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Encore Wire (NASDAQ:WIRE) was downgraded by Zacks Investment Research from a "strong-buy" rating to a "hold" rating in a research note issued on Wednesday, Zacks.com reports.
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. "
Separately, DA Davidson increased their price objective on Encore Wire from $115.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, October 28th.
WIRE stock traded up $0.19 on Wednesday, reaching $141.83. The company's stock had a trading volume of 3,765 shares, compared to its average volume of 160,547. The business has a fifty day simple moving average of $135.97 and a two-hundred day simple moving average of $102.64. Encore Wire has a 12-month low of $56.27 and a 12-month high of $151.64. The firm has a market cap of $2.87 billion, a PE ratio of 6.92 and a beta of 1.14.
Encore Wire (NASDAQ:WIRE) last announced its quarterly earnings results on Tuesday, October 26th. The electronics maker reported $8.51 EPS for the quarter, topping analysts' consensus estimates of $2.92 by $5.59. The company had revenue of $716.32 million during the quarter, compared to analyst estimates of $587.34 million. Encore Wire had a return on equity of 42.52% and a net margin of 18.55%. The firm's revenue was up 110.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.02 earnings per share. On average, equities analysts expect that Encore Wire will post 21.76 EPS for the current year.
Large investors have recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Encore Wire by 12.0% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,123 shares of the electronics maker's stock valued at $201,000 after acquiring an additional 227 shares in the last quarter. Avantax Advisory Services Inc. bought a new stake in Encore Wire in the 3rd quarter worth about $215,000. Lowell Blake & Associates Inc. bought a new stake in Encore Wire in the 3rd quarter worth about $217,000. CIBC Asset Management Inc bought a new stake in Encore Wire in the 3rd quarter worth about $236,000. Finally, PNC Financial Services Group Inc. increased its holdings in Encore Wire by 110.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,535 shares of the electronics maker's stock worth $239,000 after buying an additional 1,328 shares in the last quarter. Hedge funds and other institutional investors own 87.81% of the company's stock.
Encore Wire Corp. engages in manufacturing copper electrical building wire and cable. The firm is a significant supplier of building wire for interior electrical wiring in commercial and industrial buildings, homes, apartments and manufactured housing. It offers an electric 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, Armored Cable, Photovoltaic Cable and Bare Copper.
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