Russell Investments Group Ltd. Sells 55,367 Shares of Encore Wire Co. (NASDAQ:WIRE)

Posted by Defense World Staff on May 13th, 2023

Russell Investments Group Ltd. lessened its holdings in shares of Encore Wire Co. (NASDAQ:WIRE – Get Rating) by 46.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 64,523 shares of the electronics maker’s stock after selling 55,367 shares during the quarter. Russell Investments Group Ltd. owned about 0.35% of Encore Wire worth $8,907,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of WIRE. Strs Ohio bought a new stake in shares of Encore Wire during the 4th quarter valued at about $41,000. Ronald Blue Trust Inc. raised its holdings in shares of Encore Wire by 204.2% during the 4th quarter. Ronald Blue Trust Inc. now owns 365 shares of the electronics maker’s stock valued at $42,000 after buying an additional 245 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Encore Wire by 71.7% during the 3rd quarter. Quadrant Capital Group LLC now owns 395 shares of the electronics maker’s stock valued at $46,000 after buying an additional 165 shares in the last quarter. Wipfli Financial Advisors LLC purchased a new position in shares of Encore Wire during the 3rd quarter valued at about $78,000. Finally, Navellier & Associates Inc. purchased a new position in shares of Encore Wire during the 4th quarter valued at about $210,000. Institutional investors own 99.20% of the company’s stock.

Insider Activity at Encore Wire

In other Encore Wire news, insider Matthew D. Ford sold 2,725 shares of the company’s stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $200.00, for a total value of $545,000.00. Following the completion of the sale, the insider now owns 34,138 shares in the company, valued at $6,827,600. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Matthew D. Ford sold 275 shares of the company’s stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $200.00, for a total value of $55,000.00. Following the completion of the transaction, the insider now owns 36,863 shares of the company’s stock, valued at $7,372,600. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Matthew D. Ford sold 2,725 shares of the stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $200.00, for a total value of $545,000.00. Following the transaction, the insider now directly owns 34,138 shares of the company’s stock, valued at $6,827,600. The disclosure for this sale can be found here. 5.55% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on WIRE shares. DA Davidson lifted their price target on Encore Wire from $200.00 to $250.00 in a research note on Thursday, February 16th. StockNews.com started coverage on Encore Wire in a research note on Thursday, March 16th. They issued a “buy” rating on the stock.

Encore Wire Trading Down 0.5 %

Encore Wire stock opened at $163.32 on Friday. The business’s fifty day simple moving average is $171.05 and its two-hundred day simple moving average is $159.44. Encore Wire Co. has a 12 month low of $94.39 and a 12 month high of $206.74. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 4.61 and a beta of 1.32.

Encore Wire (NASDAQ:WIRE – Get Rating) last released its earnings results on Tuesday, April 25th. The electronics maker reported $6.50 EPS for the quarter, topping the consensus estimate of $5.44 by $1.06. Encore Wire had a return on equity of 39.17% and a net margin of 22.87%. The business had revenue of $660.50 million for the quarter, compared to the consensus estimate of $684.01 million. During the same period in the previous year, the company posted $7.96 earnings per share. The company’s revenue for the quarter was down 8.7% compared to the same quarter last year. On average, equities research analysts predict that Encore Wire Co. will post 22.84 EPS for the current year.

Encore Wire Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 21st. Investors of record on Friday, July 7th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.05%. The ex-dividend date of this dividend is Thursday, July 6th. Encore Wire’s dividend payout ratio (DPR) is presently 0.23%.

Encore Wire Profile

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Encore Wire Corp. engages in manufacturing copper electrical building wire and cable. It supplies building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments and manufactured housing. The company was founded by Vincent A. Rego in 1989 and is headquartered in McKinney, TX.