Encore Wire Corp. (WIRE) Sees Unusually-High Trading Volume
Shares of Encore Wire Corp. (NASDAQ:WIRE) saw unusually-strong trading volume on Wednesday . Approximately 86,162 shares changed hands during trading, a decline of 19% from the previous session’s volume of 106,228 shares.The stock last traded at $40.41 and had previously closed at $40.11.
Several research analysts recently commented on WIRE shares. Zacks Investment Research downgraded shares of Encore Wire Corp. from a “hold” rating to a “sell” rating in a report on Thursday, March 17th. Singular Research started coverage on shares of Encore Wire Corp. in a report on Tuesday, May 31st. They issued a “buy” rating and a $47.00 price objective for the company.
The firm has a market capitalization of $840.34 million and a P/E ratio of 18.63. The company has a 50-day moving average of $38.40 and a 200-day moving average of $37.43.
Encore Wire Corp. (NASDAQ:WIRE) last posted its quarterly earnings data on Wednesday, April 27th. The company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.53 by $0.12. The company had revenue of $225.50 million for the quarter, compared to analyst estimates of $232.72 million. Encore Wire Corp.’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.52 earnings per share. On average, analysts predict that Encore Wire Corp. will post $2.38 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Friday, July 1st will be issued a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, June 29th. This represents a $0.08 annualized dividend and a yield of 0.20%.
A number of hedge funds and institutional investors have recently modified their holdings of the company. GSA Capital Partners LLP boosted its position in shares of Encore Wire Corp. by 299.6% in the fourth quarter. GSA Capital Partners LLP now owns 27,694 shares of the company’s stock valued at $1,027,000 after buying an additional 20,764 shares during the period. Rhumbline Advisers boosted its position in shares of Encore Wire Corp. by 4.8% in the fourth quarter. Rhumbline Advisers now owns 34,026 shares of the company’s stock valued at $1,262,000 after buying an additional 1,570 shares during the period. California State Teachers Retirement System boosted its position in shares of Encore Wire Corp. by 1.7% in the fourth quarter. California State Teachers Retirement System now owns 38,415 shares of the company’s stock valued at $1,425,000 after buying an additional 636 shares during the period. Morgan Stanley boosted its position in shares of Encore Wire Corp. by 37.4% in the fourth quarter. Morgan Stanley now owns 69,561 shares of the company’s stock valued at $2,580,000 after buying an additional 18,945 shares during the period. Finally, Baker Chad R purchased a new position in shares of Encore Wire Corp. during the fourth quarter valued at about $3,260,000.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.