Redmont Wealth Advisors LLC Sells 119 Shares of Encore Wire Co. (NASDAQ:WIRE)

Redmont Wealth Advisors LLC trimmed its stake in shares of Encore Wire Co. (NASDAQ:WIRE) by 2.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,053 shares of the electronics maker’s stock after selling 119 shares during the period. Encore Wire makes up 1.5% of Redmont Wealth Advisors LLC’s investment portfolio, making the stock its 13th largest holding. Redmont Wealth Advisors LLC’s holdings in Encore Wire were worth $1,065,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise boosted its holdings in shares of Encore Wire by 10.7% in the first quarter. Banque Cantonale Vaudoise now owns 414 shares of the electronics maker’s stock worth $109,000 after buying an additional 40 shares during the last quarter. Nations Financial Group Inc. IA ADV grew its position in shares of Encore Wire by 0.8% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 5,330 shares of the electronics maker’s stock valued at $1,138,000 after acquiring an additional 41 shares during the period. SummerHaven Investment Management LLC increased its stake in shares of Encore Wire by 1.3% in the 4th quarter. SummerHaven Investment Management LLC now owns 4,104 shares of the electronics maker’s stock worth $877,000 after purchasing an additional 51 shares in the last quarter. Natixis Advisors L.P. raised its holdings in Encore Wire by 0.5% in the 4th quarter. Natixis Advisors L.P. now owns 10,213 shares of the electronics maker’s stock worth $2,181,000 after purchasing an additional 53 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in Encore Wire by 3.7% during the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,516 shares of the electronics maker’s stock valued at $324,000 after purchasing an additional 54 shares in the last quarter. Institutional investors own 99.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. CJS Securities restated a “market perform” rating on shares of Encore Wire in a research report on Friday, April 19th. DA Davidson cut Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price target on the stock. in a report on Tuesday, April 16th. Sidoti reiterated a “neutral” rating and set a $290.00 price objective on shares of Encore Wire in a research report on Tuesday, April 16th. Finally, StockNews.com assumed coverage on shares of Encore Wire in a research note on Friday, June 28th. They issued a “hold” rating on the stock.

Encore Wire Price Performance

Shares of NASDAQ WIRE remained flat at $289.84 during midday trading on Wednesday. The stock had a trading volume of 200 shares, compared to its average volume of 540,207. The stock has a 50 day moving average of $285.08 and a 200 day moving average of $252.38. Encore Wire Co. has a 52-week low of $150.51 and a 52-week high of $295.90. The company has a market capitalization of $4.58 billion, a PE ratio of 15.38 and a beta of 1.19.

Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings data on Tuesday, April 23rd. The electronics maker reported $3.92 EPS for the quarter, topping analysts’ consensus estimates of $3.65 by $0.27. The business had revenue of $632.66 million during the quarter, compared to analysts’ expectations of $579.64 million. Encore Wire had a net margin of 12.45% and a return on equity of 17.77%. The business’s revenue was down 4.2% on a year-over-year basis. During the same period last year, the company posted $6.50 EPS. On average, equities research analysts forecast that Encore Wire Co. will post 21.24 earnings per share for the current fiscal year.

Encore Wire Announces Dividend

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 paid a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, July 5th. This represents a $0.08 annualized dividend and a yield of 0.03%. Encore Wire’s payout ratio is currently 0.42%.

About Encore Wire

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.