASDAQ:WIRE) last released its earnings results on Tuesday, October 24th. The electronics maker reported $4.82 earnings per share for the quarter, beating analysts’ consensus estimates of $4.66 by $0.16. Encore Wire had a net margin of 17.51% and a return on equity of 25.60%. The company had revenue of $636.99 million for the quarter. On average, equities research analysts predict that Encore Wire Co. will post 21.53 earnings per share for the current year.

Encore Wire Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, January 5th will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.04%. The ex-dividend date is Thursday, January 4th. Encore Wire’s dividend payout ratio (DPR) is presently 0.31%.

About Encore Wire

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.