Encore Wire Co. (NASDAQ:WIRE) is Hodges Capital Management Inc.’s Largest Position

Hodges Capital Management Inc. trimmed its position in Encore Wire Co. (NASDAQ:WIRE) by 24.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 288,430 shares of the electronics maker’s stock after selling 92,633 shares during the quarter. Encore Wire makes up approximately 4.9% of Hodges Capital Management Inc.’s portfolio, making the stock its largest position. Hodges Capital Management Inc. owned approximately 1.83% of Encore Wire worth $75,794,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in WIRE. Norges Bank purchased a new stake in Encore Wire in the 4th quarter worth approximately $20,223,000. First Dallas Securities Inc. grew its stake in Encore Wire by 226.5% in the third quarter. First Dallas Securities Inc. now owns 97,505 shares of the electronics maker’s stock valued at $17,791,000 after purchasing an additional 67,640 shares in the last quarter. Stifel Financial Corp increased its position in Encore Wire by 501.7% in the 3rd quarter. Stifel Financial Corp now owns 74,015 shares of the electronics maker’s stock worth $13,505,000 after purchasing an additional 61,714 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Encore Wire by 10.7% during the 4th quarter. Pacer Advisors Inc. now owns 472,555 shares of the electronics maker’s stock worth $100,938,000 after purchasing an additional 45,863 shares in the last quarter. Finally, Ogborne Capital Management LLC acquired a new stake in shares of Encore Wire during the 4th quarter valued at about $8,278,000. 99.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WIRE has been the topic of several recent research reports. CJS Securities reaffirmed a “market perform” rating on shares of Encore Wire in a research report on Friday, April 19th. DA Davidson cut shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price objective for the company. in a report on Tuesday, April 16th. Sidoti restated a “neutral” rating and set a $290.00 target price on shares of Encore Wire in a report on Tuesday, April 16th. Finally, StockNews.com initiated coverage on Encore Wire in a research report on Friday. They issued a “hold” rating for the company.

Encore Wire Price Performance

NASDAQ:WIRE traded up $0.08 during midday trading on Friday, reaching $289.83. The stock had a trading volume of 1,234,273 shares, compared to its average volume of 495,271. The stock has a market capitalization of $4.58 billion, a P/E ratio of 15.38 and a beta of 1.23. Encore Wire Co. has a 1-year low of $150.51 and a 1-year high of $295.90. The firm’s fifty day simple moving average is $284.68 and its 200-day simple moving average is $250.28.

Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.65 by $0.27. Encore Wire had a return on equity of 17.77% and a net margin of 12.45%. The company had revenue of $632.66 million for the quarter, compared to the consensus estimate of $579.64 million. During the same period last year, the business posted $6.50 earnings per share. The firm’s revenue was down 4.2% compared to the same quarter last year. On average, equities research analysts anticipate that Encore Wire Co. will post 21.24 earnings per share for the current fiscal year.

Encore Wire Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 19th. Stockholders of record on Friday, July 5th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, July 5th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.03%. Encore Wire’s dividend payout ratio (DPR) is presently 0.42%.

Encore Wire Profile

Encore Wire Corporation engages in manufacture and sale of electrical building wires and cables in the United States. It offers NM-B cables, UF-B cables, THHN/THWN-2, XHHW-2, USE-2, RHH/RHW-2, and other types of wire products, including SEU, SER, photovoltaic, URD, tray cables, metal-clads, and armored cables.