Allspring Global Investments Holdings LLC Lowers Stock Holdings in Encore Wire Co. (NASDAQ:WIRE)

Allspring Global Investments Holdings LLC reduced its position in shares of Encore Wire Co. (NASDAQ:WIRE) by 53.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,238 shares of the electronics maker’s stock after selling 2,550 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Encore Wire were worth $478,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Blue Trust Inc. boosted its position in shares of Encore Wire by 69.2% during the fourth quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock worth $43,000 after buying an additional 83 shares during the period. Beaird Harris Wealth Management LLC purchased a new position in shares of Encore Wire during the third quarter worth $91,000. Childress Capital Advisors LLC purchased a new position in shares of Encore Wire during the third quarter worth $205,000. Private Advisor Group LLC acquired a new stake in shares of Encore Wire in the third quarter valued at $205,000. Finally, Black Swift Group LLC acquired a new stake in shares of Encore Wire in the fourth quarter valued at $214,000. 99.82% of the stock is currently owned by hedge funds and other institutional investors.

Encore Wire Price Performance

Encore Wire stock opened at $284.06 on Friday. Encore Wire Co. has a 1-year low of $138.20 and a 1-year high of $295.90. The stock has a market cap of $4.48 billion, a PE ratio of 15.07 and a beta of 1.31. The stock’s fifty day moving average is $248.36 and its two-hundred day moving average is $218.64.

Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $3.65 by $0.27. Encore Wire had a return on equity of 17.88% and a net margin of 12.45%. The company had revenue of $632.66 million for the quarter, compared to analysts’ expectations of $579.64 million. During the same period last year, the firm earned $6.50 earnings per share. Encore Wire’s quarterly revenue was down 4.2% on a year-over-year basis. On average, research analysts expect that Encore Wire Co. will post 21.23 earnings per share for the current fiscal year.

Encore Wire Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 19th. Shareholders of record on Friday, April 5th were paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.03%. The ex-dividend date was Thursday, April 4th. Encore Wire’s dividend payout ratio is presently 0.42%.

Wall Street Analysts Forecast Growth

WIRE has been the topic of several analyst reports. StockNews.com initiated coverage on Encore Wire in a research note on Thursday. They issued a “hold” rating on the stock. Sidoti reiterated a “neutral” rating and issued a $290.00 price objective on shares of Encore Wire in a research note on Tuesday, April 16th. CJS Securities reiterated a “market perform” rating on shares of Encore Wire in a research note on Friday, April 19th. Finally, DA Davidson cut Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price objective on the stock. in a research note on Tuesday, April 16th.

About Encore Wire

Encore Wire Corporation engages in manufacture and sale of electrical building wires and cables in the United States. It 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.