Encore Wire Co. (NASDAQ:WIRE) saw a significant decline in short interest during 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. Approximately 1.3% of the company’s stock are sold short. Based on an average trading volume of 78,500 shares, the days-to-cover ratio is currently 3.3 days.
A number of hedge funds have recently added to or reduced their stakes in the business. Chatham Capital Group Inc. raised its holdings in 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 purchasing an additional 217 shares in the last quarter. Mason Street Advisors LLC increased its holdings in shares of Encore Wire by 3.4% in the 1st quarter. Mason Street Advisors LLC now owns 6,705 shares of the electronics maker’s stock valued at $384,000 after acquiring an additional 221 shares during the period. Citigroup Inc. increased its holdings in shares of Encore Wire by 2.1% in the 4th quarter. Citigroup Inc. now owns 12,869 shares of the electronics maker’s stock valued at $646,000 after acquiring an additional 260 shares during the period. Piedmont Investment Advisors Inc. increased its holdings in shares of Encore Wire by 5.7% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 5,242 shares of the electronics maker’s stock valued at $300,000 after acquiring an additional 283 shares during the period. Finally, Quadrant Capital Group LLC increased its holdings in shares of Encore Wire by 377.7% in the 1st quarter. Quadrant Capital Group LLC now owns 535 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 423 shares during the period. 88.82% of the stock is currently owned by institutional investors.
A number of research analysts recently issued reports on WIRE shares. Sidoti downgraded shares of Universal Electronics from a “buy” rating to a “neutral” rating in a research note on Monday, June 3rd. BidaskClub raised shares of Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, July 4th. Finally, Zacks Investment Research raised shares of Booz Allen Hamilton from a “hold” rating to a “buy” rating and set a $71.00 price objective on the stock in a report on Friday, June 28th.
Encore Wire (NASDAQ:WIRE) last released its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.08). Encore Wire had a return on equity of 11.37% and a net margin of 6.11%. The company had revenue of $314.71 million for the quarter, compared to analyst estimates of $295.68 million. During the same period in the previous year, the business posted $0.54 EPS. The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year. Sell-side analysts predict that Encore Wire will post 3.67 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 19th. Shareholders of record on Friday, July 5th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.08 dividend on an annualized basis and a yield of 0.14%. Encore Wire’s payout ratio is currently 2.14%.
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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