Encore Wire (NASDAQ:WIRE) Hits New 12-Month High at $250.00

Encore Wire Co. (NASDAQ:WIRE)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $250.00 and last traded at $249.05, with a volume of 9210 shares trading hands. The stock had previously closed at $245.03.

Wall Street Analyst Weigh In

Separately, StockNews.com cut Encore Wire from a “buy” rating to a “hold” rating in a research report on Friday, March 22nd.

Encore Wire Trading Up 1.7 %

The stock has a market capitalization of $4.00 billion, a price-to-earnings ratio of 11.81 and a beta of 1.30. The stock has a 50-day moving average price of $228.94 and a 200 day moving average price of $204.68.

Encore Wire (NASDAQ:WIRE) last posted its earnings results on Wednesday, February 14th. The electronics maker reported $4.10 EPS for the quarter, beating analysts’ consensus estimates of $4.05 by $0.05. Encore Wire had a return on equity of 20.92% and a net margin of 14.50%. The firm had revenue of $633.78 million for the quarter, compared to analysts’ expectations of $601.48 million. During the same period last year, the firm earned $8.28 EPS. The company’s quarterly revenue was down 8.7% on a year-over-year basis. Equities research analysts anticipate that Encore Wire Co. will post 16.52 earnings per share for the current year.

Encore Wire Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 19th. Investors of record on Friday, April 5th will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.03%. The ex-dividend date is Thursday, April 4th. Encore Wire’s payout ratio is 0.37%.

Institutional Investors Weigh In On Encore Wire

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in Encore Wire by 0.9% in the 1st quarter. BlackRock Inc. now owns 3,124,572 shares of the electronics maker’s stock worth $356,420,000 after buying an additional 28,777 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Encore Wire by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 2,239,317 shares of the electronics maker’s stock worth $255,439,000 after buying an additional 30,523 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Encore Wire by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,526,095 shares of the electronics maker’s stock worth $174,086,000 after buying an additional 23,364 shares during the last quarter. State Street Corp lifted its stake in Encore Wire by 0.8% in the 2nd quarter. State Street Corp now owns 678,341 shares of the electronics maker’s stock worth $70,506,000 after purchasing an additional 5,631 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in Encore Wire by 1,243.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 618,565 shares of the electronics maker’s stock worth $7,788,000 after purchasing an additional 572,539 shares in the last quarter. 99.82% of the stock is currently owned by institutional investors and hedge funds.

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.