Sawgrass Asset Management LLC purchased a new stake in Encore Wire Co. (NASDAQ:WIRE) during the 1st quarter, HoldingsChannel reports. The institutional investor purchased 3,620 shares of the electronics maker’s stock, valued at approximately $207,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of WIRE. Quadrant Capital Group LLC raised its holdings in Encore Wire by 377.7% in the first quarter. Quadrant Capital Group LLC now owns 535 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 423 shares in the last quarter. Bremer Trust National Association acquired a new stake in Encore Wire in the fourth quarter valued at $30,000. Strs Ohio acquired a new stake in Encore Wire in the first quarter valued at $97,000. Denali Advisors LLC acquired a new stake in Encore Wire in the first quarter valued at $126,000. Finally, Bank of Montreal Can raised its holdings in Encore Wire by 111.1% in the fourth quarter. Bank of Montreal Can now owns 2,538 shares of the electronics maker’s stock valued at $127,000 after acquiring an additional 1,336 shares in the last quarter. 86.87% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts recently issued reports on WIRE shares. Zacks Investment Research cut shares of Encore Wire from a “buy” rating to a “hold” rating and set a $58.00 price target on the stock. in a report on Saturday, January 19th. Sidoti cut shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $58.00 price target on the stock. in a report on Wednesday, February 13th. Finally, BidaskClub raised shares of Encore Wire from a “buy” rating to a “strong-buy” rating in a report on Friday, February 22nd.
Shares of NASDAQ:WIRE opened at $52.91 on Friday. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of 13.81, a price-to-earnings-growth ratio of 1.44 and a beta of 1.40. Encore Wire Co. has a 1-year low of $40.96 and a 1-year high of $61.68.
Encore Wire (NASDAQ:WIRE) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.64 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.72 by ($0.08). The business had revenue of $314.71 million for the quarter, compared to analyst estimates of $295.68 million. Encore Wire had a return on equity of 11.37% and a net margin of 6.11%. The firm’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same period last year, the company posted $0.54 earnings per share. Sell-side analysts anticipate that Encore Wire Co. will post 3.67 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 19th. Shareholders of record on Friday, July 5th will be issued a dividend of $0.02 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.15%. Encore Wire’s dividend payout ratio (DPR) is 2.14%.
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About Encore Wire
Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. Its products include NM-B cables for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2, metal-clad, and armored cables for use primarily as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; and other types of wire products.
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