Los Angeles Capital Management LLC Cuts Stock Position in Encore Wire Co. (NASDAQ:WIRE)

Jun 11, 2023

Los Angeles Capital Management LLC lessened its stake in shares of Encore Wire Co. (NASDAQ:WIRE - Free Report) by 6.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,469 shares of the electronics maker's stock after selling 1,270 shares during the quarter. Los Angeles Capital Management LLC owned about 0.10% of Encore Wire worth $3,238,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Nisa Investment Advisors LLC raised its stake in shares of Encore Wire by 0.8% during the first quarter. Nisa Investment Advisors LLC now owns 15,752 shares of the electronics maker's stock worth $2,919,000 after purchasing an additional 130 shares during the last quarter. National Bank of Canada FI raised its stake in shares of Encore Wire by 36.5% during the first quarter. National Bank of Canada FI now owns 3,499 shares of the electronics maker's stock worth $643,000 after purchasing an additional 936 shares during the last quarter. Capital Fund Management S.A. raised its stake in shares of Encore Wire by 33.7% during the fourth quarter. Capital Fund Management S.A. now owns 21,160 shares of the electronics maker's stock worth $2,911,000 after purchasing an additional 5,333 shares during the last quarter. Strs Ohio raised its stake in shares of Encore Wire by 900.0% during the first quarter. Strs Ohio now owns 3,000 shares of the electronics maker's stock worth $555,000 after purchasing an additional 2,700 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Encore Wire by 41.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 242 shares of the electronics maker's stock worth $33,000 after acquiring an additional 71 shares in the last quarter. Hedge funds and other institutional investors own 99.82% of the company's stock.

NASDAQ:WIRE opened at $166.85 on Thursday. The stock has a fifty day moving average price of $174.55 and a two-hundred day moving average price of $172.30. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 5.42 and a beta of 1.33. Encore Wire Co. has a 1 year low of $108.53 and a 1 year high of $206.74.

Encore Wire (NASDAQ:WIRE - Get Free Report) last announced its quarterly earnings results on Tuesday, July 25th. The electronics maker reported $6.01 earnings per share for the quarter, missing analysts' consensus estimates of $6.55 by ($0.54). Encore Wire had a net margin of 20.70% and a return on equity of 32.05%. The firm had revenue of $636.46 million during the quarter, compared to analysts' expectations of $738.60 million. During the same quarter in the prior year, the business earned $10.71 EPS. The company's quarterly revenue was down 24.1% compared to the same quarter last year. On average, analysts predict that Encore Wire Co. will post 21.35 EPS for the current year.

Several research analysts have issued reports on WIRE shares. DA Davidson cut their price objective on Encore Wire from $250.00 to $240.00 in a research report on Thursday, July 27th. StockNews.com cut Encore Wire from a "buy" rating to a "hold" rating in a research report on Thursday, July 27th.

Get Our Latest Analysis on Encore Wire

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.

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