Comerica Bank decreased its stake in Encore Wire Corporation (NASDAQ:WIRE) by 28.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 75,000 shares of the electronics maker’s stock after selling 29,762 shares during the period. Comerica Bank owned 0.36% of Encore Wire Corporation worth $3,244,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. Louisiana State Employees Retirement System raised its position in Encore Wire Corporation by 1.2% during the 1st quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the electronics maker’s stock worth $386,000 after buying an additional 100 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Encore Wire Corporation by 8.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 26,000 shares of the electronics maker’s stock worth $1,196,000 after purchasing an additional 2,000 shares during the period. State of Alaska Department of Revenue grew its stake in shares of Encore Wire Corporation by 2.2% during the 1st quarter. State of Alaska Department of Revenue now owns 2,290 shares of the electronics maker’s stock worth $105,000 after purchasing an additional 50 shares during the period. Great West Life Assurance Co. Can grew its stake in shares of Encore Wire Corporation by 2.9% during the 1st quarter. Great West Life Assurance Co. Can now owns 28,169 shares of the electronics maker’s stock worth $1,294,000 after purchasing an additional 790 shares during the period. Finally, LSV Asset Management acquired a new position in shares of Encore Wire Corporation during the 1st quarter worth $101,000. Hedge funds and other institutional investors own 89.13% of the company’s stock.
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Encore Wire Corporation (WIRE) traded up 3.26% during midday trading on Friday, hitting $44.35. 217,259 shares of the company’s stock traded hands. The company has a 50 day moving average of $40.96 and a 200-day moving average of $43.06. The company has a market capitalization of $920.57 million, a PE ratio of 21.96 and a beta of 2.24. Encore Wire Corporation has a 52 week low of $33.70 and a 52 week high of $49.75.
Encore Wire Corporation (NASDAQ:WIRE) last released its quarterly earnings data on Tuesday, August 1st. The electronics maker reported $0.52 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by ($0.06). Encore Wire Corporation had a net margin of 4.01% and a return on equity of 7.42%. The business had revenue of $291.50 million during the quarter, compared to analyst estimates of $282.25 million. During the same period in the previous year, the business earned $0.38 earnings per share. The business’s quarterly revenue was up 22.1% on a year-over-year basis. Equities research analysts predict that Encore Wire Corporation will post $2.20 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 20th. Stockholders of record on Friday, October 6th will be given a $0.02 dividend. The ex-dividend date is Thursday, October 5th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.18%. Encore Wire Corporation’s payout ratio is 3.98%.
WIRE has been the topic of a number of research reports. Zacks Investment Research cut shares of Encore Wire Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. TheStreet cut shares of Encore Wire Corporation from a “b” rating to a “c+” rating in a research note on Friday, August 4th. Finally, BidaskClub cut shares of Encore Wire Corporation from a “hold” rating to a “sell” rating in a research note on Monday, August 14th.
About Encore Wire Corporation
Encore Wire Corporation is a manufacturer of electrical building wire and cable. The Company is a supplier of building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments, and manufactured housing. The Company manufactures electric building wire, principally NM-B cable, for use primarily as interior wiring in homes, apartments and manufactured housing, and THHN/THWN-2 cable and metal-clad and armored cable for use primarily as wiring in commercial and industrial buildings.
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