TheStreet Downgrades Encore Wire Corporation (WIRE) to C+

TheStreet downgraded shares of Encore Wire Corporation (NASDAQ:WIRE) from a b rating to a c+ rating in a research note published on Friday, August 4th.

Separately, Zacks Investment Research lowered shares of Encore Wire Corporation from a strong-buy rating to a sell rating in a report on Wednesday, April 26th.

Shares of Encore Wire Corporation (NASDAQ:WIRE) opened at 38.20 on Friday. Encore Wire Corporation has a 52 week low of $33.70 and a 52 week high of $49.75. The stock has a 50 day moving average of $41.89 and a 200-day moving average of $43.47. The stock has a market cap of $792.92 million, a PE ratio of 18.91 and a beta of 2.24.

Encore Wire Corporation (NASDAQ:WIRE) last released its quarterly earnings data on Tuesday, August 1st. The electronics maker reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by $0.06. The company had revenue of $291.50 million for the quarter, compared to the consensus estimate of $282.25 million. Encore Wire Corporation had a net margin of 4.01% and a return on equity of 7.42%. The company’s quarterly revenue was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.38 EPS. Equities research analysts predict that Encore Wire Corporation will post $2.23 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Friday, October 20th. Investors of record on Friday, October 6th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.21%. The ex-dividend date is Thursday, October 5th. Encore Wire Corporation’s dividend payout ratio (DPR) is presently 3.98%.

Several hedge funds and other institutional investors have recently bought and sold shares of WIRE. Norges Bank acquired a new position in Encore Wire Corporation during the fourth quarter worth $13,267,000. Swiss National Bank raised its position in Encore Wire Corporation by 2.9% in the first quarter. Swiss National Bank now owns 32,433 shares of the electronics maker’s stock valued at $1,492,000 after buying an additional 900 shares during the last quarter. State of Tennessee Treasury Department raised its position in Encore Wire Corporation by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 19,540 shares of the electronics maker’s stock valued at $899,000 after buying an additional 2,949 shares during the last quarter. BlackRock Inc. raised its position in Encore Wire Corporation by 52,370.3% in the first quarter. BlackRock Inc. now owns 2,531,167 shares of the electronics maker’s stock valued at $116,433,000 after buying an additional 2,526,343 shares during the last quarter. Finally, Teachers Advisors LLC raised its position in Encore Wire Corporation by 5.3% in the first quarter. Teachers Advisors LLC now owns 271,498 shares of the electronics maker’s stock valued at $12,489,000 after buying an additional 13,669 shares during the last quarter. 90.18% of the stock is owned by hedge funds and other institutional investors.

About Encore Wire Corporation

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 manufactures electric building wire, principally NM-B cable, for use primarily as interior wiring in homes, apartments and manufactured housing, and THHN/THWN-2 cable and metal-clad and armored cable for use primarily as wiring in commercial and industrial buildings.

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