Encore Wire Co. (WIRE) Shares Sold by Teacher Retirement System of Texas

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Teacher Retirement System of Texas reduced its stake in shares of Encore Wire Co. (NASDAQ:WIRE) by 35.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,611 shares of the electronics maker’s stock after selling 2,496 shares during the period. Teacher Retirement System of Texas’ holdings in Encore Wire were worth $261,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. First Mercantile Trust Co. increased its position in shares of Encore Wire by 96.5% during the first quarter. First Mercantile Trust Co. now owns 4,211 shares of the electronics maker’s stock worth $239,000 after acquiring an additional 2,068 shares during the period. Schwab Charles Investment Management Inc. increased its holdings in Encore Wire by 7.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 211,202 shares of the electronics maker’s stock valued at $11,976,000 after buying an additional 13,859 shares during the last quarter. Swiss National Bank increased its holdings in Encore Wire by 4.9% in the first quarter. Swiss National Bank now owns 36,233 shares of the electronics maker’s stock valued at $2,054,000 after buying an additional 1,700 shares during the last quarter. Prudential Financial Inc. boosted its stake in Encore Wire by 36.8% in the first quarter. Prudential Financial Inc. now owns 144,608 shares of the electronics maker’s stock valued at $8,199,000 after acquiring an additional 38,918 shares in the last quarter. Finally, Granite Investment Partners LLC boosted its stake in Encore Wire by 24.6% in the first quarter. Granite Investment Partners LLC now owns 330,617 shares of the electronics maker’s stock valued at $18,746,000 after acquiring an additional 65,192 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Encore Wire opened at $47.45 on Friday, MarketBeat Ratings reports. Encore Wire Co. has a twelve month low of $37.30 and a twelve month high of $58.70. The firm has a market cap of $989.05 million, a P/E ratio of 19.06, a price-to-earnings-growth ratio of 1.68 and a beta of 1.99.

Encore Wire (NASDAQ:WIRE) last released its earnings results on Wednesday, May 2nd. The electronics maker reported $0.54 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.13). Encore Wire had a return on equity of 8.34% and a net margin of 5.50%. The company had revenue of $291.40 million during the quarter, compared to the consensus estimate of $321.65 million. During the same period in the previous year, the firm posted $0.65 EPS. Encore Wire’s revenue for the quarter was up 4.3% on a year-over-year basis. research analysts forecast that Encore Wire Co. will post 2.82 earnings per share for the current fiscal year.

The company also recently announced a dividend, which will be paid on Friday, July 20th. Shareholders of record on Friday, July 6th will be paid a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, July 5th. Encore Wire’s payout ratio is 3.07%.

WIRE has been the subject of several recent research reports. BidaskClub upgraded shares of Encore Wire from a “hold” rating to a “buy” rating in a research note on Thursday, March 15th. ValuEngine raised shares of Encore Wire from a “hold” rating to a “buy” rating in a report on Friday, March 2nd. DA Davidson raised shares of Encore Wire from a “neutral” rating to a “buy” rating in a research note on Wednesday, May 2nd. Finally, Zacks Investment Research cut shares of Encore Wire from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 26th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $58.00.

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.

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

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