Assenagon Asset Management S.A. Lowers Holdings in Encore Wire Co. (NASDAQ:WIRE)

Assenagon Asset Management S.A. trimmed its holdings in Encore Wire Co. (NASDAQ:WIREFree Report) by 15.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,982 shares of the electronics maker’s stock after selling 1,762 shares during the quarter. Assenagon Asset Management S.A. owned 0.06% of Encore Wire worth $2,132,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Dark Forest Capital Management LP acquired a new position in shares of Encore Wire in the first quarter worth about $66,000. IFP Advisors Inc raised its position in shares of Encore Wire by 231.5% in the second quarter. IFP Advisors Inc now owns 358 shares of the electronics maker’s stock worth $67,000 after acquiring an additional 250 shares during the period. Beaird Harris Wealth Management LLC acquired a new position in shares of Encore Wire in the third quarter worth about $91,000. Delos Wealth Advisors LLC acquired a new position in shares of Encore Wire in the second quarter worth about $105,000. Finally, Fortis Capital Advisors LLC acquired a new position in shares of Encore Wire in the fourth quarter worth about $121,000. 99.82% of the stock is owned by hedge funds and other institutional investors.

Encore Wire Stock Up 1.9 %

WIRE opened at $267.30 on Thursday. Encore Wire Co. has a twelve month low of $138.20 and a twelve month high of $269.06. The company has a 50-day moving average price of $233.92 and a 200 day moving average price of $207.99. The company has a market cap of $4.22 billion, a PE ratio of 12.47 and a beta of 1.31.

Encore Wire (NASDAQ:WIREGet Free Report) last released its quarterly earnings results on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.05. Encore Wire had a net margin of 14.50% and a return on equity of 20.92%. The firm had revenue of $633.78 million during the quarter, compared to the consensus estimate of $601.48 million. During the same quarter in the prior year, the firm earned $8.28 EPS. The company’s revenue for the quarter was down 8.7% on a year-over-year basis. As a group, sell-side analysts expect that Encore Wire Co. will post 16.52 earnings per share for the current year.

Encore Wire Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 19th. Investors of record on Friday, April 5th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, April 4th. This represents a $0.08 annualized dividend and a dividend yield of 0.03%. Encore Wire’s dividend payout ratio (DPR) is presently 0.37%.

Wall Street Analyst Weigh In

Separately, downgraded shares of Encore Wire from a “buy” rating to a “hold” rating in a research report on Friday, March 22nd.

Get Our Latest Stock Analysis on WIRE

About Encore Wire

(Free Report)

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.

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Institutional Ownership by Quarter for Encore Wire (NASDAQ:WIRE)

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