Granite Investment Partners LLC Increases Position in Encore Wire Corporation (NASDAQ:WIRE)
Granite Investment Partners LLC boosted its stake in shares of Encore Wire Corporation (NASDAQ:WIRE) by 2.6% during the second quarter, Holdings Channel reports. The institutional investor owned 274,096 shares of the electronics maker’s stock after buying an additional 6,935 shares during the period. Granite Investment Partners LLC’s holdings in Encore Wire Corporation were worth $11,704,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the stock. LSV Asset Management purchased a new position in shares of Encore Wire Corporation during the first quarter valued at about $101,000. State of Alaska Department of Revenue raised its position in shares of Encore Wire Corporation by 2.2% in the first quarter. State of Alaska Department of Revenue now owns 2,290 shares of the electronics maker’s stock valued at $105,000 after buying an additional 50 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Encore Wire Corporation by 3.5% in the first quarter. BNP Paribas Arbitrage SA now owns 4,201 shares of the electronics maker’s stock valued at $193,000 after buying an additional 143 shares in the last quarter. Trexquant Investment LP purchased a new position in shares of Encore Wire Corporation during the first quarter valued at about $213,000. Finally, Mason Street Advisors LLC raised its position in shares of Encore Wire Corporation by 7.1% in the first quarter. Mason Street Advisors LLC now owns 4,849 shares of the electronics maker’s stock valued at $223,000 after buying an additional 320 shares in the last quarter. Hedge funds and other institutional investors own 90.65% of the company’s stock.
Encore Wire Corporation (NASDAQ WIRE) opened at 40.70 on Thursday. The stock has a 50 day moving average price of $42.67 and a 200 day moving average price of $43.68. Encore Wire Corporation has a one year low of $33.70 and a one year high of $49.75. The firm has a market capitalization of $844.53 million, a P/E ratio of 20.15 and a beta of 2.24.
Encore Wire Corporation (NASDAQ:WIRE) last posted its earnings results on Tuesday, August 1st. The electronics maker reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by $0.06. The company had revenue of $291.50 million for the quarter, compared to the consensus estimate of $282.25 million. Encore Wire Corporation had a return on equity of 7.42% and a net margin of 4.01%. The business’s quarterly revenue was up 22.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.38 EPS. On average, equities analysts predict that Encore Wire Corporation will post $2.23 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, October 6th will be paid a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.20%. Encore Wire Corporation’s payout ratio is presently 3.98%.
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WIRE has been the topic of several research reports. Zacks Investment Research upgraded Encore Wire Corporation from a “strong sell” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Wednesday, June 14th. TheStreet lowered Encore Wire Corporation from a “b” rating to a “c+” rating in a research note on Friday, August 4th.
Encore Wire Corporation 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 manufactures 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.
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