Mason Street Advisors LLC acquired a new stake in Encore Wire Corp. (NASDAQ:WIRE) during the second quarter, Holdings Channel reports. The firm acquired 4,045 shares of the company’s stock, valued at approximately $151,000.
Several other hedge funds have also recently modified their holdings of WIRE. Vanguard Group Inc. raised its stake in shares of Encore Wire Corp. by 6.0% in the second quarter. Vanguard Group Inc. now owns 1,533,549 shares of the company’s stock valued at $57,170,000 after buying an additional 86,644 shares during the last quarter. Frontier Capital Management Co. LLC raised its stake in shares of Encore Wire Corp. by 9.2% in the second quarter. Frontier Capital Management Co. LLC now owns 930,194 shares of the company’s stock valued at $34,678,000 after buying an additional 78,287 shares during the last quarter. Chartwell Investment Partners LLC purchased a new stake in shares of Encore Wire Corp. during the second quarter valued at approximately $2,878,000. Ameriprise Financial Inc. raised its stake in shares of Encore Wire Corp. by 23.2% in the second quarter. Ameriprise Financial Inc. now owns 343,540 shares of the company’s stock valued at $12,806,000 after buying an additional 64,685 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Encore Wire Corp. by 2.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,740,320 shares of the company’s stock valued at $64,878,000 after buying an additional 43,640 shares during the last quarter. 88.82% of the stock is owned by institutional investors.
Shares of Encore Wire Corp. (NASDAQ:WIRE) opened at 34.85 on Friday. The firm’s 50-day moving average price is $36.67 and its 200 day moving average price is $38.20. The company has a market cap of $721.26 million, a price-to-earnings ratio of 17.25 and a beta of 2.08. Encore Wire Corp. has a 12-month low of $32.96 and a 12-month high of $44.95.
Encore Wire Corp. (NASDAQ:WIRE) last announced its earnings results on Wednesday, July 27th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the 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 was down 5.9% compared to the same quarter last year. During the same period last year, the business posted $0.54 EPS. On average, analysts predict that Encore Wire Corp. will post $2.01 earnings per share for the current year.
The firm also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.08 annualized dividend and a dividend yield of 0.23%. Encore Wire Corp.’s dividend payout ratio is presently 3.96%.
Several analysts recently commented on WIRE shares. Sidoti lowered Encore Wire Corp. from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $46.00 to $44.00 in a report on Thursday, July 28th. Zacks Investment Research lowered Encore Wire Corp. from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 3rd. Finally, DA Davidson reaffirmed a “hold” rating on shares of Encore Wire Corp. in a report on Monday, September 19th.
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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