Encore Wire (NASDAQ:WIRE) Sees Strong Trading Volume

Shares of Encore Wire Co. (NASDAQ:WIRE) saw strong trading volume on Tuesday . 178,114 shares changed hands during mid-day trading, a decline of 18% from the previous session’s volume of 218,442 shares.The stock last traded at $289.66 and had previously closed at $291.23.

Analyst Upgrades and Downgrades

WIRE has been the subject of a number of recent research reports. StockNews.com cut Encore Wire from a “buy” rating to a “hold” rating in a report on Friday, March 22nd. DA Davidson reaffirmed a “neutral” rating and set a $295.00 price objective on shares of Encore Wire in a research note on Tuesday.

Encore Wire Stock Down 0.5 %

The company’s 50 day simple moving average is $240.49 and its 200-day simple moving average is $213.22. The firm has a market cap of $4.57 billion, a P/E ratio of 13.59 and a beta of 1.31.

Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings results on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.05 by $0.05. Encore Wire had a return on equity of 20.92% and a net margin of 14.50%. The firm had revenue of $633.78 million during the quarter, compared to analyst estimates of $601.48 million. During the same period last year, the company earned $8.28 EPS. Encore Wire’s quarterly revenue was down 8.7% compared to the same quarter last year. Equities research analysts predict that Encore Wire Co. will post 16.52 EPS for the current year.

Encore Wire Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 19th. Investors of record on Friday, April 5th will be paid a $0.02 dividend. The ex-dividend date is Thursday, April 4th. This represents a $0.08 annualized dividend and a yield of 0.03%. Encore Wire’s dividend payout ratio (DPR) is currently 0.37%.

Institutional Investors Weigh In On Encore Wire

A number of institutional investors and hedge funds have recently bought and sold shares of WIRE. DekaBank Deutsche Girozentrale increased its position in Encore Wire by 26.6% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 49,324 shares of the electronics maker’s stock valued at $10,668,000 after purchasing an additional 10,366 shares during the period. Illinois Municipal Retirement Fund purchased a new position in shares of Encore Wire in the 3rd quarter valued at $1,840,000. Stifel Financial Corp increased its holdings in shares of Encore Wire by 501.7% in the 3rd quarter. Stifel Financial Corp now owns 74,015 shares of the electronics maker’s stock valued at $13,505,000 after acquiring an additional 61,714 shares during the period. Federated Hermes Inc. raised its position in shares of Encore Wire by 2,928.3% in the 3rd quarter. Federated Hermes Inc. now owns 5,996 shares of the electronics maker’s stock worth $1,094,000 after acquiring an additional 5,798 shares in the last quarter. Finally, Quantedge Capital Pte Ltd lifted its stake in shares of Encore Wire by 19.2% during the 3rd quarter. Quantedge Capital Pte Ltd now owns 27,272 shares of the electronics maker’s stock worth $4,976,000 after purchasing an additional 4,400 shares during the last quarter. 99.82% of the stock is owned by institutional investors.

Encore Wire Company Profile

Encore Wire Corporation engages in manufacture and sale of electrical building wires and cables in the United States. It offers NM-B cables, UF-B cables, THHN/THWN-2, XHHW-2, USE-2, RHH/RHW-2, and other types of wire products, including SEU, SER, photovoltaic, URD, tray cables, metal-clads, and armored cables.