Principal Financial Group Inc. Sells 8,597 Shares of Encore Wire Co. (NASDAQ:WIRE)

Principal Financial Group Inc. lessened its stake in Encore Wire Co. (NASDAQ:WIREGet Rating) by 5.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 138,588 shares of the electronics maker’s stock after selling 8,597 shares during the quarter. Principal Financial Group Inc. owned approximately 0.72% of Encore Wire worth $14,402,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. WINTON GROUP Ltd raised its holdings in shares of Encore Wire by 2.7% in the 1st quarter. WINTON GROUP Ltd now owns 7,336 shares of the electronics maker’s stock worth $837,000 after purchasing an additional 192 shares during the period. GSA Capital Partners LLP grew its stake in Encore Wire by 17.1% in the 1st quarter. GSA Capital Partners LLP now owns 3,961 shares of the electronics maker’s stock valued at $452,000 after buying an additional 579 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Encore Wire in the 2nd quarter valued at approximately $335,000. TD Asset Management Inc. grew its stake in Encore Wire by 7.0% in the 2nd quarter. TD Asset Management Inc. now owns 53,300 shares of the electronics maker’s stock valued at $5,539,000 after buying an additional 3,500 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in Encore Wire by 1.7% in the 2nd quarter. Exchange Traded Concepts LLC now owns 6,805 shares of the electronics maker’s stock valued at $707,000 after buying an additional 111 shares in the last quarter. Institutional investors own 93.90% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. assumed coverage on shares of Encore Wire in a research note on Wednesday, October 12th. They issued a “buy” rating for the company. DA Davidson lifted their price objective on shares of Encore Wire to $200.00 in a research note on Thursday, October 27th.

Encore Wire Price Performance

WIRE opened at $149.77 on Friday. The company has a fifty day moving average price of $131.98 and a 200-day moving average price of $125.63. The firm has a market capitalization of $2.75 billion, a P/E ratio of 4.21 and a beta of 1.32. Encore Wire Co. has a one year low of $94.39 and a one year high of $155.35.

Encore Wire (NASDAQ:WIREGet Rating) last released its quarterly earnings results on Tuesday, October 25th. The electronics maker reported $9.97 EPS for the quarter, beating analysts’ consensus estimates of $4.63 by $5.34. The firm had revenue of $762.40 million during the quarter, compared to analyst estimates of $693.13 million. Encore Wire had a net margin of 23.43% and a return on equity of 46.63%. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the previous year, the business earned $8.51 EPS. On average, analysts expect that Encore Wire Co. will post 33.35 earnings per share for the current year.

Encore Wire Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 20th. Stockholders of record on Friday, January 6th will be given 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 dividend yield of 0.05%. Encore Wire’s dividend payout ratio (DPR) is currently 0.23%.

Encore Wire Profile

(Get Rating)

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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Institutional Ownership by Quarter for Encore Wire (NASDAQ:WIRE)

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