Encore Wire Co. (NASDAQ:WIRE) Plans Quarterly Dividend of $0.02

Encore Wire Co. (NASDAQ:WIREGet Free Report) declared a quarterly dividend on Thursday, February 15th, Zacks reports. Investors of record on Friday, April 5th will be paid a dividend of 0.02 per share by the electronics maker on Friday, April 19th. This represents a $0.08 annualized dividend and a dividend yield of 0.03%. The ex-dividend date is Thursday, April 4th.

Encore Wire has a payout ratio of 0.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Encore Wire to earn $17.59 per share next year, which means the company should continue to be able to cover its $0.08 annual dividend with an expected future payout ratio of 0.5%.

Encore Wire Price Performance

Shares of NASDAQ WIRE opened at $262.42 on Wednesday. The stock has a market capitalization of $4.14 billion, a P/E ratio of 12.25 and a beta of 1.31. Encore Wire has a 1 year low of $138.20 and a 1 year high of $267.64. The company’s 50-day moving average is $232.90 and its 200 day moving average is $207.57.

Encore Wire (NASDAQ:WIREGet Free Report) last announced its quarterly earnings data on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share 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 analysts’ expectations of $601.48 million. Encore Wire had a net margin of 14.50% and a return on equity of 20.92%. The business’s revenue was down 8.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $8.28 earnings per share. Research analysts anticipate that Encore Wire will post 16.52 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of Encore Wire from a “buy” rating to a “hold” rating in a research note on Friday, March 22nd.

Get Our Latest Research Report on WIRE

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in Encore Wire by 8.7% during the first quarter. JPMorgan Chase & Co. now owns 118,038 shares of the electronics maker’s stock valued at $13,463,000 after purchasing an additional 9,457 shares during the period. Raymond James & Associates lifted its position in Encore Wire by 132.2% during the first quarter. Raymond James & Associates now owns 19,387 shares of the electronics maker’s stock valued at $2,211,000 after purchasing an additional 11,038 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in Encore Wire by 13.9% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 10,015 shares of the electronics maker’s stock valued at $1,142,000 after purchasing an additional 1,220 shares during the period. Bank of New York Mellon Corp lifted its position in Encore Wire by 2.0% during the first quarter. Bank of New York Mellon Corp now owns 247,999 shares of the electronics maker’s stock valued at $28,290,000 after purchasing an additional 4,835 shares during the period. Finally, Citigroup Inc. lifted its position in Encore Wire by 6.3% during the first quarter. Citigroup Inc. now owns 18,996 shares of the electronics maker’s stock valued at $2,167,000 after purchasing an additional 1,123 shares during the period. Institutional investors own 99.82% of the company’s stock.

Encore Wire Company Profile

(Get Free Report)

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.

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Dividend History for Encore Wire (NASDAQ:WIRE)

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