Chesapeake Capital Corp IL Acquires New Stake in Encore Wire Co. (NASDAQ:WIRE)

Chesapeake Capital Corp IL purchased a new stake in shares of Encore Wire Co. (NASDAQ:WIRE) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund purchased 4,076 shares of the electronics maker’s stock, valued at approximately $871,000.

A number of other large investors also recently made changes to their positions in WIRE. Blue Trust Inc. lifted its holdings in shares of Encore Wire by 69.2% during the 4th quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock worth $43,000 after acquiring an additional 83 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Encore Wire during the 4th quarter worth $80,000. Beaird Harris Wealth Management LLC bought a new position in shares of Encore Wire during the 3rd quarter valued at approximately $91,000. GAMMA Investing LLC purchased a new stake in shares of Encore Wire in the fourth quarter worth $99,000. Finally, Principal Securities Inc. purchased a new position in shares of Encore Wire in the fourth quarter valued at about $145,000. 99.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

WIRE has been the subject of a number of analyst reports. Sidoti reaffirmed a “neutral” rating and issued a $290.00 price target on shares of Encore Wire in a report on Tuesday, April 16th. DA Davidson downgraded shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 target price on the stock. in a research note on Tuesday, April 16th. StockNews.com began coverage on shares of Encore Wire in a report on Sunday, May 19th. They set a “hold” rating on the stock. Finally, CJS Securities reaffirmed a “market perform” rating on shares of Encore Wire in a research report on Friday, April 19th.

Encore Wire Price Performance

Encore Wire stock traded up $1.75 during trading hours on Friday, reaching $278.69. The stock had a trading volume of 196,702 shares, compared to its average volume of 224,632. The company has a market cap of $4.40 billion, a price-to-earnings ratio of 14.78 and a beta of 1.28. The business’s 50 day moving average price is $271.46 and its 200-day moving average price is $233.72. Encore Wire Co. has a 52 week low of $150.51 and a 52 week high of $295.90.

Encore Wire (NASDAQ:WIRE) last released its quarterly earnings results on Tuesday, April 23rd. The electronics maker reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.65 by $0.27. The business had revenue of $632.66 million for the quarter, compared to analyst estimates of $579.64 million. Encore Wire had a net margin of 12.45% and a return on equity of 17.77%. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the previous year, the company earned $6.50 earnings per share. On average, sell-side analysts forecast that Encore Wire Co. will post 21.24 EPS for the current fiscal year.

Encore Wire Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 19th. Stockholders of record on Friday, July 5th will be paid a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, July 5th. This represents a $0.08 annualized dividend and a dividend yield of 0.03%. Encore Wire’s payout ratio is currently 0.42%.

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.