Keybank National Association OH Trims Stock Position in Encore Wire Co. (NASDAQ:WIRE)

Keybank National Association OH lessened its holdings in shares of Encore Wire Co. (NASDAQ:WIRE) by 4.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 13,675 shares of the electronics maker’s stock after selling 699 shares during the quarter. Keybank National Association OH’s holdings in Encore Wire were worth $770,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Steward Partners Investment Advisory LLC purchased a new position in shares of Encore Wire during the second quarter worth $29,000. Meeder Asset Management Inc. increased its stake in shares of Encore Wire by 292.1% during the third quarter. Meeder Asset Management Inc. now owns 1,094 shares of the electronics maker’s stock worth $63,000 after purchasing an additional 815 shares in the last quarter. Advisor Group Inc. increased its stake in shares of Encore Wire by 133.6% during the second quarter. Advisor Group Inc. now owns 2,782 shares of the electronics maker’s stock worth $163,000 after purchasing an additional 1,591 shares in the last quarter. Bowling Portfolio Management LLC purchased a new stake in shares of Encore Wire during the second quarter worth about $242,000. Finally, Capital Fund Management S.A. purchased a new stake in shares of Encore Wire during the second quarter worth about $252,000. 88.62% of the stock is owned by hedge funds and other institutional investors.

A number of analysts have recently commented on WIRE shares. ValuEngine cut shares of Encore Wire from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Zacks Investment Research cut shares of Encore Wire from a “hold” rating to a “sell” rating in a research note on Sunday, November 3rd. Finally, BidaskClub raised shares of Encore Wire from a “hold” rating to a “buy” rating in a research note on Thursday, October 24th. Two equities research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. Encore Wire has a consensus rating of “Hold” and a consensus target price of $62.00.

In related news, insider Matthew D. Ford sold 3,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $60.00, for a total transaction of $180,000.00. Following 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 Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.99% of the company’s stock.

WIRE traded down $0.67 on Wednesday, reaching $59.10. 1,800 shares of the company’s stock were exchanged, compared to its average volume of 84,845. The stock has a market cap of $1.23 billion, a PE ratio of 15.79 and a beta of 1.48. Encore Wire Co. has a twelve month low of $45.04 and a twelve month high of $62.08. The stock’s fifty day moving average price is $57.38 and its 200-day moving average price is $55.56.

Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings results on Monday, October 28th. The electronics maker reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.23). The business had revenue of $321.20 million for the quarter, compared to analyst estimates of $346.43 million. Encore Wire had a return on equity of 9.76% and a net margin of 5.62%. The business’s revenue was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.13 earnings per share. Analysts expect that Encore Wire Co. will post 3.01 EPS for the current year.

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

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