Pinnacle Wealth Planning Services Inc. Makes New $217,000 Investment in Encore Wire Co. (NASDAQ:WIRE)

Pinnacle Wealth Planning Services Inc. acquired a new stake in Encore Wire Co. (NASDAQ:WIRE) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 825 shares of the electronics maker’s stock, valued at approximately $217,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Lord Abbett & CO. LLC acquired a new position in shares of Encore Wire in the 1st quarter valued at about $617,000. First Eagle Investment Management LLC lifted its stake in shares of Encore Wire by 406.8% in the 1st quarter. First Eagle Investment Management LLC now owns 17,130 shares of the electronics maker’s stock valued at $4,501,000 after purchasing an additional 13,750 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its stake in shares of Encore Wire by 10.3% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 5,043 shares of the electronics maker’s stock valued at $1,325,000 after purchasing an additional 470 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Encore Wire in the 1st quarter valued at about $593,000. Finally, ProShare Advisors LLC lifted its stake in shares of Encore Wire by 7.3% in the 1st quarter. ProShare Advisors LLC now owns 3,049 shares of the electronics maker’s stock valued at $801,000 after purchasing an additional 208 shares in the last quarter. 99.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on WIRE shares. StockNews.com started coverage on Encore Wire in a research note on Sunday, July 14th. They issued a “hold” rating on the stock. DA Davidson downgraded Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 price objective on the stock. in a report on Tuesday, April 16th. Sidoti reiterated a “neutral” rating and issued a $290.00 price target on shares of Encore Wire in a report on Tuesday, April 16th. Finally, CJS Securities reiterated a “market perform” rating on shares of Encore Wire in a report on Friday, April 19th.

Encore Wire Stock Performance

Shares of NASDAQ WIRE remained flat at $289.84 during trading on Friday. The stock had a trading volume of 266 shares, compared to its average volume of 318,575. Encore Wire Co. has a 1-year low of $150.51 and a 1-year high of $295.90. The firm has a market capitalization of $4.58 billion, a PE ratio of 15.38 and a beta of 1.19. The stock has a 50 day simple moving average of $287.03 and a 200 day simple moving average of $258.38.

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

Encore Wire Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Investors of record on Friday, July 5th were given a dividend of $0.02 per share. The ex-dividend date was Friday, July 5th. This represents a $0.08 dividend on an annualized basis and a yield of 0.03%. Encore Wire’s dividend payout ratio is currently 0.42%.

Encore Wire 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.