Aigen Investment Management LP Lowers Stock Holdings in Encore Wire Co. (NASDAQ:WIRE)

Aigen Investment Management LP reduced its position in Encore Wire Co. (NASDAQ:WIRE) by 21.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 7,037 shares of the electronics maker’s stock after selling 1,883 shares during the period. Aigen Investment Management LP’s holdings in Encore Wire were worth $472,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Crown Advisors Management Inc. purchased a new stake in shares of Encore Wire during the 4th quarter valued at $2,423,000. Norges Bank purchased a new stake in shares of Encore Wire during the 4th quarter valued at $20,523,000. Monarch Partners Asset Management LLC purchased a new stake in shares of Encore Wire during the 4th quarter valued at $3,756,000. Cannell Capital LLC purchased a new stake in shares of Encore Wire during the 4th quarter valued at $6,349,000. Finally, Quantitative Systematic Strategies LLC grew its stake in shares of Encore Wire by 7.2% during the 1st quarter. Quantitative Systematic Strategies LLC now owns 4,188 shares of the electronics maker’s stock valued at $281,000 after buying an additional 282 shares during the period. 89.21% of the stock is owned by hedge funds and other institutional investors.

Shares of Encore Wire stock opened at $81.55 on Friday. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 17.06 and a beta of 1.14. The firm has a 50-day moving average of $76.74. Encore Wire Co. has a 1 year low of $45.19 and a 1 year high of $84.01.

Encore Wire (NASDAQ:WIRE) last issued its earnings results on Sunday, April 25th. The electronics maker reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $1.11. The business had revenue of $444.10 million for the quarter, compared to analyst estimates of $384.57 million. Encore Wire had a net margin of 6.96% and a return on equity of 11.88%. The company’s revenue for the quarter was up 46.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.89 EPS. On average, analysts forecast that Encore Wire Co. will post 5.5 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 16th. Stockholders of record on Friday, July 2nd will be paid a $0.02 dividend. The ex-dividend date is Thursday, July 1st. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.10%. Encore Wire’s dividend payout ratio (DPR) is presently 2.17%.

Several equities analysts recently weighed in on WIRE shares. DA Davidson lifted their target price on shares of Encore Wire from $70.00 to $80.00 in a report on Thursday, February 18th. Zacks Investment Research upgraded shares of Encore Wire from a “hold” rating to a “strong-buy” rating and set a $87.00 target price on the stock in a report on Saturday, May 1st.

Encore Wire Profile

Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. Its products include NM-B cables for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2 cables and metal-clad and armored cables for use as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; USE-2 cables; and other types of wire products.

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

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