Millennium Management LLC grew its position in Encore Wire Co. (NASDAQ:WIRE) by 263.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 172,425 shares of the electronics maker’s stock after purchasing an additional 125,037 shares during the period. Millennium Management LLC’s holdings in Encore Wire were worth $8,388,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in WIRE. Nationwide Fund Advisors boosted its holdings in shares of Encore Wire by 38.3% in the third quarter. Nationwide Fund Advisors now owns 20,796 shares of the electronics maker’s stock worth $931,000 after buying an additional 5,757 shares during the period. SG Americas Securities LLC acquired a new position in shares of Encore Wire in the third quarter worth about $272,000. Ameriprise Financial Inc. boosted its holdings in shares of Encore Wire by 10.8% during the third quarter. Ameriprise Financial Inc. now owns 301,664 shares of the electronics maker’s stock worth $13,507,000 after purchasing an additional 29,311 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of Encore Wire by 35.6% during the third quarter. Wells Fargo & Company MN now owns 31,734 shares of the electronics maker’s stock worth $1,421,000 after purchasing an additional 8,324 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its holdings in shares of Encore Wire by 6.3% during the third quarter. Schwab Charles Investment Management Inc. now owns 186,840 shares of the electronics maker’s stock worth $8,366,000 after purchasing an additional 11,103 shares during the period. Institutional investors own 88.87% of the company’s stock.
WIRE stock opened at $55.80 on Thursday. The company has a market cap of $1,145.39, a P/E ratio of 21.38, a P/E/G ratio of 1.85 and a beta of 2.00. Encore Wire Co. has a 52 week low of $37.30 and a 52 week high of $58.70.
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 20th. Shareholders of record on Friday, April 6th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 5th. Encore Wire’s dividend payout ratio (DPR) is presently 3.07%.
Several research firms recently commented on WIRE. BidaskClub cut shares of Encore Wire from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 6th. DA Davidson raised their price target on shares of Encore Wire to $54.00 and gave the stock a “neutral” rating in a report on Friday, February 23rd. ValuEngine upgraded shares of Encore Wire from a “hold” rating to a “buy” rating in a report on Friday, March 2nd. Finally, Zacks Investment Research upgraded shares of Encore Wire from a “hold” rating to a “strong-buy” rating and set a $62.00 price target for the company in a report on Tuesday, February 27th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $58.00.
In other Encore Wire news, CFO Frank J. Bilban sold 8,924 shares of Encore Wire stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $51.52, for a total value of $459,764.48. Following the completion of the sale, the chief financial officer now directly owns 19,900 shares in the company, valued at $1,025,248. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Matthew D. Ford sold 2,500 shares of Encore Wire stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $52.45, for a total transaction of $131,125.00. Following the completion of the sale, the insider now owns 4,000 shares of the company’s stock, valued at $209,800. The disclosure for this sale can be found here. Insiders sold 11,524 shares of company stock valued at $596,039 over the last quarter. Corporate insiders own 3.68% of the company’s stock.
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Encore Wire Company Profile
Encore Wire Corporation manufactures and sells electrical building wire and cable products for interior electrical wiring in the United States. Its products include NM-B cable for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2, metal-clad, and armored cables for use primarily as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; and other types of wire products.
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