New York State Common Retirement Fund Reduces Position in Encore Wire Co. (NASDAQ:WIRE)

New York State Common Retirement Fund trimmed its position in Encore Wire Co. (NASDAQ:WIRE) by 6.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,197 shares of the electronics maker’s stock after selling 557 shares during the quarter. New York State Common Retirement Fund owned approximately 0.05% of Encore Wire worth $1,751,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Blue Trust Inc. lifted its holdings in Encore Wire by 69.2% during the 4th 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 last quarter. Beaird Harris Wealth Management LLC acquired a new position in Encore Wire in the third quarter valued at approximately $91,000. Strs Ohio increased its stake in Encore Wire by 40.0% in the fourth quarter. Strs Ohio now owns 700 shares of the electronics maker’s stock valued at $149,000 after purchasing an additional 200 shares during the last quarter. Childress Capital Advisors LLC acquired a new stake in Encore Wire during the third quarter worth approximately $205,000. Finally, Private Advisor Group LLC purchased a new stake in shares of Encore Wire during the 3rd quarter worth approximately $205,000. 99.82% of the stock is owned by hedge funds and other institutional investors.

Encore Wire Stock Performance

Shares of WIRE opened at $281.02 on Thursday. The company has a market capitalization of $4.44 billion, a price-to-earnings ratio of 14.91 and a beta of 1.28. Encore Wire Co. has a fifty-two week low of $150.51 and a fifty-two week high of $295.90. The firm has a 50-day simple moving average of $258.67 and a 200-day simple moving average of $225.21.

Encore Wire (NASDAQ:WIRE) last announced its earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share for the quarter, beating the consensus estimate of $3.65 by $0.27. Encore Wire had a return on equity of 17.77% and a net margin of 12.45%. The company had revenue of $632.66 million for the quarter, compared to the consensus estimate of $579.64 million. During the same period last year, the business posted $6.50 EPS. The company’s revenue was down 4.2% on a year-over-year basis. Equities research analysts forecast that Encore Wire Co. will post 21.24 EPS for the current year.

Encore Wire Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 19th. Stockholders of record on Friday, April 5th were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.03%. The ex-dividend date of this dividend was Thursday, April 4th. Encore Wire’s dividend payout ratio (DPR) is presently 0.42%.

Analyst Ratings Changes

A number of research firms recently commented on WIRE. DA Davidson downgraded shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 target price on the stock. in a research report on Tuesday, April 16th. StockNews.com began coverage on Encore Wire in a report on Friday, May 3rd. They issued a “hold” rating for the company. CJS Securities restated a “market perform” rating on shares of Encore Wire in a research note on Friday, April 19th. Finally, 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.

Encore Wire Company Profile

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.