Envestnet Asset Management Inc. Trims Stock Holdings in Encore Wire Co. (NASDAQ:WIRE)

Envestnet Asset Management Inc. decreased its stake in Encore Wire Co. (NASDAQ:WIRE – Get Rating) by 9.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,284 shares of the electronics maker’s stock after selling 4,030 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.22% of Encore Wire worth $4,654,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Credit Suisse AG grew its position in shares of Encore Wire by 0.4% during the third quarter. Credit Suisse AG now owns 16,845 shares of the electronics maker’s stock worth $1,946,000 after purchasing an additional 73 shares in the last quarter. Bank of Montreal Can grew its position in shares of Encore Wire by 1.4% during the first quarter. Bank of Montreal Can now owns 6,158 shares of the electronics maker’s stock worth $755,000 after purchasing an additional 83 shares in the last quarter. Evergreen Capital Management LLC grew its position in shares of Encore Wire by 5.1% during the first quarter. Evergreen Capital Management LLC now owns 1,925 shares of the electronics maker’s stock worth $220,000 after purchasing an additional 93 shares in the last quarter. Prairiewood Capital LLC grew its position in shares of Encore Wire by 5.7% during the third quarter. Prairiewood Capital LLC now owns 2,623 shares of the electronics maker’s stock worth $303,000 after purchasing an additional 142 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its position in shares of Encore Wire by 71.7% during the third quarter. Quadrant Capital Group LLC now owns 395 shares of the electronics maker’s stock worth $46,000 after purchasing an additional 165 shares in the last quarter. Hedge funds and other institutional investors own 99.20% of the company’s stock.

Insider Activity

In other news, insider Matthew D. Ford sold 2,725 shares of the firm’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $200.00, for a total value of $545,000.00. Following the completion of the sale, the insider now directly owns 34,138 shares of the company’s stock, valued at approximately $6,827,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Matthew D. Ford sold 275 shares of the firm’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $200.00, for a total value of $55,000.00. Following the completion of the sale, the insider now directly owns 36,863 shares of the company’s stock, valued at approximately $7,372,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew D. Ford sold 2,725 shares of the firm’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $200.00, for a total value of $545,000.00. Following the sale, the insider now directly owns 34,138 shares of the company’s stock, valued at $6,827,600. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.

Encore Wire Price Performance

NASDAQ WIRE opened at $197.28 on Friday. The stock has a market capitalization of $3.60 billion, a PE ratio of 5.34 and a beta of 1.32. The business has a 50 day simple moving average of $162.59 and a two-hundred day simple moving average of $144.10. Encore Wire Co. has a 1-year low of $94.39 and a 1-year high of $206.74.

Encore Wire (NASDAQ:WIRE – Get Rating) last released its quarterly earnings results on Wednesday, February 15th. The electronics maker reported $8.28 earnings per share for the quarter, beating the consensus estimate of $4.61 by $3.67. The business had revenue of $693.89 million during the quarter, compared to analysts’ expectations of $631.04 million. Encore Wire had a return on equity of 43.96% and a net margin of 23.79%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter last year, the business posted $6.91 EPS. On average, analysts anticipate that Encore Wire Co. will post 19.76 EPS for the current fiscal year.

Encore Wire Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 21st. Stockholders of record on Thursday, April 6th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.04%. The ex-dividend date of this dividend is Wednesday, April 5th. Encore Wire’s payout ratio is 0.22%.

Analyst Ratings Changes

Separately, DA Davidson increased their target price on Encore Wire from $200.00 to $250.00 in a research report on Thursday, February 16th.

Encore Wire Profile

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Encore Wire Corp. engages in manufacturing copper electrical building wire and cable. The firm supplies building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments and manufactured housing. It offers an electric building wire product line that consists primarily of NM-B cable, UF-B cable, THHN/THWN-2 and other types of wire products, including Metal Clad, Armored Cable, Photovoltaic Cable and Bare Copper.