MetLife Investment Advisors LLC Purchases New Stake in Encore Wire Co. (WIRE)

MetLife Investment Advisors LLC acquired a new position in shares of Encore Wire Co. (NASDAQ:WIRE) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 9,729 shares of the electronics maker’s stock, valued at approximately $473,000.

Other hedge funds have also bought and sold shares of the company. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Encore Wire during the fourth quarter worth $206,000. Algert Global LLC acquired a new stake in shares of Encore Wire during the fourth quarter worth $231,000. Ellington Management Group LLC acquired a new stake in shares of Encore Wire during the fourth quarter worth $243,000. Capital Fund Management S.A. acquired a new stake in shares of Encore Wire during the fourth quarter worth $268,000. Finally, Stone Ridge Asset Management LLC acquired a new stake in shares of Encore Wire during the fourth quarter worth $304,000. Institutional investors and hedge funds own 88.87% of the company’s stock.

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In related news, insider Matthew D. Ford sold 2,500 shares of Encore Wire stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $52.45, for a total value of $131,125.00. Following the transaction, the insider now owns 4,000 shares in the company, valued at $209,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.79% of the stock is currently owned by company insiders.

WIRE has been the topic of several analyst reports. BidaskClub upgraded Encore Wire from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 27th. DA Davidson raised their price objective on Encore Wire to $54.00 and gave the stock a “neutral” rating in a report on Friday, February 23rd. ValuEngine upgraded Encore Wire from a “hold” rating to a “buy” rating in a report on Friday, March 2nd. Finally, Zacks Investment Research upgraded Encore Wire from a “hold” rating to a “strong-buy” rating and set a $62.00 price objective on the stock in a report on Tuesday, February 27th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $58.00.

Shares of Encore Wire stock opened at $56.10 on Friday. Encore Wire Co. has a twelve month low of $37.30 and a twelve month high of $58.70. The firm has a market capitalization of $1,174.57, a P/E ratio of 21.49, a PEG ratio of 1.90 and a beta of 2.00.

Encore Wire (NASDAQ:WIRE) last issued its earnings results on Tuesday, February 20th. The electronics maker reported $0.76 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.28. Encore Wire had a return on equity of 8.94% and a net margin of 5.76%. The firm had revenue of $301.29 million for the quarter, compared to analysts’ expectations of $279.70 million. During the same quarter last year, the firm earned $0.55 earnings per share. The firm’s revenue for the quarter was up 25.9% compared to the same quarter last year. equities analysts forecast that Encore Wire Co. will post 2.97 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, April 20th. Investors of record on Friday, April 6th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 5th. Encore Wire’s payout ratio is currently 3.07%.

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About Encore Wire

Encore Wire Corporation manufactures and sells electrical building wire and cable products for interior electrical wiring in the United States. Its products include NM-B cable 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.

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

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