American International Group Inc. cut its stake in Encore Wire Co. (NASDAQ:WIRE) by 1.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,592 shares of the electronics maker’s stock after selling 156 shares during the period. American International Group Inc. owned 0.07% of Encore Wire worth $912,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of WIRE. Norges Bank acquired a new stake in Encore Wire in the fourth quarter worth $20,523,000. BlackRock Inc. increased its position in Encore Wire by 7.5% in the fourth quarter. BlackRock Inc. now owns 3,183,590 shares of the electronics maker’s stock worth $192,830,000 after buying an additional 222,744 shares during the period. Sunbelt Securities Inc. acquired a new stake in Encore Wire in the fourth quarter worth $7,289,000. Cannell Capital LLC acquired a new stake in Encore Wire in the fourth quarter worth $6,349,000. Finally, Royce & Associates LP increased its position in Encore Wire by 54.0% in the fourth quarter. Royce & Associates LP now owns 240,126 shares of the electronics maker’s stock worth $14,544,000 after buying an additional 84,162 shares during the period. 89.21% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently commented on WIRE. Zacks Investment Research raised Encore Wire from a “hold” rating to a “strong-buy” rating and set a $87.00 price target on the stock in a report on Saturday, May 1st. DA Davidson raised their price target on Encore Wire from $70.00 to $80.00 in a report on Thursday, February 18th.
Encore Wire (NASDAQ:WIRE) last announced its earnings results on Sunday, April 25th. The electronics maker reported $1.99 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $1.11. Encore Wire had a return on equity of 11.88% and a net margin of 6.96%. The business had revenue of $444.10 million during the quarter, compared to analysts’ expectations of $384.57 million. During the same quarter last year, the business posted $0.89 earnings per share. The company’s quarterly revenue was up 46.6% on a year-over-year basis. Research analysts expect that Encore Wire Co. will post 5.5 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 16th. Investors of record on Friday, July 2nd will be paid a dividend of $0.02 per share. The ex-dividend date is Thursday, July 1st. This represents a $0.08 annualized dividend and a yield of 0.10%. Encore Wire’s dividend payout ratio is currently 2.17%.
Encore Wire Profile
Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. Its 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.
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