Allspring Global Investments Holdings LLC Decreases Holdings in Encore Wire Co. (NASDAQ:WIRE)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Encore Wire Co. (NASDAQ:WIRE) by 53.3% in the fourth quarter, Holdings Channel reports. The firm owned 2,238 shares of the electronics maker’s stock after selling 2,550 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Encore Wire were worth $478,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in WIRE. LSV Asset Management boosted its position in Encore Wire by 21.6% in the 3rd quarter. LSV Asset Management now owns 574,828 shares of the electronics maker’s stock valued at $104,883,000 after buying an additional 102,062 shares during the last quarter. Pacer Advisors Inc. boosted its position in Encore Wire by 10.7% in the 4th quarter. Pacer Advisors Inc. now owns 472,555 shares of the electronics maker’s stock valued at $100,938,000 after buying an additional 45,863 shares during the last quarter. American Century Companies Inc. boosted its position in Encore Wire by 7.7% in the 3rd quarter. American Century Companies Inc. now owns 310,950 shares of the electronics maker’s stock valued at $56,736,000 after buying an additional 22,235 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Encore Wire by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 219,336 shares of the electronics maker’s stock valued at $40,020,000 after buying an additional 3,197 shares during the last quarter. Finally, Seizert Capital Partners LLC purchased a new position in Encore Wire in the 3rd quarter valued at about $24,143,000. 99.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. StockNews.com assumed coverage on shares of Encore Wire in a research note on Thursday. They issued a “hold” rating on the stock. Sidoti restated a “neutral” rating and issued a $290.00 target price on shares of Encore Wire in a research note on Tuesday, April 16th. CJS Securities restated a “market perform” rating on shares of Encore Wire in a research note on Friday, April 19th. Finally, DA Davidson lowered shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 target price on the stock. in a research note on Tuesday, April 16th.

Encore Wire Stock Performance

Shares of Encore Wire stock opened at $284.06 on Friday. The firm has a market cap of $4.48 billion, a PE ratio of 15.07 and a beta of 1.31. The firm’s 50-day simple moving average is $248.36 and its 200-day simple moving average is $218.64. Encore Wire Co. has a 1 year low of $138.20 and a 1 year high of $295.90.

Encore Wire (NASDAQ:WIRE) last released its quarterly earnings data on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share for the quarter, topping the consensus estimate of $3.65 by $0.27. The firm had revenue of $632.66 million for the quarter, compared to analyst estimates of $579.64 million. Encore Wire had a net margin of 12.45% and a return on equity of 17.88%. Encore Wire’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $6.50 earnings per share. On average, equities analysts predict that Encore Wire Co. will post 21.23 earnings per share for the current year.

Encore Wire Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 19th. Investors of record on Friday, April 5th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, April 4th. This represents a $0.08 annualized dividend and a yield of 0.03%. Encore Wire’s dividend payout ratio (DPR) is 0.42%.

Encore Wire Profile

Encore Wire Corporation engages in manufacture and sale of electrical building wires and cables in the United States. It offers NM-B cables, UF-B cables, THHN/THWN-2, XHHW-2, USE-2, RHH/RHW-2, and other types of wire products, including SEU, SER, photovoltaic, URD, tray cables, metal-clads, and armored cables.