First Mercantile Trust Co. decreased its position in shares of Encore Wire Corp. (NASDAQ:WIRE) by 2.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 4,209 shares of the company’s stock after selling 93 shares during the period. First Mercantile Trust Co.’s holdings in Encore Wire Corp. were worth $157,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Teacher Retirement System of Texas boosted its position in shares of Encore Wire Corp. by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 2,746 shares of the company’s stock worth $102,000 after buying an additional 334 shares during the period. Capstone Asset Management Co. boosted its position in shares of Encore Wire Corp. by 3.6% in the second quarter. Capstone Asset Management Co. now owns 6,393 shares of the company’s stock worth $238,000 after buying an additional 220 shares during the period. BNP Paribas Arbitrage SA boosted its position in shares of Encore Wire Corp. by 117.8% in the second quarter. BNP Paribas Arbitrage SA now owns 6,458 shares of the company’s stock worth $241,000 after buying an additional 3,493 shares during the period. Suntrust Banks Inc. boosted its position in shares of Encore Wire Corp. by 0.4% in the second quarter. Suntrust Banks Inc. now owns 7,027 shares of the company’s stock worth $261,000 after buying an additional 27 shares during the period. Finally, Aperio Group LLC bought a new position in shares of Encore Wire Corp. during the first quarter worth about $278,000. 88.82% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Encore Wire Corp. (NASDAQ:WIRE) opened at 37.39 on Thursday. The company has a market capitalization of $773.82 million, a PE ratio of 18.51 and a beta of 2.08. The company has a 50 day moving average price of $37.29 and a 200 day moving average price of $38.34. Encore Wire Corp. has a 1-year low of $32.96 and a 1-year high of $44.95.
Encore Wire Corp. (NASDAQ:WIRE) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.57 by $0.19. The company earned $238.80 million during the quarter, compared to analysts’ expectations of $241.88 million. Encore Wire Corp. had a return on equity of 7.73% and a net margin of 4.28%. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.54 EPS. Equities analysts predict that Encore Wire Corp. will post $2.01 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Shareholders of record on Friday, October 7th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.21%. The ex-dividend date of this dividend is Wednesday, October 5th. Encore Wire Corp.’s payout ratio is currently 3.96%.
WIRE has been the topic of several recent analyst reports. DA Davidson reissued a “hold” rating on shares of Encore Wire Corp. in a research note on Monday, September 19th. Zacks Investment Research cut Encore Wire Corp. from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 3rd. Finally, Sidoti cut Encore Wire Corp. from a “buy” rating to a “neutral” rating and cut their target price for the stock from $46.00 to $44.00 in a research note on Thursday, July 28th.
Encore Wire Corp. Company Profile
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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