EntryPoint Capital LLC Takes Position in Encore Wire Co. (NASDAQ:WIRE)

EntryPoint Capital LLC purchased a new position in shares of Encore Wire Co. (NASDAQ:WIRE) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 459 shares of the electronics maker’s stock, valued at approximately $121,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. First Trust Advisors LP increased its holdings in Encore Wire by 9.3% during the 4th quarter. First Trust Advisors LP now owns 133,841 shares of the electronics maker’s stock worth $28,588,000 after purchasing an additional 11,405 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Encore Wire in the 1st quarter valued at approximately $24,993,000. Norges Bank bought a new stake in shares of Encore Wire in the 4th quarter valued at approximately $20,223,000. Principal Financial Group Inc. increased its holdings in shares of Encore Wire by 1.1% in the 1st quarter. Principal Financial Group Inc. now owns 91,697 shares of the electronics maker’s stock valued at $24,096,000 after acquiring an additional 993 shares during the last quarter. Finally, Stifel Financial Corp increased its holdings in shares of Encore Wire by 12.4% in the 4th quarter. Stifel Financial Corp now owns 83,157 shares of the electronics maker’s stock valued at $17,762,000 after acquiring an additional 9,142 shares during the last quarter. 99.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on WIRE shares. StockNews.com started coverage on Encore Wire in a report on Monday. They issued a “hold” rating for the company. CJS Securities restated a “market perform” rating on shares of Encore Wire in a research note on Friday, April 19th. 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 restated a “neutral” rating and set a $290.00 price objective on shares of Encore Wire in a research note on Tuesday, April 16th.

Encore Wire Stock Performance

WIRE remained flat at $289.84 during trading on Friday. The company had a trading volume of 266 shares, compared to its average volume of 318,575. Encore Wire Co. has a 52-week low of $150.51 and a 52-week high of $295.90. The business’s 50 day moving average price is $287.71 and its 200 day moving average price is $260.44. The firm has a market capitalization of $4.58 billion, a PE ratio of 15.38 and a beta of 1.19.

Encore Wire (NASDAQ:WIRE) last released its quarterly earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.65 by $0.27. Encore Wire had a return on equity of 17.77% and a net margin of 12.45%. The company had revenue of $632.66 million during the quarter, compared to analysts’ expectations of $579.64 million. During the same quarter in the prior year, the business posted $6.50 earnings per share. The company’s revenue for the quarter was down 4.2% compared to the same quarter last year. On average, analysts forecast that Encore Wire Co. will post 21.24 earnings per share for the current year.

Encore Wire Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 19th. Stockholders of record on Friday, July 5th were paid a $0.02 dividend. The ex-dividend date was Friday, July 5th. This represents a $0.08 annualized dividend and a dividend yield of 0.03%. Encore Wire’s payout ratio is 0.42%.

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.