Encore Wire Co. (NASDAQ:WIRE) was the recipient of a significant decline in short interest in the month of June. As of June 30th, there was short interest totalling 258,400 shares, a decline of 19.6% from the May 30th total of 321,500 shares. Currently, 1.3% of the company’s shares are sold short. Based on an average trading volume of 78,500 shares, the short-interest ratio is currently 3.3 days.
NASDAQ:WIRE traded down $0.32 on Thursday, reaching $55.25. The company’s stock had a trading volume of 29,000 shares, compared to its average volume of 86,777. Encore Wire has a 1-year low of $40.96 and a 1-year high of $61.68. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 14.77, a PEG ratio of 1.57 and a beta of 1.54. The stock’s 50-day moving average price is $53.98.
Encore Wire (NASDAQ:WIRE) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.08). The business had revenue of $314.71 million during the quarter, compared to analyst estimates of $295.68 million. Encore Wire had a net margin of 6.11% and a return on equity of 11.37%. The firm’s revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.54 earnings per share. Equities research analysts expect that Encore Wire will post 3.67 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 19th. Stockholders of record on Friday, July 5th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.08 annualized dividend and a dividend yield of 0.14%. Encore Wire’s dividend payout ratio is currently 2.14%.
Several hedge funds have recently bought and sold shares of the company. Chatham Capital Group Inc. boosted its position in shares of Encore Wire by 0.8% during the first quarter. Chatham Capital Group Inc. now owns 26,800 shares of the electronics maker’s stock worth $1,533,000 after buying an additional 217 shares during the period. Mason Street Advisors LLC boosted its position in shares of Encore Wire by 3.4% during the first quarter. Mason Street Advisors LLC now owns 6,705 shares of the electronics maker’s stock worth $384,000 after buying an additional 221 shares during the period. Citigroup Inc. boosted its position in shares of Encore Wire by 2.1% during the fourth quarter. Citigroup Inc. now owns 12,869 shares of the electronics maker’s stock worth $646,000 after buying an additional 260 shares during the period. Piedmont Investment Advisors Inc. boosted its position in shares of Encore Wire by 5.7% during the first quarter. Piedmont Investment Advisors Inc. now owns 5,242 shares of the electronics maker’s stock worth $300,000 after buying an additional 283 shares during the period. Finally, Quadrant Capital Group LLC boosted its position in shares of Encore Wire by 377.7% during the first quarter. Quadrant Capital Group LLC now owns 535 shares of the electronics maker’s stock worth $29,000 after buying an additional 423 shares during the period. 88.82% of the stock is owned by institutional investors.
WIRE has been the subject of a number of research analyst reports. Sidoti cut Universal Electronics from a “buy” rating to a “neutral” rating in a research note on Monday, June 3rd. BidaskClub raised Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, July 4th. Finally, Zacks Investment Research raised Booz Allen Hamilton from a “hold” rating to a “buy” rating and set a $71.00 target price for the company in a research note on Friday, June 28th.
Encore Wire Company Profile
Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. Its products include NM-B cables for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2, metal-clad, and armored cables for use primarily as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; and other types of wire products.
Featured Story: Blue-Chip Stocks
Receive News & Ratings for Encore Wire Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Encore Wire and related companies with MarketBeat.com's FREE daily email newsletter.