Posted by admin on Apr 20th, 2022
Encore Wire (NASDAQ:WIRE – Get Rating) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors 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, StockNews.com initiated coverage on shares of Encore Wire in a research note on Thursday, March 31st. They issued a “buy” rating on the stock.
WIRE traded up $1.01 during midday trading on Wednesday, hitting $112.82. 6,194 shares of the company traded hands, compared to its average volume of 248,750. The company’s 50-day moving average is $116.90 and its 200 day moving average is $123.88. Encore Wire has a 52 week low of $65.98 and a 52 week high of $151.64. The firm has a market capitalization of $2.23 billion, a PE ratio of 4.30 and a beta of 1.17.
Encore Wire (NASDAQ:WIRE – Get Rating) last issued its quarterly earnings data on Tuesday, February 15th. The electronics maker reported $6.91 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.42 by $4.49. Encore Wire had a net margin of 20.88% and a return on equity of 48.24%. The firm had revenue of $687.85 million for the quarter, compared to analysts’ expectations of $561.79 million. During the same quarter in the prior year, the business earned $1.17 EPS. The business’s quarterly revenue was up 80.6% on a year-over-year basis. On average, analysts expect that Encore Wire will post 10.74 EPS for the current year.
A number of institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System increased its holdings in Encore Wire by 0.3% in the 3rd quarter. California State Teachers Retirement System now owns 27,814 shares of the electronics maker’s stock worth $2,638,000 after acquiring an additional 79 shares in the last quarter. New York State Teachers Retirement System grew its holdings in Encore Wire by 0.6% during the 3rd quarter. New York State Teachers Retirement System now owns 16,334 shares of the electronics maker’s stock valued at $1,549,000 after buying an additional 100 shares in the last quarter. Summit Place Financial Advisors LLC grew its holdings in Encore Wire by 1.2% during the 3rd quarter. Summit Place Financial Advisors LLC now owns 13,650 shares of the electronics maker’s stock valued at $1,294,000 after buying an additional 165 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Encore Wire by 7.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,542 shares of the electronics maker’s stock valued at $364,000 after buying an additional 168 shares in the last quarter. Finally, EverSource Wealth Advisors LLC purchased a new stake in Encore Wire during the 4th quarter valued at approximately $29,000. 81.75% of the stock is owned by institutional investors.
About Encore Wire (Get Rating)
Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. The company's products include NM-B cables for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2 cables and metal-clad and armored cables for use as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; USE-2 cables; and other types of wire products.
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