Redmont Wealth Advisors LLC Boosts Stake in Encore Wire Co. (NASDAQ:WIRE)

Redmont Wealth Advisors LLC boosted its holdings in Encore Wire Co. (NASDAQ:WIRE) by 26.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 4,172 shares of the electronics maker’s stock after buying an additional 882 shares during the quarter. Encore Wire accounts for 1.3% of Redmont Wealth Advisors LLC’s investment portfolio, making the stock its 19th largest holding. Redmont Wealth Advisors LLC’s holdings in Encore Wire were worth $891,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of WIRE. BlackRock Inc. increased its stake in Encore Wire by 0.9% in the first quarter. BlackRock Inc. now owns 3,124,572 shares of the electronics maker’s stock valued at $356,420,000 after acquiring an additional 28,777 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Encore Wire by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 2,239,317 shares of the electronics maker’s stock worth $255,439,000 after purchasing an additional 30,523 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Encore Wire by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,526,095 shares of the electronics maker’s stock valued at $174,086,000 after purchasing an additional 23,364 shares during the last quarter. State Street Corp raised its holdings in shares of Encore Wire by 0.8% during the 2nd quarter. State Street Corp now owns 678,341 shares of the electronics maker’s stock valued at $70,506,000 after buying an additional 5,631 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in Encore Wire by 1,243.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 618,565 shares of the electronics maker’s stock worth $7,788,000 after buying an additional 572,539 shares during the last quarter. Hedge funds and other institutional investors own 99.82% of the company’s stock.

Encore Wire Trading Down 1.1 %

Shares of NASDAQ:WIRE traded down $3.25 during trading on Friday, reaching $283.75. 309,931 shares of the company traded hands, compared to its average volume of 252,753. Encore Wire Co. has a 52-week low of $138.20 and a 52-week high of $295.90. The business’s fifty day moving average is $243.95 and its 200-day moving average is $214.99. The firm has a market capitalization of $4.48 billion, a price-to-earnings ratio of 13.37 and a beta of 1.31.

Encore Wire (NASDAQ:WIRE) last released its quarterly earnings data on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.05 by $0.05. The firm had revenue of $633.78 million for the quarter, compared to analysts’ expectations of $601.48 million. Encore Wire had a net margin of 14.50% and a return on equity of 20.92%. The company’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $8.28 earnings per share. On average, sell-side analysts predict that Encore Wire Co. will post 16.52 earnings per share for the current fiscal year.

Encore Wire Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. CJS Securities reiterated a “market perform” rating on shares of Encore Wire in a research report on Friday. Sidoti reiterated a “neutral” rating and issued a $290.00 target price on shares of Encore Wire in a research report on Tuesday. StockNews.com downgraded shares of Encore Wire from a “buy” rating to a “hold” rating in a research note on Friday, March 22nd. Finally, DA Davidson cut Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price objective on the stock. in a research note on Tuesday.

Encore Wire 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.