State Board of Administration of Florida Retirement System lowered its position in Encore Wire Corp. (NASDAQ:WIRE) by 14.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,579 shares of the company’s stock after selling 2,799 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.08% of Encore Wire Corp. worth $618,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in the company. Suntrust Banks Inc. increased its stake in 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 last quarter. Arizona State Retirement System increased its stake in Encore Wire Corp. by 1.0% in the first quarter. Arizona State Retirement System now owns 10,554 shares of the company’s stock worth $411,000 after buying an additional 100 shares during the last quarter. Capstone Asset Management Co. increased its stake 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 worth $238,000 after buying an additional 220 shares during the last quarter. California Public Employees Retirement System increased its stake in Encore Wire Corp. by 1.0% in the second quarter. California Public Employees Retirement System now owns 49,600 shares of the company’s stock worth $1,849,000 after buying an additional 500 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Encore Wire Corp. by 2.6% in the second quarter. Nisa Investment Advisors LLC now owns 24,000 shares of the company’s stock worth $895,000 after buying an additional 600 shares during the last quarter. Institutional investors and hedge funds own 88.82% of the company’s stock.
Shares of Encore Wire Corp. (NASDAQ:WIRE) traded up 1.01% during mid-day trading on Monday, reaching $37.14. The company had a trading volume of 41,015 shares. The stock has a market capitalization of $768.65 million, a P/E ratio of 18.39 and a beta of 2.08. Encore Wire Corp. has a 52-week low of $32.96 and a 52-week high of $44.95. The company’s 50-day moving average is $37.36 and its 200 day moving average is $38.33.
Encore Wire Corp. (NASDAQ:WIRE) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by $0.19. Encore Wire Corp. had a return on equity of 7.73% and a net margin of 4.28%. The firm earned $238.80 million during the quarter, compared to analyst estimates of $241.88 million. During the same period in the prior year, the business posted $0.54 EPS. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. 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. Shareholders of record on Friday, October 7th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date is Wednesday, October 5th. Encore Wire Corp.’s dividend payout ratio (DPR) is currently 3.96%.
A number of research firms have recently commented on WIRE. Zacks Investment Research downgraded Encore Wire Corp. from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 3rd. Sidoti downgraded Encore Wire Corp. from a “buy” rating to a “neutral” rating and lowered their price target for the company from $46.00 to $44.00 in a report on Thursday, July 28th. Finally, DA Davidson reiterated a “hold” rating on shares of Encore Wire Corp. in a report 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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