Metropolitan Life Insurance Co. NY cut its holdings in Encore Wire Co. (NASDAQ:WIRE) by 53.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 6,505 shares of the electronics maker’s stock after selling 7,547 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Encore Wire were worth $316,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Encore Wire in the 4th quarter valued at about $206,000. Algert Global LLC acquired a new position in shares of Encore Wire in the 4th quarter valued at about $231,000. Ellington Management Group LLC acquired a new position in shares of Encore Wire in the 4th quarter valued at about $243,000. Capital Fund Management S.A. acquired a new position in shares of Encore Wire in the 4th quarter valued at about $268,000. Finally, Stone Ridge Asset Management LLC acquired a new position in shares of Encore Wire in the 4th quarter valued at about $304,000. 88.87% of the stock is owned by institutional investors and hedge funds.
Encore Wire stock opened at $56.35 on Friday. The stock has a market cap of $1,176.65, a price-to-earnings ratio of 21.59, a PEG ratio of 1.90 and a beta of 2.00. Encore Wire Co. has a 52-week low of $37.30 and a 52-week high of $58.70.
Encore Wire (NASDAQ:WIRE) last posted its earnings results on Tuesday, February 20th. The electronics maker reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.28. The firm had revenue of $301.29 million during the quarter, compared to analyst estimates of $279.70 million. Encore Wire had a net margin of 5.76% and a return on equity of 8.94%. Encore Wire’s revenue was up 25.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.55 EPS. equities research analysts predict that Encore Wire Co. will post 2.97 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 20th. Shareholders of record on Friday, April 6th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 5th. Encore Wire’s payout ratio is 3.07%.
WIRE has been the subject of several research reports. BidaskClub raised shares of Encore Wire from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 27th. ValuEngine raised shares of Encore Wire from a “hold” rating to a “buy” rating in a report on Friday, March 2nd. Zacks Investment Research raised shares of Encore Wire from a “hold” rating to a “strong-buy” rating and set a $62.00 price target for the company in a report on Tuesday, February 27th. Finally, DA Davidson boosted their target price on shares of Encore Wire to $54.00 and gave the company a “neutral” rating in a research note on Friday, February 23rd. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $58.00.
In other Encore Wire news, insider Matthew D. Ford sold 2,500 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $52.45, for a total transaction of $131,125.00. Following the completion of the transaction, the insider now directly owns 4,000 shares of the company’s stock, valued at approximately $209,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.79% of the company’s stock.
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Encore Wire Company Profile
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.
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