Pinebridge Investments L.P. Sells 6,377 Shares of Encore Wire Co. (NASDAQ:WIRE)

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Pinebridge Investments L.P. reduced its holdings in shares of Encore Wire Co. (NASDAQ:WIRE) by 23.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,509 shares of the electronics maker’s stock after selling 6,377 shares during the quarter. Pinebridge Investments L.P.’s holdings in Encore Wire were worth $1,201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Steward Partners Investment Advisory LLC bought a new position in shares of Encore Wire during the second quarter valued at $29,000. Bremer Bank National Association bought a new position in shares of Encore Wire during the first quarter valued at $36,000. Advisor Group Inc. lifted its holdings in shares of Encore Wire by 133.6% during the second quarter. Advisor Group Inc. now owns 2,782 shares of the electronics maker’s stock valued at $163,000 after purchasing an additional 1,591 shares in the last quarter. Bowling Portfolio Management LLC bought a new position in shares of Encore Wire during the second quarter valued at $242,000. Finally, Capital Fund Management S.A. bought a new position in shares of Encore Wire during the second quarter valued at $252,000. 88.91% of the stock is currently owned by hedge funds and other institutional investors.

WIRE stock traded up $0.91 during trading on Thursday, reaching $58.38. The stock had a trading volume of 1,317 shares, compared to its average volume of 70,331. Encore Wire Co. has a 52 week low of $40.96 and a 52 week high of $61.68. The stock’s 50 day moving average is $54.91 and its two-hundred day moving average is $56.01. The firm has a market cap of $1.26 billion, a PE ratio of 15.59, a PEG ratio of 1.78 and a beta of 1.51.

Encore Wire (NASDAQ:WIRE) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.03). Encore Wire had a net margin of 6.09% and a return on equity of 11.01%. The firm had revenue of $336.87 million during the quarter, compared to the consensus estimate of $330.42 million. During the same period in the prior year, the company posted $0.86 EPS. The firm’s revenue was up .0% compared to the same quarter last year. Research analysts predict that Encore Wire Co. will post 3.37 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Friday, October 4th will be 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 is Thursday, October 3rd. Encore Wire’s dividend payout ratio is 2.14%.

In other Encore Wire news, insider Matthew D. Ford sold 3,000 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $60.00, for a total value of $180,000.00. Following the transaction, the insider now owns 14,500 shares of the company’s stock, valued at $870,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.99% of the stock is currently owned by corporate insiders.

WIRE has been the topic of a number of research analyst reports. Sidoti raised Encore Wire from a “neutral” rating to a “buy” rating in a report on Monday, June 3rd. Zacks Investment Research downgraded Encore Wire from a “hold” rating to a “sell” rating in a report on Saturday, July 27th. Finally, BidaskClub raised Encore Wire from a “sell” rating to a “hold” rating in a report on Thursday, September 12th.

About Encore Wire

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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