GAMMA Investing LLC Sells 38 Shares of Encore Wire Co. (NASDAQ:WIRE)

GAMMA Investing LLC reduced its holdings in Encore Wire Co. (NASDAQ:WIRE) by 8.6% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 402 shares of the electronics maker’s stock after selling 38 shares during the quarter. GAMMA Investing LLC’s holdings in Encore Wire were worth $106,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Blue Trust Inc. increased its position in shares of Encore Wire by 69.2% in the fourth 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 last quarter. Quest Partners LLC bought a new stake in shares of Encore Wire during the 4th quarter worth $80,000. Beaird Harris Wealth Management LLC purchased a new position in Encore Wire in the third quarter worth $91,000. Principal Securities Inc. bought a new position in Encore Wire in the fourth quarter valued at $145,000. Finally, Strs Ohio raised its position in Encore Wire by 40.0% during the fourth quarter. Strs Ohio now owns 700 shares of the electronics maker’s stock valued at $149,000 after purchasing an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 99.82% of the company’s stock.

Encore Wire Stock Performance

Shares of WIRE stock opened at $289.40 on Friday. Encore Wire Co. has a fifty-two week low of $150.51 and a fifty-two week high of $295.90. The company has a market capitalization of $4.57 billion, a P/E ratio of 15.35 and a beta of 1.23. The stock has a 50 day moving average price of $284.50 and a two-hundred day moving average price of $247.28.

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

Encore Wire Dividend Announcement

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

Analyst Ratings Changes

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

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.