PNC Financial Services Group Inc. Sells 51 Shares of Encore Wire Co. (NASDAQ:WIRE)

PNC Financial Services Group Inc. lessened its position in Encore Wire Co. (NASDAQ:WIRE) by 3.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,359 shares of the electronics maker’s stock after selling 51 shares during the period. PNC Financial Services Group Inc.’s holdings in Encore Wire were worth $290,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. increased its position in shares of Encore Wire by 69.2% in the 4th quarter. Blue Trust Inc. now owns 203 shares of the electronics maker’s stock valued at $43,000 after buying an additional 83 shares in the last quarter. Quest Partners LLC bought a new position in shares of Encore Wire during the 4th quarter valued at about $80,000. Beaird Harris Wealth Management LLC acquired a new position in shares of Encore Wire in the 3rd quarter valued at approximately $91,000. GAMMA Investing LLC bought a new stake in Encore Wire during the 4th quarter worth approximately $99,000. Finally, Principal Securities Inc. acquired a new stake in Encore Wire during the 4th quarter worth approximately $145,000. 99.82% of the stock is currently owned by institutional investors and hedge funds.

Encore Wire Trading Up 0.0 %

NASDAQ WIRE opened at $289.83 on Monday. The firm’s fifty day moving average price is $284.68 and its two-hundred day moving average price is $251.00. 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 P/E ratio of 15.38 and a beta of 1.23.

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

Encore Wire Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 19th. Investors of record on Friday, July 5th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.03%. The ex-dividend date is Friday, July 5th. Encore Wire’s payout ratio is presently 0.42%.

Analyst Ratings Changes

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

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.