Encore Wire (NASDAQ:WIRE) Sees Strong Trading Volume

Shares of Encore Wire Co. (NASDAQ:WIRE) saw unusually-strong trading volume on Tuesday . Approximately 178,114 shares traded hands during mid-day trading, a decline of 18% from the previous session’s volume of 218,442 shares.The stock last traded at $289.66 and had previously closed at $291.23.

Analysts Set New Price Targets

A number of equities analysts recently commented on WIRE shares. DA Davidson cut shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price target for the company. in a research note on Tuesday. Sidoti restated a “neutral” rating and set a $290.00 target price on shares of Encore Wire in a research report on Tuesday. Finally, StockNews.com downgraded Encore Wire from a “buy” rating to a “hold” rating in a report on Friday, March 22nd.

Encore Wire Trading Down 0.9 %

The company’s 50 day moving average is $242.95 and its 200 day moving average is $214.48. The company has a market cap of $4.53 billion, a PE ratio of 13.40 and a beta of 1.31.

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

Encore Wire Announces Dividend

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

Hedge Funds Weigh In On Encore Wire

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its position in Encore Wire by 0.9% during the 1st quarter. BlackRock Inc. now owns 3,124,572 shares of the electronics maker’s stock valued at $356,420,000 after purchasing an additional 28,777 shares during the period. Vanguard Group Inc. increased its holdings in Encore Wire by 1.4% during the first quarter. Vanguard Group Inc. now owns 2,239,317 shares of the electronics maker’s stock valued at $255,439,000 after buying an additional 30,523 shares during the period. Dimensional Fund Advisors LP raised its stake in Encore Wire by 1.6% in the first 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 in the last quarter. State Street Corp lifted its holdings in Encore Wire by 0.8% during the second quarter. State Street Corp now owns 678,341 shares of the electronics maker’s stock worth $70,506,000 after buying an additional 5,631 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in Encore Wire by 1,243.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 618,565 shares of the electronics maker’s stock valued at $7,788,000 after acquiring an additional 572,539 shares in the last quarter. Hedge funds and other institutional investors own 99.82% of the company’s stock.

About Encore Wire

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.