Entropy Technologies LP Acquires New Stake in Encore Wire Co. (NASDAQ:WIRE)

Entropy Technologies LP bought a new position in shares of Encore Wire Co. (NASDAQ:WIRE) during the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 2,255 shares of the electronics maker’s stock, valued at approximately $593,000.

Other institutional investors have also recently made changes to their positions in the company. Spire Wealth Management raised its position in shares of Encore Wire by 42.0% during the first quarter. Spire Wealth Management now owns 142 shares of the electronics maker’s stock worth $37,000 after acquiring an additional 42 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Encore Wire by 69.2% in the 4th quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock worth $43,000 after purchasing an additional 83 shares during the period. Quest Partners LLC bought a new stake in shares of Encore Wire in the 4th quarter valued at $80,000. Banque Cantonale Vaudoise boosted its stake in shares of Encore Wire by 10.7% in the 1st quarter. Banque Cantonale Vaudoise now owns 414 shares of the electronics maker’s stock valued at $109,000 after purchasing an additional 40 shares during the last quarter. Finally, GAMMA Investing LLC acquired a new stake in shares of Encore Wire during the fourth quarter worth $99,000. Institutional investors own 99.82% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. CJS Securities reaffirmed a “market perform” rating on shares of Encore Wire in a research report on Friday, April 19th. Sidoti restated a “neutral” rating and set a $290.00 target price on shares of Encore Wire in a research report on Tuesday, April 16th. StockNews.com started coverage on Encore Wire in a research note on Sunday. They set a “hold” rating for the company. Finally, DA Davidson lowered Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price target on the stock. in a research note on Tuesday, April 16th.

Encore Wire Price Performance

Shares of NASDAQ WIRE remained flat at $289.84 during trading on Thursday. 266 shares of the stock traded hands, compared to its average volume of 318,575. The firm has a market cap of $4.58 billion, a price-to-earnings ratio of 15.38 and a beta of 1.19. The firm has a fifty day moving average of $286.67 and a two-hundred day moving average of $257.63. Encore Wire Co. has a 52-week low of $150.51 and a 52-week high of $295.90.

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

Encore Wire Announces Dividend

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