Hodges Capital Management Inc. Reduces Stake in Encore Wire Co. (NASDAQ:WIRE)

Hodges Capital Management Inc. decreased its stake in shares of Encore Wire Co. (NASDAQ:WIRE) by 24.3% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 288,430 shares of the electronics maker’s stock after selling 92,633 shares during the quarter. Encore Wire comprises 4.9% of Hodges Capital Management Inc.’s investment portfolio, making the stock its biggest position. Hodges Capital Management Inc.’s holdings in Encore Wire were worth $75,794,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of WIRE. Norges Bank acquired a new stake in Encore Wire during the fourth quarter worth approximately $20,223,000. First Dallas Securities Inc. increased its stake in shares of Encore Wire by 226.5% during the third quarter. First Dallas Securities Inc. now owns 97,505 shares of the electronics maker’s stock worth $17,791,000 after purchasing an additional 67,640 shares during the period. Stifel Financial Corp lifted its holdings in Encore Wire by 501.7% during the 3rd quarter. Stifel Financial Corp now owns 74,015 shares of the electronics maker’s stock worth $13,505,000 after purchasing an additional 61,714 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Encore Wire by 10.7% in the 4th 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 period. Finally, Ogborne Capital Management LLC acquired a new position in Encore Wire in the 4th quarter valued at $8,278,000. Institutional investors and hedge funds own 99.82% of the company’s stock.

Wall Street Analyst Weigh In

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

Encore Wire Stock Up 0.0 %

Shares of WIRE traded up $0.08 during trading hours on Friday, hitting $289.83. 1,234,273 shares of the company were exchanged, compared to its average volume of 495,271. Encore Wire Co. has a fifty-two week low of $150.51 and a fifty-two week high of $295.90. The company has a market cap of $4.58 billion, a price-to-earnings ratio of 15.38 and a beta of 1.23. The firm’s fifty day moving average is $284.68 and its 200 day moving average is $250.28.

Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings data on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share for the quarter, topping 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 business had revenue of $632.66 million during the quarter, compared to analysts’ expectations of $579.64 million. During the same quarter in the prior year, the business posted $6.50 earnings per share. Encore Wire’s revenue was down 4.2% compared to the same quarter last year. Analysts anticipate that Encore Wire Co. will post 21.24 EPS for the current year.

Encore Wire Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 19th. Shareholders of record on Friday, July 5th will be given a dividend of $0.02 per share. The ex-dividend date is Friday, July 5th. This represents a $0.08 annualized dividend and a yield of 0.03%. Encore Wire’s dividend payout ratio is currently 0.42%.

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.