Heartland Advisors Inc. Has $11.93 Million Holdings in Encore Wire Co. (WIRE)
Heartland Advisors Inc. cut its stake in Encore Wire Co. (NASDAQ:WIRE) by 11.7% in the 4th quarter, HoldingsChannel reports. The fund owned 245,264 shares of the electronics maker’s stock after selling 32,344 shares during the quarter. Heartland Advisors Inc.’s holdings in Encore Wire were worth $11,932,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Janus Henderson Group PLC bought a new stake in shares of Encore Wire during the 2nd quarter valued at about $40,287,000. Dean Investment Associates LLC acquired a new position in Encore Wire in the 3rd quarter valued at about $3,473,000. Lyon Street Capital LLC purchased a new stake in shares of Encore Wire in the 3rd quarter valued at approximately $3,390,000. Vanguard Group Inc. raised its stake in shares of Encore Wire by 2.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,833,564 shares of the electronics maker’s stock valued at $78,294,000 after acquiring an additional 50,586 shares during the period. Finally, James Investment Research Inc. purchased a new stake in shares of Encore Wire in the 4th quarter valued at approximately $2,052,000. 88.89% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have recently issued reports on WIRE. Zacks Investment Research raised shares of Encore Wire from a “sell” rating to a “hold” rating in a research note on Thursday, October 5th. Sidoti upgraded Encore Wire from a “neutral” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Wednesday, December 6th. TheStreet upgraded Encore Wire from a “c+” rating to a “b” rating in a report on Monday, October 23rd. Finally, BidaskClub upgraded Encore Wire from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 27th.
Shares of Encore Wire Co. (NASDAQ WIRE) traded down $0.85 during mid-day trading on Friday, hitting $50.50. The stock had a trading volume of 15,758 shares, compared to its average volume of 66,411. The company has a market capitalization of $1,053.25 and a PE ratio of 21.49. Encore Wire Co. has a 12 month low of $37.30 and a 12 month high of $52.65.
Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings results on Tuesday, October 31st. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.12. The business had revenue of $292.00 million for the quarter, compared to analysts’ expectations of $279.60 million. Encore Wire had a return on equity of 8.42% and a net margin of 4.53%. The firm’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.29 earnings per share. sell-side analysts anticipate that Encore Wire Co. will post 2.32 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, January 19th. Investors of record on Friday, January 5th were issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.16%. The ex-dividend date was Thursday, January 4th. Encore Wire’s dividend payout ratio is 3.35%.
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Encore Wire 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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