American International Group Inc. trimmed its stake in Encore Wire Co. (NASDAQ:WIRE) by 1.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,592 shares of the electronics maker’s stock after selling 156 shares during the period. American International Group Inc.’s holdings in Encore Wire were worth $912,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Janney Montgomery Scott LLC grew its holdings in Encore Wire by 3.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 7,068 shares of the electronics maker’s stock valued at $428,000 after buying an additional 232 shares during the last quarter. First Trust Advisors LP grew its holdings in Encore Wire by 34.8% in the 4th quarter. First Trust Advisors LP now owns 73,362 shares of the electronics maker’s stock valued at $4,444,000 after buying an additional 18,924 shares during the last quarter. Monarch Partners Asset Management LLC acquired a new stake in Encore Wire in the 4th quarter valued at approximately $3,756,000. Aperio Group LLC grew its holdings in Encore Wire by 16.9% in the 4th quarter. Aperio Group LLC now owns 17,126 shares of the electronics maker’s stock valued at $1,037,000 after buying an additional 2,476 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in Encore Wire by 7.5% in the 4th quarter. BlackRock Inc. now owns 3,183,590 shares of the electronics maker’s stock valued at $192,830,000 after buying an additional 222,744 shares during the last quarter. 89.21% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have recently weighed in on WIRE shares. DA Davidson lifted their price objective on Encore Wire from $70.00 to $80.00 in a report on Thursday, February 18th. Zacks Investment Research raised Encore Wire from a “hold” rating to a “strong-buy” rating and set a $87.00 price objective on the stock in a report on Saturday, May 1st.
Encore Wire (NASDAQ:WIRE) last released its quarterly earnings data on Sunday, April 25th. The electronics maker reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $1.11. The business had revenue of $444.10 million during the quarter, compared to the consensus estimate of $384.57 million. Encore Wire had a return on equity of 11.88% and a net margin of 6.96%. The firm’s revenue was up 46.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.89 earnings per share. On average, sell-side analysts expect that Encore Wire Co. will post 5.5 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 16th. Investors of record on Friday, July 2nd will be issued a $0.02 dividend. The ex-dividend date is Thursday, July 1st. This represents a $0.08 dividend on an annualized basis and a yield of 0.10%. Encore Wire’s dividend payout ratio is presently 2.17%.
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 cables and metal-clad and armored cables for use as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; USE-2 cables; and other types of wire products.
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