Encore Wire Corporation (NASDAQ:WIRE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

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. “

Shares of Encore Wire Corporation (WIRE) traded up 0.12% during mid-day trading on Wednesday, hitting $43.00. 50,719 shares of the stock traded hands. The stock has a market cap of $892.16 million, a P/E ratio of 22.99 and a beta of 2.23. The firm’s 50 day moving average price is $42.25 and its 200-day moving average price is $43.92. Encore Wire Corporation has a 12-month low of $33.70 and a 12-month high of $49.75.

Encore Wire Corporation (NASDAQ:WIRE) last released its quarterly earnings data on Tuesday, May 2nd. The electronics maker reported $0.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.14. Encore Wire Corporation had a net margin of 3.91% and a return on equity of 7.01%. The business had revenue of $279.39 million for the quarter, compared to analysts’ expectations of $280 million. Analysts predict that Encore Wire Corporation will post $2.30 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 21st. Investors of record on Friday, July 7th will be issued a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, July 5th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.19%. Encore Wire Corporation’s dividend payout ratio (DPR) is presently 4.28%.

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Several hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue boosted its stake in Encore Wire Corporation by 2.2% in the first quarter. State of Alaska Department of Revenue now owns 2,290 shares of the electronics maker’s stock worth $105,000 after buying an additional 50 shares during the period. Louisiana State Employees Retirement System boosted its position in Encore Wire Corporation by 1.2% in the first quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the electronics maker’s stock valued at $386,000 after buying an additional 100 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Encore Wire Corporation by 3.5% in the first quarter. BNP Paribas Arbitrage SA now owns 4,201 shares of the electronics maker’s stock valued at $193,000 after buying an additional 143 shares during the last quarter. Arizona State Retirement System boosted its position in Encore Wire Corporation by 1.9% in the first quarter. Arizona State Retirement System now owns 10,854 shares of the electronics maker’s stock valued at $499,000 after buying an additional 200 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in Encore Wire Corporation by 0.9% in the first quarter. Legal & General Group Plc now owns 34,420 shares of the electronics maker’s stock valued at $1,582,000 after buying an additional 307 shares during the last quarter. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Encore Wire Corporation Company Profile

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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