Encore Wire (NASDAQ:WIRE) Sets New 12-Month High at $285.55

Encore Wire Co. (NASDAQ:WIRE - Get Free Report) shares hit a new 52-week high on Monday . The company traded as high as $285.55 and last traded at $285.55, with a volume of 107295 shares trading hands. The stock had previously closed at $260.98.

Wall Street Analyst Weigh In

Separately, 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 company has a market capitalization of $4.60 billion, a price-to-earnings ratio of 13.59 and a beta of 1.31. The business's 50 day moving average is $240.49 and its 200 day moving average is $213.22.

Encore Wire (NASDAQ:WIRE - Get Free Report) last released its quarterly earnings data on Wednesday, February 14th. The electronics maker reported $4.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.05 by $0.05. Encore Wire had a net margin of 14.50% and a return on equity of 20.92%. The firm had revenue of $633.78 million during the quarter, compared to analysts' expectations of $601.48 million. During the same period last year, the business earned $8.28 earnings per share. Encore Wire's revenue was down 8.7% compared to the same quarter last year. Sell-side analysts predict that Encore Wire Co. will post 16.52 EPS for the current year.

Encore Wire Dividend Announcement

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its holdings in shares of Encore Wire by 0.9% during the first quarter. BlackRock Inc. now owns 3,124,572 shares of the electronics maker's stock valued at $356,420,000 after purchasing an additional 28,777 shares during the period. Vanguard Group Inc. grew its holdings in shares of Encore Wire by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 2,239,317 shares of the electronics maker's stock worth $255,439,000 after purchasing an additional 30,523 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Encore Wire by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,526,095 shares of the electronics maker's stock valued at $174,086,000 after buying an additional 23,364 shares in the last quarter. State Street Corp boosted its stake in Encore Wire by 0.8% in the second quarter. State Street Corp now owns 678,341 shares of the electronics maker's stock worth $70,506,000 after purchasing an additional 5,631 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of Encore Wire by 1,243.9% during the first quarter. Envestnet Asset Management Inc. now owns 618,565 shares of the electronics maker's stock worth $7,788,000 after acquiring an additional 572,539 shares during the last quarter. Institutional investors and hedge funds own 99.82% of the company's stock.

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.