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

Victory Capital Management Inc. lowered its stake in Encore Wire Co. (NASDAQ:WIRE) by 12.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 835,888 shares of the electronics maker’s stock after selling 118,539 shares during the period. Victory Capital Management Inc.’s holdings in Encore Wire were worth $48,966,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC purchased a new position in Encore Wire in the second quarter worth about $29,000. Bremer Bank National Association purchased a new position in Encore Wire in the first quarter worth about $36,000. Advisor Group Inc. grew its position in Encore Wire by 133.6% in the second quarter. Advisor Group Inc. now owns 2,782 shares of the electronics maker’s stock worth $163,000 after acquiring an additional 1,591 shares in the last quarter. Bowling Portfolio Management LLC purchased a new position in Encore Wire in the second quarter worth about $242,000. Finally, Capital Fund Management S.A. purchased a new position in Encore Wire in the second quarter worth about $252,000. Institutional investors own 88.91% of the company’s stock.

Shares of NASDAQ:WIRE traded up $0.87 during trading hours on Wednesday, hitting $57.26. 45,229 shares of the company’s stock traded hands, compared to its average volume of 82,340. Encore Wire Co. has a 1 year low of $40.96 and a 1 year high of $61.68. The business has a fifty day moving average price of $55.06 and a 200-day moving average price of $55.94. The firm has a market capitalization of $1.18 billion, a P/E ratio of 15.31, a price-to-earnings-growth ratio of 1.66 and a beta of 1.51.

Encore Wire (NASDAQ:WIRE) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.85 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.03). Encore Wire had a net margin of 6.09% and a return on equity of 11.01%. The business had revenue of $336.87 million for the quarter, compared to analysts’ expectations of $330.42 million. During the same quarter last year, the firm earned $0.86 EPS. The firm’s quarterly revenue was up .0% on a year-over-year basis. On average, analysts predict that Encore Wire Co. will post 3.37 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Friday, October 4th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.08 annualized dividend and a dividend yield of 0.14%. Encore Wire’s dividend payout ratio (DPR) is presently 2.14%.

In other Encore Wire news, insider Matthew D. Ford sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $60.00, for a total transaction of $180,000.00. Following the completion of the transaction, the insider now owns 14,500 shares in the company, valued at $870,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.99% of the stock is owned by insiders.

Several research analysts have issued reports on the company. BidaskClub lowered Encore Wire from a “buy” rating to a “hold” rating in a research report on Saturday. Zacks Investment Research lowered Encore Wire from a “hold” rating to a “sell” rating in a research report on Saturday, July 27th. Finally, Sidoti upgraded Encore Wire from a “neutral” rating to a “buy” rating in a research report on Monday, June 3rd.

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, 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.

Featured Story: Total Return

Want to see what other hedge funds are holding WIRE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Encore Wire Co. (NASDAQ:WIRE).

Institutional Ownership by Quarter for Encore Wire (NASDAQ:WIRE)

Receive News & Ratings for Encore Wire Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Encore Wire and related companies with MarketBeat.com's FREE daily email newsletter.