Baker Ellis Asset Management LLC Decreases Stake in Encore Wire Co. (NASDAQ:WIRE)

Baker Ellis Asset Management LLC cut its stake in shares of Encore Wire Co. (NASDAQ:WIRE) by 1.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 48,594 shares of the electronics maker’s stock after selling 725 shares during the quarter. Encore Wire accounts for about 1.9% of Baker Ellis Asset Management LLC’s portfolio, making the stock its 8th largest position. Baker Ellis Asset Management LLC owned about 0.31% of Encore Wire worth $12,770,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Envestnet Asset Management Inc. grew its holdings in Encore Wire by 25.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 60,991 shares of the electronics maker’s stock worth $11,128,000 after acquiring an additional 12,477 shares during the last quarter. Stifel Financial Corp grew its holdings in Encore Wire by 501.7% during the 3rd quarter. Stifel Financial Corp now owns 74,015 shares of the electronics maker’s stock worth $13,505,000 after acquiring an additional 61,714 shares during the last quarter. Federated Hermes Inc. grew its holdings in Encore Wire by 2,928.3% during the 3rd quarter. Federated Hermes Inc. now owns 5,996 shares of the electronics maker’s stock worth $1,094,000 after acquiring an additional 5,798 shares during the last quarter. Natixis Advisors L.P. bought a new stake in Encore Wire during the 3rd quarter worth approximately $1,854,000. Finally, Trexquant Investment LP grew its holdings in Encore Wire by 659.6% during the 3rd quarter. Trexquant Investment LP now owns 8,538 shares of the electronics maker’s stock worth $1,558,000 after acquiring an additional 7,414 shares during the last quarter. 99.82% of the stock is owned by institutional investors.

Encore Wire Price Performance

Shares of Encore Wire stock traded up $0.08 during trading on Friday, reaching $289.83. 1,234,273 shares of the company traded hands, compared to its average volume of 495,271. Encore Wire Co. has a 1-year low of $150.51 and a 1-year high of $295.90. The company has a 50 day moving average price of $284.68 and a 200-day moving average price of $250.66. The firm has a market capitalization of $4.58 billion, a PE ratio of 15.38 and a beta of 1.23.

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

Encore Wire Dividend Announcement

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

Wall Street Analyst Weigh In

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

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.