Encore Wire Co. (WIRE) Stake Lessened by A.R.T. Advisors LLC

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A.R.T. Advisors LLC cut its holdings in shares of Encore Wire Co. (NASDAQ:WIRE) by 40.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,656 shares of the electronics maker’s stock after selling 12,500 shares during the period. A.R.T. Advisors LLC owned 0.09% of Encore Wire worth $1,057,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of WIRE. Franklin Resources Inc. increased its position in shares of Encore Wire by 89.0% during the first quarter. Franklin Resources Inc. now owns 268,984 shares of the electronics maker’s stock worth $15,251,000 after purchasing an additional 126,693 shares in the last quarter. Millennium Management LLC increased its position in shares of Encore Wire by 263.9% during the fourth quarter. Millennium Management LLC now owns 172,425 shares of the electronics maker’s stock worth $8,388,000 after purchasing an additional 125,037 shares in the last quarter. Matarin Capital Management LLC acquired a new position in shares of Encore Wire during the first quarter worth $4,418,000. Thrivent Financial For Lutherans increased its position in shares of Encore Wire by 14.9% during the fourth quarter. Thrivent Financial For Lutherans now owns 527,962 shares of the electronics maker’s stock worth $25,685,000 after purchasing an additional 68,372 shares in the last quarter. Finally, Granite Investment Partners LLC increased its position in shares of Encore Wire by 24.6% during the first quarter. Granite Investment Partners LLC now owns 330,617 shares of the electronics maker’s stock worth $18,746,000 after purchasing an additional 65,192 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages have recently issued reports on WIRE. BidaskClub downgraded Encore Wire from a “hold” rating to a “sell” rating in a research report on Wednesday, May 9th. ValuEngine raised Encore Wire from a “hold” rating to a “buy” rating in a research report on Friday, March 2nd. Zacks Investment Research downgraded Encore Wire from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 26th. Finally, DA Davidson raised Encore Wire from a “neutral” rating to a “buy” rating in a research report on Wednesday, May 2nd. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $58.00.

Shares of WIRE opened at $50.25 on Monday. The firm has a market cap of $1.04 billion, a PE ratio of 19.25, a P/E/G ratio of 1.77 and a beta of 1.99. Encore Wire Co. has a 1-year low of $37.30 and a 1-year high of $58.70.

Encore Wire (NASDAQ:WIRE) last announced its quarterly earnings data on Wednesday, May 2nd. The electronics maker reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.13). The company had revenue of $291.40 million for the quarter, compared to analysts’ expectations of $321.65 million. Encore Wire had a net margin of 5.50% and a return on equity of 8.34%. Encore Wire’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the firm earned $0.65 earnings per share. analysts predict that Encore Wire Co. will post 2.82 EPS for the current fiscal year.

Encore Wire Profile

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.

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

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