MorganRosel Wealth Management LLC Purchases New Shares in Encore Wire Co. (NASDAQ:WIRE)

MorganRosel Wealth Management LLC acquired a new position in shares of Encore Wire Co. (NASDAQ:WIRE) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 4,286 shares of the electronics maker’s stock, valued at approximately $1,126,000.

Several other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. boosted its holdings in Encore Wire by 69.2% during 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 purchased a new position in shares of Encore Wire in the 4th quarter worth approximately $80,000. Beaird Harris Wealth Management LLC bought a new position in shares of Encore Wire in the third quarter valued at approximately $91,000. GAMMA Investing LLC bought a new position in shares of Encore Wire in the fourth quarter valued at approximately $99,000. Finally, Banque Cantonale Vaudoise increased its position in shares of Encore Wire by 10.7% during the first quarter. Banque Cantonale Vaudoise now owns 414 shares of the electronics maker’s stock valued at $109,000 after acquiring an additional 40 shares during the last quarter. Institutional investors own 99.82% of the company’s stock.

Encore Wire Stock Performance

Shares of Encore Wire stock opened at $289.83 on Monday. The stock has a market capitalization of $4.58 billion, a P/E ratio of 15.38 and a beta of 1.23. Encore Wire Co. has a 52-week low of $150.51 and a 52-week high of $295.90. The stock’s 50-day simple moving average is $284.68 and its 200 day simple moving average is $251.00.

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

Encore Wire Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 19th. Shareholders 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 annualized dividend and a dividend yield of 0.03%. Encore Wire’s dividend payout ratio is currently 0.42%.

Analyst Upgrades and Downgrades

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