Encore Wire (NASDAQ:WIRE) Sees Unusually-High Trading Volume

Shares of Encore Wire Co. (NASDAQ:WIRE) saw an uptick in trading volume on Tuesday . 178,114 shares changed hands during mid-day trading, a decline of 18% from the previous session’s volume of 218,442 shares.The stock last traded at $289.66 and had previously closed at $291.23.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. DA Davidson reissued a “neutral” rating and issued a $295.00 target price on shares of Encore Wire in a research note on Tuesday. StockNews.com cut shares of Encore Wire from a “buy” rating to a “hold” rating in a report on Friday, March 22nd.

Encore Wire Stock Performance

The stock has a market capitalization of $4.57 billion, a P/E ratio of 13.59 and a beta of 1.31. The firm’s 50-day simple moving average is $240.49 and its 200 day simple moving average is $213.22.

Encore Wire (NASDAQ:WIRE) last released its quarterly earnings data on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.05 by $0.05. The firm had revenue of $633.78 million for the quarter, compared to analyst estimates of $601.48 million. Encore Wire had a return on equity of 20.92% and a net margin of 14.50%. The business’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $8.28 earnings per share. As a group, research analysts expect that Encore Wire Co. will post 16.52 earnings per share for the current fiscal year.

Encore Wire Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 19th. Stockholders of record on Friday, April 5th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.03%. The ex-dividend date is Thursday, April 4th. Encore Wire’s payout ratio is 0.37%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Blue Trust Inc. raised its holdings in Encore Wire by 69.2% during the 4th quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock valued at $43,000 after buying an additional 83 shares during the last quarter. Dark Forest Capital Management LP purchased a new position in Encore Wire during the 1st quarter worth $66,000. IFP Advisors Inc grew its position in shares of Encore Wire by 231.5% during the 2nd quarter. IFP Advisors Inc now owns 358 shares of the electronics maker’s stock worth $67,000 after buying an additional 250 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Encore Wire during the fourth quarter valued at $80,000. Finally, Advisory Services Network LLC bought a new stake in shares of Encore Wire in the fourth quarter valued at about $88,000. 99.82% of the stock is owned by institutional investors.

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.