Redmont Wealth Advisors LLC Grows Stock Holdings in Encore Wire Co. (NASDAQ:WIRE)

Redmont Wealth Advisors LLC grew its holdings in shares of Encore Wire Co. (NASDAQ:WIRE) by 26.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,172 shares of the electronics maker’s stock after purchasing an additional 882 shares during the quarter. Encore Wire makes up about 1.3% of Redmont Wealth Advisors LLC’s investment portfolio, making the stock its 19th biggest position. Redmont Wealth Advisors LLC’s holdings in Encore Wire were worth $891,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. JPMorgan Chase & Co. lifted its position in Encore Wire by 8.7% during the first quarter. JPMorgan Chase & Co. now owns 118,038 shares of the electronics maker’s stock valued at $13,463,000 after buying an additional 9,457 shares in the last quarter. Raymond James & Associates lifted its stake in shares of Encore Wire by 132.2% during the first quarter. Raymond James & Associates now owns 19,387 shares of the electronics maker’s stock worth $2,211,000 after purchasing an additional 11,038 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Encore Wire by 13.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 10,015 shares of the electronics maker’s stock worth $1,142,000 after buying an additional 1,220 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Encore Wire by 2.0% in the first quarter. Bank of New York Mellon Corp now owns 247,999 shares of the electronics maker’s stock valued at $28,290,000 after buying an additional 4,835 shares in the last quarter. Finally, Citigroup Inc. raised its holdings in shares of Encore Wire by 6.3% during the 1st quarter. Citigroup Inc. now owns 18,996 shares of the electronics maker’s stock valued at $2,167,000 after buying an additional 1,123 shares during the period. Hedge funds and other institutional investors own 99.82% of the company’s stock.

Analyst Ratings Changes

WIRE has been the subject of several recent research reports. Sidoti reaffirmed a “neutral” rating and issued a $290.00 price objective on shares of Encore Wire in a research report on Tuesday. DA Davidson lowered shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price target for the company. in a report on Tuesday. StockNews.com lowered shares of Encore Wire from a “buy” rating to a “hold” rating in a report on Friday, March 22nd. Finally, CJS Securities restated a “market perform” rating on shares of Encore Wire in a research note on Friday.

Encore Wire Price Performance

Shares of NASDAQ:WIRE traded down $3.25 during midday trading on Friday, reaching $283.75. The company had a trading volume of 309,931 shares, compared to its average volume of 252,753. The stock has a market capitalization of $4.48 billion, a P/E ratio of 13.37 and a beta of 1.31. The stock’s fifty day moving average price is $243.95 and its 200-day moving average price is $214.99. Encore Wire Co. has a one year low of $138.20 and a one year high of $295.90.

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

Encore Wire Announces Dividend

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

Encore Wire Company 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.