Encore Wire Co. to Issue Quarterly Dividend of $0.02 (NASDAQ:WIRE)

Encore Wire Co. (NASDAQ:WIREGet Rating) declared a quarterly dividend on Wednesday, August 3rd, Zacks reports. Investors of record on Friday, October 7th will be paid a dividend of 0.02 per share by the electronics maker on Friday, October 21st. This represents a $0.08 annualized dividend and a yield of 0.07%. The ex-dividend date of this dividend is Thursday, October 6th.

Encore Wire has a payout ratio of 0.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Encore Wire to earn $14.35 per share next year, which means the company should continue to be able to cover its $0.08 annual dividend with an expected future payout ratio of 0.6%.

Encore Wire Trading Up 0.0 %

NASDAQ WIRE traded up $0.01 on Friday, hitting $120.83. 6,117 shares of the company were exchanged, compared to its average volume of 319,721. The company has a market cap of $2.31 billion, a PE ratio of 3.52 and a beta of 1.27. Encore Wire has a 12 month low of $82.00 and a 12 month high of $151.64. The stock has a fifty day moving average of $117.01 and a 200-day moving average of $117.06.

Encore Wire (NASDAQ:WIREGet Rating) last released its quarterly earnings data on Monday, July 25th. The electronics maker reported $10.71 earnings per share for the quarter, beating analysts’ consensus estimates of $5.14 by $5.57. Encore Wire had a net margin of 23.24% and a return on equity of 49.46%. The firm had revenue of $838.20 million for the quarter, compared to analyst estimates of $727.08 million. During the same period last year, the firm earned $8.82 earnings per share. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. On average, analysts expect that Encore Wire will post 26.86 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on WIRE. StockNews.com raised shares of Encore Wire from a “hold” rating to a “buy” rating in a research note on Wednesday, May 18th. DA Davidson raised their price objective on shares of Encore Wire from $175.00 to $190.00 and gave the company an “outperform” rating in a research note on Wednesday, July 27th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in WIRE. JPMorgan Chase & Co. lifted its position in shares of Encore Wire by 8.7% during the first quarter. JPMorgan Chase & Co. now owns 118,038 shares of the electronics maker’s stock valued at $13,463,000 after purchasing an additional 9,457 shares in the last quarter. Raymond James & Associates increased its holdings in Encore Wire by 132.2% during the first quarter. Raymond James & Associates now owns 19,387 shares of the electronics maker’s stock worth $2,211,000 after buying an additional 11,038 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Encore Wire by 13.9% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 10,015 shares of the electronics maker’s stock worth $1,142,000 after buying an additional 1,220 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Encore Wire by 2.0% during the first quarter. Bank of New York Mellon Corp now owns 247,999 shares of the electronics maker’s stock worth $28,290,000 after buying an additional 4,835 shares during the last quarter. Finally, Citigroup Inc. increased its holdings in Encore Wire by 6.3% during the first quarter. Citigroup Inc. now owns 18,996 shares of the electronics maker’s stock worth $2,167,000 after buying an additional 1,123 shares during the last quarter. 90.89% of the stock is owned by institutional investors.

Encore Wire Company Profile

(Get Rating)

Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. The company's 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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Dividend History for Encore Wire (NASDAQ:WIRE)

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