Hodges Capital Management buys $40.9 Million stake in Encore Wire Corporation (WIRE)

Encore Wire Corporation (WIRE) : Hodges Capital Management scooped up 42,721 additional shares in Encore Wire Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 26, 2016. The investment management firm now holds a total of 1,058,377 shares of Encore Wire Corporation which is valued at $40.9 Million.Encore Wire Corporation makes up approximately 1.86% of Hodges Capital Management’s portfolio.

Other Hedge Funds, Including , Perkins Investment Management boosted its stake in WIRE in the latest quarter, The investment management firm added 131,572 additional shares and now holds a total of 336,943 shares of Encore Wire Corporation which is valued at $12.5 Million. Encore Wire Corporation makes up approx 0.19% of Perkins Investment Management’s portfolio. Envestnet Asset Management Inc added WIRE to its portfolio by purchasing 2,448 company shares during the most recent quarter which is valued at $91,090. Paloma Partners Management Co added WIRE to its portfolio by purchasing 6,722 company shares during the most recent quarter which is valued at $250,126. Encore Wire Corporation makes up approx 0.01% of Paloma Partners Management Co’s portfolio.Two Sigma Advisers Lp reduced its stake in WIRE by selling 4,304 shares or 9.86% in the most recent quarter. The Hedge Fund company now holds 39,369 shares of WIRE which is valued at $1.5 Million. Encore Wire Corporation makes up approx 0.01% of Two Sigma Advisers Lp’s portfolio.

Encore Wire Corporation opened for trading at $38.81 and hit $39.78 on the upside on Wednesday, eventually ending the session at $39.48, with a gain of 1.26% or 0.49 points. The heightened volatility saw the trading volume jump to 1,31,110 shares. Company has a market cap of $817 M.

On the company’s financial health, Encore Wire Corporation reported $0.41 EPS for the quarter, missing the analyst consensus estimate by $ -0.12 based on the information available during the earnings call on Apr 27, 2016. Analyst had a consensus of $0.53. The company had revenue of $225.50 million for the quarter, compared to analysts expectations of $222.97 million. The company’s revenue was down -9.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.52 EPS.

Investors should note that on May 17, 2016, Encore Wire Corporation announced a cash dividend of $0.0200. The company’s management has announced Jun 29, 2016 as the ex-dividend date and fixed the record date on Jul 1, 2016. The payable date has been fixed on Jul 15, 2016.

Many Wall Street Analysts have commented on Encore Wire Corporation. Singular Research Initiated Encore Wire Corporation on May 31, 2016 to “Buy”, Price Target of the shares are set at $47.

Encore Wire Corporation is a manufacturer of electrical building wire and cable. The Company is a supplier of building wire for interior electrical wiring in commercial and industrial buildings homes apartments and manufactured housing. The Company offers an electrical building wire product line that consists primarily of NM-B cable UF-B cable THHN/THWN-2 and other types of wire products including metal clad and armored cable. All of these products are manufactured with copper or aluminum as the conductor. The principal bases for differentiation among stock-keeping units (SKUs) are product type conductor type diameter insulation color and packaging.

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