Ameriprise Financial Inc. raised its stake in shares of Encore Wire Corp. (NASDAQ:WIRE) by 23.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 343,540 shares of the company’s stock after buying an additional 64,685 shares during the period. Ameriprise Financial Inc. owned 1.66% of Encore Wire Corp. worth $12,806,000 as of its most recent filing with the SEC.
Several other hedge funds have also bought and sold shares of the stock. Capstone Asset Management Co. increased its position in Encore Wire Corp. by 3.6% in the second quarter. Capstone Asset Management Co. now owns 6,393 shares of the company’s stock valued at $238,000 after buying an additional 220 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in Encore Wire Corp. by 117.8% in the second quarter. BNP Paribas Arbitrage SA now owns 6,458 shares of the company’s stock valued at $241,000 after buying an additional 3,493 shares during the last quarter. Suntrust Banks Inc. increased its position in Encore Wire Corp. by 0.4% in the second quarter. Suntrust Banks Inc. now owns 7,027 shares of the company’s stock valued at $261,000 after buying an additional 27 shares during the last quarter. Aperio Group LLC purchased a new position in Encore Wire Corp. during the first quarter valued at $278,000. Finally, UBS Asset Management Americas Inc. increased its position in Encore Wire Corp. by 42.5% in the first quarter. UBS Asset Management Americas Inc. now owns 8,164 shares of the company’s stock valued at $318,000 after buying an additional 2,433 shares during the last quarter. 88.82% of the stock is owned by institutional investors and hedge funds.
Encore Wire Corp. (NASDAQ:WIRE) traded up 1.34% during trading on Tuesday, reaching $35.63. The company’s stock had a trading volume of 29,806 shares. The firm has a market capitalization of $737.40 million, a P/E ratio of 17.64 and a beta of 1.98. Encore Wire Corp. has a 52 week low of $31.67 and a 52 week high of $44.95. The firm has a 50-day moving average price of $37.52 and a 200-day moving average price of $38.38.
Encore Wire Corp. (NASDAQ:WIRE) last posted its earnings results on Wednesday, July 27th. The company reported $0.38 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.19. The company had revenue of $238.80 million for the quarter, compared to the consensus estimate of $241.88 million. Encore Wire Corp. had a net margin of 4.28% and a return on equity of 7.73%. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period last year, the company posted $0.54 earnings per share. On average, equities analysts anticipate that Encore Wire Corp. will post $2.01 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Friday, October 7th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.23%. The ex-dividend date is Wednesday, October 5th. Encore Wire Corp.’s dividend payout ratio (DPR) is presently 3.96%.
Several research firms recently weighed in on WIRE. Sidoti downgraded Encore Wire Corp. from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $46.00 to $44.00 in a research note on Thursday, July 28th. Singular Research began coverage on Encore Wire Corp. in a research note on Tuesday, May 31st. They issued a “buy” rating and a $47.00 price objective for the company. Zacks Investment Research downgraded Encore Wire Corp. from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 3rd. Finally, DA Davidson reaffirmed a “hold” rating on shares of Encore Wire Corp. in a research note on Monday, September 19th.
About Encore Wire Corp.
Encore Wire Corporation is a manufacturer of electrical building wire and cable. The Company is a supplier of building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments and manufactured housing. The Company operates in the manufacture of electric building wire, principally NM-B cable, for use primarily as interior wiring in homes, apartments, and manufactured housing, and THHN/THWN-2 cable and metal-clad and armored cable for use primarily as wiring in commercial and industrial buildings segment.
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