Guidance Capital Inc. Cuts Stock Holdings in Encore Wire Co. (NASDAQ:WIRE)

Guidance Capital Inc. lessened its holdings in Encore Wire Co. (NASDAQ:WIRE) by 9.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,299 shares of the electronics maker’s stock after selling 143 shares during the quarter. Guidance Capital Inc.’s holdings in Encore Wire were worth $378,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WIRE. Norges Bank purchased a new stake in shares of Encore Wire in the fourth quarter valued at approximately $20,223,000. Pacer Advisors Inc. lifted its holdings in Encore Wire by 10.7% in the fourth quarter. Pacer Advisors Inc. now owns 472,555 shares of the electronics maker’s stock valued at $100,938,000 after acquiring an additional 45,863 shares during the period. Ogborne Capital Management LLC purchased a new stake in shares of Encore Wire during the 4th quarter worth $8,278,000. American Century Companies Inc. grew its stake in shares of Encore Wire by 7.7% during the 3rd quarter. American Century Companies Inc. now owns 310,950 shares of the electronics maker’s stock worth $56,736,000 after purchasing an additional 22,235 shares during the period. Finally, Hennessy Advisors Inc. purchased a new position in shares of Encore Wire in the 4th quarter valued at about $3,503,000. Institutional investors and hedge funds own 99.82% of the company’s stock.

Analyst Upgrades and Downgrades

WIRE has been the topic of a number of research analyst reports. CJS Securities reissued a “market perform” rating on shares of Encore Wire in a report on Friday, April 19th. StockNews.com initiated coverage on Encore Wire in a research note on Friday. They set a “hold” rating on the stock. DA Davidson downgraded Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price objective for the company. in a research note on Tuesday, April 16th. Finally, Sidoti reaffirmed a “neutral” rating and set a $290.00 price objective on shares of Encore Wire in a report on Tuesday, April 16th.

Encore Wire Price Performance

WIRE traded up $0.08 during midday trading on Friday, reaching $289.83. 1,234,273 shares of the company’s stock were exchanged, compared to its average volume of 495,271. Encore Wire Co. has a 1-year low of $150.51 and a 1-year high of $295.90. The stock has a market capitalization of $4.58 billion, a PE ratio of 15.38 and a beta of 1.23. The business’s 50-day moving average price is $284.68 and its 200 day moving average price is $250.66.

Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings data on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share for the quarter, topping analysts’ consensus estimates of $3.65 by $0.27. Encore Wire had a net margin of 12.45% and a return on equity of 17.77%. The business had revenue of $632.66 million during the quarter, compared to analysts’ expectations of $579.64 million. During the same period last year, the company posted $6.50 EPS. The company’s revenue was down 4.2% on a year-over-year basis. As a group, analysts expect that Encore Wire Co. will post 21.24 EPS for the current fiscal year.

Encore Wire Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 19th. Stockholders of record on Friday, July 5th will be given a $0.02 dividend. The ex-dividend date of this dividend is Friday, July 5th. This represents a $0.08 annualized dividend and a dividend yield of 0.03%. Encore Wire’s dividend payout ratio is currently 0.42%.

Encore Wire 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.