Advisors Asset Management Inc. grew its holdings in Encore Wire Co. (NASDAQ:WIRE – Get Rating) by 122.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,274 shares of the electronics maker’s stock after purchasing an additional 6,197 shares during the quarter. Advisors Asset Management Inc. owned 0.06% of Encore Wire worth $1,172,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. CWM LLC boosted its stake in shares of Encore Wire by 376.6% in the second quarter. CWM LLC now owns 305 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 241 shares during the period. Banque Cantonale Vaudoise purchased a new position in Encore Wire in the second quarter worth approximately $49,000. EverSource Wealth Advisors LLC lifted its stake in Encore Wire by 218.5% in the second quarter. EverSource Wealth Advisors LLC now owns 637 shares of the electronics maker’s stock worth $66,000 after acquiring an additional 437 shares during the last quarter. Islay Capital Management LLC lifted its stake in Encore Wire by 20.7% in the second quarter. Islay Capital Management LLC now owns 979 shares of the electronics maker’s stock worth $102,000 after acquiring an additional 168 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in Encore Wire in the first quarter worth approximately $117,000. Hedge funds and other institutional investors own 93.90% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on WIRE shares. DA Davidson lifted their price target on shares of Encore Wire to $200.00 in a research note on Thursday, October 27th. StockNews.com started coverage on shares of Encore Wire in a research note on Wednesday, October 12th. They issued a “buy” rating for the company.
Encore Wire Trading Up 1.1 %
Encore Wire (NASDAQ:WIRE – Get Rating) last released its quarterly earnings data on Tuesday, October 25th. The electronics maker reported $9.97 earnings per share for the quarter, topping analysts’ consensus estimates of $4.63 by $5.34. Encore Wire had a net margin of 23.43% and a return on equity of 46.63%. The company had revenue of $762.40 million for the quarter, compared to analysts’ expectations of $693.13 million. During the same quarter last year, the company earned $8.51 earnings per share. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, equities research analysts predict that Encore Wire Co. will post 33.35 earnings per share for the current year.
Encore Wire Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 20th. Shareholders of record on Friday, January 6th will be issued a dividend of $0.02 per share. The ex-dividend date is Thursday, January 5th. This represents a $0.08 dividend on an annualized basis and a yield of 0.05%. Encore Wire’s payout ratio is currently 0.23%.
About Encore Wire
Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. The company's products include NM-B cables for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2 cables and metal-clad and armored cables for use as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; USE-2 cables; and other types of wire products.
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