Lazard Asset Management LLC increased its holdings in shares of Encore Wire Co. (NASDAQ:WIRE – Get Rating) by 98.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,757 shares of the electronics maker’s stock after buying an additional 870 shares during the period. Lazard Asset Management LLC’s holdings in Encore Wire were worth $182,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CWM LLC lifted its position in shares of Encore Wire by 376.6% during the 2nd quarter. CWM LLC now owns 305 shares of the electronics maker’s stock valued at $32,000 after buying an additional 241 shares in the last quarter. Banque Cantonale Vaudoise purchased a new position in shares of Encore Wire during the 2nd quarter valued at approximately $49,000. EverSource Wealth Advisors LLC lifted its position in shares of Encore Wire by 218.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 637 shares of the electronics maker’s stock valued at $66,000 after buying an additional 437 shares in the last quarter. Islay Capital Management LLC raised its stake in Encore Wire by 20.7% in the 2nd quarter. Islay Capital Management LLC now owns 979 shares of the electronics maker’s stock valued at $102,000 after purchasing an additional 168 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in Encore Wire in the 1st quarter valued at $117,000. Hedge funds and other institutional investors own 93.90% of the company’s stock.
Wall Street Analyst Weigh In
WIRE has been the subject of several recent research reports. DA Davidson increased their price objective on Encore Wire to $200.00 in a research note on Thursday, October 27th. StockNews.com initiated coverage on Encore Wire in a research note on Wednesday, October 12th. They issued a “buy” rating for the company.
Encore Wire Stock Performance
Encore Wire (NASDAQ:WIRE – Get Rating) last issued its earnings results on Tuesday, October 25th. The electronics maker reported $9.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.63 by $5.34. Encore Wire had a return on equity of 46.63% and a net margin of 23.43%. The business had revenue of $762.40 million during the quarter, compared to the consensus estimate of $693.13 million. During the same period last year, the company earned $8.51 EPS. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, sell-side analysts predict that Encore Wire Co. will post 33.35 EPS for the current fiscal year.
Encore Wire Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, January 20th. Shareholders of record on Friday, January 6th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.06%. The ex-dividend date is Thursday, January 5th. Encore Wire’s dividend payout ratio (DPR) is presently 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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