Encore Wire Co. (WIRE) Stake Lessened by Dimensional Fund Advisors LP
Dimensional Fund Advisors LP cut its holdings in Encore Wire Co. (NASDAQ:WIRE) by 0.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,749,234 shares of the electronics maker’s stock after selling 4,775 shares during the period. Dimensional Fund Advisors LP owned about 0.08% of Encore Wire worth $83,001,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in Encore Wire in the first quarter valued at approximately $158,000. Cubist Systematic Strategies LLC purchased a new position in Encore Wire in the first quarter valued at approximately $203,000. Element Capital Management LLC purchased a new position in Encore Wire in the first quarter valued at approximately $216,000. First Mercantile Trust Co. lifted its stake in Encore Wire by 96.5% in the first quarter. First Mercantile Trust Co. now owns 4,211 shares of the electronics maker’s stock valued at $239,000 after purchasing an additional 2,068 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new position in Encore Wire in the second quarter valued at approximately $208,000. 88.20% of the stock is owned by institutional investors.
Several equities analysts recently commented on the company. Zacks Investment Research upgraded Encore Wire from a “sell” rating to a “hold” rating in a research note on Friday, August 10th. BidaskClub upgraded Encore Wire from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 8th. Finally, DA Davidson set a $60.00 price objective on Encore Wire and gave the company a “buy” rating in a research note on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $60.00.
Encore Wire (NASDAQ:WIRE) last posted its earnings results on Wednesday, August 1st. The electronics maker reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.23. The firm had revenue of $336.79 million for the quarter, compared to the consensus estimate of $336.08 million. Encore Wire had a return on equity of 9.21% and a net margin of 5.89%. sell-side analysts forecast that Encore Wire Co. will post 2.76 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 19th. Shareholders of record on Friday, October 5th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $0.08 annualized dividend and a dividend yield of 0.15%. Encore Wire’s dividend payout ratio is currently 3.07%.
About Encore Wire
Encore Wire Corporation manufactures and sells electrical building wire and cable products for interior electrical wiring in the United States. Its products include NM-B cable 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.
Further Reading: Market Capitalization
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