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

Encore Wire Co. (NASDAQ:WIRE – Get 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:WIRE – Get 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

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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.