Westwood Holdings Group Inc. Sells 338,105 Shares of Encore Wire Co. (NASDAQ:WIRE)

Westwood Holdings Group Inc. decreased its holdings in shares of Encore Wire Co. (NASDAQ:WIRE) by 88.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,597 shares of the electronics maker’s stock after selling 338,105 shares during the period. Westwood Holdings Group Inc. owned about 0.27% of Encore Wire worth $11,194,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Banque Cantonale Vaudoise grew its position in shares of Encore Wire by 10.7% during the 1st quarter. Banque Cantonale Vaudoise now owns 414 shares of the electronics maker’s stock valued at $109,000 after acquiring an additional 40 shares during the period. Nations Financial Group Inc. IA ADV lifted its stake 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 buying an additional 41 shares in the last quarter. Spire Wealth Management lifted its stake in shares of Encore Wire by 42.0% during the 1st quarter. Spire Wealth Management now owns 142 shares of the electronics maker’s stock valued at $37,000 after buying an additional 42 shares in the last quarter. FCG Investment Co lifted its stake in shares of Encore Wire by 3.8% during the 1st quarter. FCG Investment Co now owns 1,297 shares of the electronics maker’s stock valued at $341,000 after buying an additional 48 shares in the last quarter. Finally, SummerHaven Investment Management LLC lifted its stake in shares of Encore Wire by 1.3% during the 4th quarter. SummerHaven Investment Management LLC now owns 4,104 shares of the electronics maker’s stock valued at $877,000 after buying an additional 51 shares in the last quarter. Institutional investors own 99.82% of the company’s stock.

Wall Street Analysts Forecast Growth

WIRE has been the topic of a number of analyst reports. StockNews.com began coverage on shares of Encore Wire in a research note on Tuesday. They set a “hold” rating on the stock. Sidoti reiterated a “neutral” rating and issued a $290.00 price target on shares of Encore Wire in a research note on Tuesday, April 16th. DA Davidson cut shares of Encore Wire from a “buy” rating to a “neutral” rating and set a $295.00 target price on the stock. in a research report on Tuesday, April 16th. Finally, CJS Securities restated a “market perform” rating on shares of Encore Wire in a research report on Friday, April 19th.

Encore Wire Price Performance

Shares of NASDAQ WIRE remained flat at $289.84 during mid-day trading on Friday. 266 shares of the stock traded hands, compared to its average volume of 318,575. The business has a 50-day moving average of $289.02 and a 200-day moving average of $263.56. The company has a market capitalization of $4.58 billion, a P/E ratio of 15.38 and a beta of 1.19. Encore Wire Co. has a 52-week low of $150.51 and a 52-week high of $295.90.

Encore Wire Dividend Announcement

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