Morgan Stanley cut its stake in Encore Wire Co. (NASDAQ:WIRE) by 8.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 100,940 shares of the electronics maker’s stock after selling 9,581 shares during the quarter. Morgan Stanley’s holdings in Encore Wire were worth $5,913,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. AQR Capital Management LLC grew its position in shares of Encore Wire by 51.9% in the second quarter. AQR Capital Management LLC now owns 112,514 shares of the electronics maker’s stock valued at $6,591,000 after purchasing an additional 38,442 shares in the last quarter. Paloma Partners Management Co purchased a new position in shares of Encore Wire in the second quarter valued at $270,000. Zebra Capital Management LLC purchased a new position in shares of Encore Wire in the second quarter valued at $385,000. Algert Global LLC grew its position in shares of Encore Wire by 49.2% in the second quarter. Algert Global LLC now owns 28,786 shares of the electronics maker’s stock valued at $1,686,000 after purchasing an additional 9,490 shares in the last quarter. Finally, Invesco Ltd. grew its position in Encore Wire by 20.4% during the second quarter. Invesco Ltd. now owns 69,927 shares of the electronics maker’s stock worth $4,096,000 after buying an additional 11,837 shares in the last quarter. Institutional investors own 88.93% of the company’s stock.
In related news, insider Matthew D. Ford sold 3,000 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $60.00, for a total transaction of $180,000.00. Following the completion of the transaction, the insider now directly owns 14,500 shares in the company, valued at $870,000. The transaction was disclosed in a document filed with the SEC, which is available through this link. 3.99% of the stock is owned by insiders.
Encore Wire (NASDAQ:WIRE) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.85 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.03). Encore Wire had a return on equity of 11.01% and a net margin of 6.09%. The business had revenue of $336.87 million for the quarter, compared to analysts’ expectations of $330.42 million. During the same quarter in the previous year, the firm earned $0.86 earnings per share. Encore Wire’s quarterly revenue was up .0% compared to the same quarter last year. Equities research analysts predict that Encore Wire Co. will post 3.37 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Friday, October 4th were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.14%. The ex-dividend date of this dividend was Thursday, October 3rd. Encore Wire’s payout ratio is 2.14%.
Several research firms recently commented on WIRE. Zacks Investment Research upgraded Encore Wire from a “sell” rating to a “hold” rating in a research report on Saturday, October 5th. BidaskClub cut Encore Wire from a “buy” rating to a “hold” rating in a research report on Saturday, September 21st. Finally, ValuEngine cut Encore Wire from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $62.00.
Encore Wire Company Profile
Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. Its products include NM-B cables for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2, metal-clad, and armored cables for use primarily as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; and other types of wire products.
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