Encore Wire (NASDAQ:WIRE) Sees Unusually-High Trading Volume

Encore Wire Co. (NASDAQ:WIRE) shares saw unusually-strong trading volume on Tuesday . Approximately 178,114 shares were traded during trading, a decline of 18% from the previous session’s volume of 218,442 shares.The stock last traded at $289.66 and had previously closed at $291.23.

Wall Street Analyst Weigh In

Several equities analysts recently commented on WIRE shares. DA Davidson downgraded shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price objective for the company. in a research note on Tuesday. StockNews.com cut Encore Wire from a “buy” rating to a “hold” rating in a research note on Friday, March 22nd. Finally, Sidoti restated a “neutral” rating and set a $290.00 price objective on shares of Encore Wire in a research report on Tuesday.

Encore Wire Stock Performance

The stock’s fifty day simple moving average is $242.95 and its two-hundred day simple moving average is $214.48. The stock has a market capitalization of $4.53 billion, a P/E ratio of 13.40 and a beta of 1.31.

Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings data on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.05. The business had revenue of $633.78 million during the quarter, compared to the consensus estimate of $601.48 million. Encore Wire had a return on equity of 20.92% and a net margin of 14.50%. Encore Wire’s quarterly revenue was down 8.7% on a year-over-year basis. During the same period in the prior year, the business posted $8.28 earnings per share. As a group, analysts expect that Encore Wire Co. will post 16.52 earnings per share for the current fiscal year.

Encore Wire Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 19th. Investors of record on Friday, April 5th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.03%. The ex-dividend date of this dividend is Thursday, April 4th. Encore Wire’s dividend payout ratio is currently 0.37%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. First Dallas Securities Inc. boosted its stake in shares of Encore Wire by 4.1% in the 1st quarter. First Dallas Securities Inc. now owns 38,344 shares of the electronics maker’s stock valued at $10,076,000 after purchasing an additional 1,520 shares during the last quarter. Touchstone Capital Inc. acquired a new stake in Encore Wire during the 1st quarter worth about $2,923,000. Hennessy Advisors Inc. grew its holdings in Encore Wire by 43.9% during the 1st quarter. Hennessy Advisors Inc. now owns 23,600 shares of the electronics maker’s stock worth $6,202,000 after acquiring an additional 7,200 shares during the period. Security National Bank raised its position in shares of Encore Wire by 1.4% in the 1st quarter. Security National Bank now owns 14,444 shares of the electronics maker’s stock worth $3,796,000 after acquiring an additional 194 shares in the last quarter. Finally, Banque Cantonale Vaudoise lifted its stake in shares of Encore Wire by 10.7% in the 1st quarter. Banque Cantonale Vaudoise now owns 414 shares of the electronics maker’s stock valued at $109,000 after purchasing an additional 40 shares during the period. Institutional investors own 99.82% of the company’s stock.

About Encore Wire

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.