Alliancebernstein L.P. Lowers Stake in Encore Wire Co. (NASDAQ:WIRE)

Alliancebernstein L.P. decreased its position in Encore Wire Co. (NASDAQ:WIRE) by 1.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,617 shares of the electronics maker’s stock after selling 310 shares during the period. Alliancebernstein L.P.’s holdings in Encore Wire were worth $1,286,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. BNP Paribas Arbitrage SA boosted its holdings in shares of Encore Wire by 8.9% in the first quarter. BNP Paribas Arbitrage SA now owns 8,641 shares of the electronics maker’s stock valued at $363,000 after acquiring an additional 706 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Encore Wire by 7.7% in the first quarter. Victory Capital Management Inc. now owns 1,147,690 shares of the electronics maker’s stock valued at $48,192,000 after acquiring an additional 82,288 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Encore Wire by 123.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 177,148 shares of the electronics maker’s stock valued at $10,169,000 after acquiring an additional 97,806 shares in the last quarter. Norges Bank purchased a new stake in shares of Encore Wire in the fourth quarter valued at about $17,382,000. Finally, Rhumbline Advisers boosted its holdings in shares of Encore Wire by 5.5% in the first quarter. Rhumbline Advisers now owns 81,311 shares of the electronics maker’s stock valued at $3,414,000 after acquiring an additional 4,218 shares in the last quarter. 87.25% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ WIRE opened at $48.82 on Wednesday. Encore Wire Co. has a 52 week low of $38.01 and a 52 week high of $62.08. The firm has a 50-day moving average price of $47.20 and a 200 day moving average price of $49.79. The stock has a market capitalization of $942.47 million, a price-to-earnings ratio of 16.17 and a beta of 1.20.

Encore Wire (NASDAQ:WIRE) last announced its earnings results on Tuesday, April 28th. The electronics maker reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.41. The company had revenue of $302.79 million during the quarter, compared to analysts’ expectations of $297.48 million. Encore Wire had a net margin of 5.01% and a return on equity of 8.23%. The firm’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 earnings per share. Research analysts forecast that Encore Wire Co. will post 2.93 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Thursday, July 2nd will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date is Wednesday, July 1st. Encore Wire’s payout ratio is currently 2.89%.

Several brokerages have recently weighed in on WIRE. Zacks Investment Research downgraded shares of Encore Wire from a “buy” rating to a “hold” rating in a report on Monday, May 4th. ValuEngine cut shares of Encore Wire from a “hold” rating to a “sell” rating in a research note on Monday, May 18th. DA Davidson cut shares of Encore Wire from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $60.00 to $56.00 in a research note on Thursday, April 30th. Finally, BidaskClub cut shares of Encore Wire from a “hold” rating to a “sell” rating in a research note on Saturday, June 20th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $61.00.

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.

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Institutional Ownership by Quarter for Encore Wire (NASDAQ:WIRE)

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