Encore Wire (WIRE) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Encore Wire (NASDAQ:WIRE) from a buy rating to a hold rating in a research note released on Saturday. The firm currently has $58.00 price objective on the electronics maker’s stock.

According to Zacks, “Encore Wire Corporation is a low-cost manufacturer of copper electrical building wire and cable. The Company is a significant supplier of both residential wire for interior electrical wiring in homes, apartments and manufactured housing, as well as building wire for electrical distribution in commercial and industrial buildings. “

WIRE has been the subject of a number of other reports. BidaskClub upgraded Encore Wire from a sell rating to a hold rating in a research report on Tuesday, November 6th. DA Davidson set a $60.00 target price on Encore Wire and gave the company a buy rating in a research report on Tuesday, December 4th.

WIRE stock traded down $0.11 during midday trading on Friday, hitting $52.90. The company’s stock had a trading volume of 90,367 shares, compared to its average volume of 81,223. Encore Wire has a 12 month low of $40.96 and a 12 month high of $58.70. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of 16.08, a PEG ratio of 1.62 and a beta of 1.41.

Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings results on Tuesday, October 30th. The electronics maker reported $1.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.42. The business had revenue of $340.70 million during the quarter, compared to the consensus estimate of $302.86 million. Encore Wire had a return on equity of 10.39% and a net margin of 6.42%. The firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.67 EPS. On average, equities analysts predict that Encore Wire will post 3.27 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, January 18th. Stockholders of record on Friday, January 4th were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, January 3rd. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.15%. Encore Wire’s dividend payout ratio is currently 3.07%.

Several hedge funds and other institutional investors have recently bought and sold shares of WIRE. TIAA CREF Investment Management LLC raised its holdings in Encore Wire by 0.8% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 95,359 shares of the electronics maker’s stock valued at $4,777,000 after buying an additional 738 shares during the period. Teachers Advisors LLC raised its holdings in Encore Wire by 3.5% during the 3rd quarter. Teachers Advisors LLC now owns 39,640 shares of the electronics maker’s stock valued at $1,986,000 after buying an additional 1,335 shares during the period. IndexIQ Advisors LLC raised its holdings in Encore Wire by 3.9% during the 3rd quarter. IndexIQ Advisors LLC now owns 40,092 shares of the electronics maker’s stock valued at $2,009,000 after buying an additional 1,515 shares during the period. United Services Automobile Association raised its holdings in Encore Wire by 1.8% during the 2nd quarter. United Services Automobile Association now owns 103,796 shares of the electronics maker’s stock valued at $4,925,000 after buying an additional 1,818 shares during the period. Finally, Legal & General Group Plc raised its holdings in Encore Wire by 4.9% during the 2nd quarter. Legal & General Group Plc now owns 45,175 shares of the electronics maker’s stock valued at $2,144,000 after buying an additional 2,122 shares during the period. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Encore Wire Company Profile

Encore Wire Corporation manufactures and sells electrical building wire and cable products for interior electrical wiring in the United States. Its products include NM-B cable for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2, metal-clad, and armored cables for use primarily as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; and other types of wire products.

Recommended Story: How do investors use RSI to grade stocks?

Get a free copy of the Zacks research report on Encore Wire (WIRE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Encore Wire Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Encore Wire and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit