Seven Eight Capital LP Has $468,000 Holdings in Encore Wire Co. (NASDAQ:WIRE)

Seven Eight Capital LP lessened its position in shares of Encore Wire Co. (NASDAQ:WIRE) by 68.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,781 shares of the electronics maker’s stock after selling 3,849 shares during the quarter. Seven Eight Capital LP’s holdings in Encore Wire were worth $468,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of WIRE. DekaBank Deutsche Girozentrale boosted its stake in Encore Wire by 26.6% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 49,324 shares of the electronics maker’s stock valued at $10,668,000 after buying an additional 10,366 shares in the last quarter. Hennessy Advisors Inc. boosted its stake in Encore Wire by 43.9% in the 1st quarter. Hennessy Advisors Inc. now owns 23,600 shares of the electronics maker’s stock valued at $6,202,000 after buying an additional 7,200 shares in the last quarter. Ogborne Capital Management LLC acquired a new stake in Encore Wire in the 4th quarter valued at $8,278,000. Chesapeake Capital Corp IL acquired a new stake in Encore Wire in the 4th quarter valued at $871,000. Finally, MorganRosel Wealth Management LLC acquired a new stake in Encore Wire in the 1st quarter valued at $1,126,000. Institutional investors and hedge funds own 99.82% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on WIRE. Sidoti reiterated a “neutral” rating and issued a $290.00 price objective on shares of Encore Wire in a research report on Tuesday, April 16th. StockNews.com began coverage on Encore Wire in a research report on Monday. They issued a “hold” rating for the company. CJS Securities reiterated a “market perform” rating on shares of Encore Wire in a research report on Friday, April 19th. Finally, DA Davidson downgraded Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price objective for the company. in a research report on Tuesday, April 16th.

Encore Wire Stock Performance

NASDAQ:WIRE remained flat at $289.84 on Wednesday. The company’s stock had a trading volume of 266 shares, compared to its average volume of 318,575. Encore Wire Co. has a 1 year low of $150.51 and a 1 year high of $295.90. The stock has a market cap of $4.58 billion, a price-to-earnings ratio of 15.38 and a beta of 1.19. The stock’s fifty day moving average price is $287.39 and its 200-day moving average price is $260.02.

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, 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 return on equity of 17.77% and a net margin of 12.45%. Encore Wire’s revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $6.50 earnings per share. As a group, equities research analysts forecast that Encore Wire Co. will post 21.24 earnings per share for the current fiscal year.

Encore Wire Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 19th. Stockholders of record on Friday, July 5th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Friday, July 5th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.03%. Encore Wire’s dividend payout ratio (DPR) is currently 0.42%.

Encore Wire Profile

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.