Encore Wire Co. (NASDAQ:WIRE) was the target of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 279,500 shares, a decrease of 5.5% from the June 30th total of 295,800 shares. Based on an average daily trading volume, of 71,300 shares, the days-to-cover ratio is currently 3.9 days. Approximately 1.4% of the shares of the stock are short sold.

Shares of WIRE stock opened at $54.31 on Friday. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 1.58 and a beta of 1.49. The stock has a 50 day simple moving average of $55.42 and a 200-day simple moving average of $56.11. Encore Wire has a 1-year low of $40.96 and a 1-year high of $61.68.

Encore Wire (NASDAQ:WIRE) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.85 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.03). Encore Wire had a return on equity of 11.01% and a net margin of 6.09%. The business had revenue of $336.87 million for the quarter, compared to analyst estimates of $330.42 million. During the same period in the previous year, the company earned $0.86 earnings per share. The company’s quarterly revenue was up .0% compared to the same quarter last year. On average, research analysts forecast that Encore Wire will post 3.37 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Friday, October 4th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, October 3rd. Encore Wire’s payout ratio is 2.14%.

Several research analysts have recently weighed in on the company. Zacks Investment Research downgraded Encore Wire from a “hold” rating to a “sell” rating in a research note on Saturday, July 27th. Sidoti raised Encore Wire from a “neutral” rating to a “buy” rating in a research note on Monday, June 3rd. Finally, BidaskClub downgraded Encore Wire from a “buy” rating to a “hold” rating in a research note on Thursday, July 4th.

Institutional investors and hedge funds have recently modified their holdings of the stock. American Century Companies Inc. purchased a new stake in shares of Encore Wire during the fourth quarter worth approximately $1,358,000. GYL Financial Synergies LLC purchased a new stake in shares of Encore Wire during the first quarter worth approximately $647,000. Great West Life Assurance Co. Can increased its position in shares of Encore Wire by 3.8% during the first quarter. Great West Life Assurance Co. Can now owns 27,708 shares of the electronics maker’s stock worth $1,585,000 after purchasing an additional 1,017 shares in the last quarter. New Amsterdam Partners LLC NY increased its position in shares of Encore Wire by 39.7% during the first quarter. New Amsterdam Partners LLC NY now owns 30,947 shares of the electronics maker’s stock worth $1,771,000 after purchasing an additional 8,792 shares in the last quarter. Finally, Comerica Bank increased its position in shares of Encore Wire by 2.3% during the first quarter. Comerica Bank now owns 20,641 shares of the electronics maker’s stock worth $1,227,000 after purchasing an additional 471 shares in the last quarter. Hedge funds and other institutional investors own 88.59% of the company’s stock.

Encore Wire Company Profile

Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. Its products include NM-B cables for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2, metal-clad, and armored cables for use primarily as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; and other types of wire products.

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