Philadelphia Trust Co. Decreases Stake in Encore Wire Co. (NASDAQ:WIRE)

Philadelphia Trust Co. lessened its holdings in Encore Wire Co. (NASDAQ:WIRE) by 8.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 47,695 shares of the electronics maker’s stock after selling 4,400 shares during the period. Encore Wire makes up approximately 1.0% of Philadelphia Trust Co.’s portfolio, making the stock its 28th biggest holding. Philadelphia Trust Co. owned 0.30% of Encore Wire worth $10,188,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. LSV Asset Management boosted its stake in Encore Wire by 21.6% in the third quarter. LSV Asset Management now owns 574,828 shares of the electronics maker’s stock valued at $104,883,000 after acquiring an additional 102,062 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Encore Wire by 10.7% in the fourth quarter. Pacer Advisors Inc. now owns 472,555 shares of the electronics maker’s stock valued at $100,938,000 after purchasing an additional 45,863 shares during the last quarter. American Century Companies Inc. grew its holdings in Encore Wire by 7.7% during the third quarter. American Century Companies Inc. now owns 310,950 shares of the electronics maker’s stock valued at $56,736,000 after purchasing an additional 22,235 shares during the period. Charles Schwab Investment Management Inc. increased its position in Encore Wire by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 219,336 shares of the electronics maker’s stock worth $40,020,000 after buying an additional 3,197 shares during the last quarter. Finally, Seizert Capital Partners LLC bought a new stake in shares of Encore Wire in the third quarter valued at $24,143,000. 99.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. CJS Securities reissued a “market perform” rating on shares of Encore Wire in a report on Friday, April 19th. StockNews.com began coverage on shares of Encore Wire in a research report on Sunday. They issued a “hold” rating on the stock. Sidoti restated a “neutral” rating and set a $290.00 price target on shares of Encore Wire in a research note on Tuesday, April 16th. Finally, DA Davidson lowered shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price objective for the company. in a research note on Tuesday, April 16th.

Encore Wire Price Performance

WIRE stock traded down $0.03 during mid-day trading on Tuesday, reaching $280.47. 88,367 shares of the company traded hands, compared to its average volume of 252,726. The company has a fifty day moving average price of $267.04 and a 200-day moving average price of $231.46. Encore Wire Co. has a 52-week low of $150.51 and a 52-week high of $295.90. The company has a market capitalization of $4.43 billion, a P/E ratio of 14.88 and a beta of 1.28.

Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings data on Tuesday, April 23rd. The electronics maker reported $3.92 EPS for the quarter, beating the consensus estimate of $3.65 by $0.27. Encore Wire had a net margin of 12.45% and a return on equity of 17.77%. The company had revenue of $632.66 million during the quarter, compared to analysts’ expectations of $579.64 million. During the same quarter in the previous year, the company earned $6.50 earnings per share. Encore Wire’s revenue for the quarter was down 4.2% on a year-over-year basis. As a group, analysts forecast that Encore Wire Co. will post 21.24 EPS for the current year.

Encore Wire Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 19th. Investors of record on Friday, July 5th will be given a $0.02 dividend. The ex-dividend date of this dividend is Friday, July 5th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.03%. Encore Wire’s dividend payout ratio (DPR) is presently 0.42%.

About Encore Wire

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.