California State Teachers Retirement System Sells 1,704 Shares of Encore Wire Corp. (WIRE)
California State Teachers Retirement System lowered its stake in shares of Encore Wire Corp. (NASDAQ:WIRE) by 3.9% during the second quarter, Holdings Channel reports. The fund owned 42,401 shares of the company’s stock after selling 1,704 shares during the period. California State Teachers Retirement System owned about 0.20% of Encore Wire Corp. worth $1,581,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its stake in Encore Wire Corp. by 588.1% in the first quarter. Renaissance Technologies LLC now owns 64,937 shares of the company’s stock worth $2,528,000 after buying an additional 55,500 shares during the last quarter. BlackRock Fund Advisors raised its stake in Encore Wire Corp. by 1.0% in the first quarter. BlackRock Fund Advisors now owns 1,305,390 shares of the company’s stock worth $50,819,000 after buying an additional 12,936 shares during the last quarter. Prudential Financial Inc. raised its stake in Encore Wire Corp. by 22.1% in the first quarter. Prudential Financial Inc. now owns 62,482 shares of the company’s stock worth $2,432,000 after buying an additional 11,300 shares during the last quarter. Alpha Windward LLC acquired a new stake in Encore Wire Corp. during the second quarter worth $405,000. Finally, Franklin Resources Inc. raised its stake in Encore Wire Corp. by 1.9% in the first quarter. Franklin Resources Inc. now owns 547,400 shares of the company’s stock worth $21,310,000 after buying an additional 10,000 shares during the last quarter. Institutional investors own 89.45% of the company’s stock.
Encore Wire Corp. (NASDAQ:WIRE) traded down 0.28% during trading on Monday, hitting $35.24. The stock had a trading volume of 121,783 shares. The company has a market cap of $729.33 million, a P/E ratio of 17.45 and a beta of 1.98. The firm has a 50 day moving average of $37.72 and a 200-day moving average of $38.46. Encore Wire Corp. has a one year low of $30.34 and a one year high of $44.95.
Encore Wire Corp. (NASDAQ:WIRE) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.19. The business had revenue of $238.80 million for the quarter, compared to analyst estimates of $241.88 million. Encore Wire Corp. had a return on equity of 7.73% and a net margin of 4.28%. The company’s revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.54 earnings per share. Equities analysts anticipate that Encore Wire Corp. will post $2.01 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Friday, October 7th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.08 annualized dividend and a dividend yield of 0.23%. Encore Wire Corp.’s dividend payout ratio is currently 3.96%.
A number of research firms have weighed in on WIRE. DA Davidson reiterated a “hold” rating on shares of Encore Wire Corp. in a research note on Monday. Singular Research began coverage on Encore Wire Corp. in a research note on Tuesday, May 31st. They issued a “buy” rating and a $47.00 target price on the stock. Zacks Investment Research lowered Encore Wire Corp. from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 3rd. Finally, Sidoti lowered Encore Wire Corp. from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $46.00 to $44.00 in a research note on Thursday, July 28th.
Encore Wire Corp. Company Profile
Encore Wire Corporation is a manufacturer of electrical building wire and cable. The Company is a supplier of building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments and manufactured housing. The Company operates in the manufacture of electric building wire, principally NM-B cable, for use primarily as interior wiring in homes, apartments, and manufactured housing, and THHN/THWN-2 cable and metal-clad and armored cable for use primarily as wiring in commercial and industrial buildings segment.
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