Encore Wire Corporation (NASDAQ:WIRE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.

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, TheStreet lowered Encore Wire Corporation from a “b” rating to a “c+” rating in a report on Friday.

Shares of Encore Wire Corporation (WIRE) traded up 0.62% during trading on Tuesday, hitting $40.55. The company’s stock had a trading volume of 23,869 shares. The firm’s 50 day moving average is $43.06 and its 200-day moving average is $43.76. Encore Wire Corporation has a 1-year low of $33.70 and a 1-year high of $49.75. The company has a market capitalization of $841.41 million, a P/E ratio of 20.07 and a beta of 2.24.

Encore Wire Corporation (NASDAQ:WIRE) last released its earnings results on Tuesday, August 1st. The electronics maker reported $0.52 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.06. The business had revenue of $291.50 million during the quarter, compared to analyst estimates of $282.25 million. Encore Wire Corporation had a net margin of 4.01% and a return on equity of 7.42%. The business’s quarterly revenue was up 22.1% compared to the same quarter last year. During the same period last year, the business earned $0.38 EPS. Analysts forecast that Encore Wire Corporation will post $2.23 EPS for the current fiscal year.

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Several hedge funds have recently made changes to their positions in WIRE. LSV Asset Management purchased a new stake in shares of Encore Wire Corporation during the first quarter worth approximately $101,000. State of Alaska Department of Revenue increased its stake in shares of 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 in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of 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 worth $193,000 after buying an additional 143 shares in the last quarter. Trexquant Investment LP purchased a new stake in shares of Encore Wire Corporation during the first quarter worth approximately $213,000. Finally, Mason Street Advisors LLC increased its stake in shares of Encore Wire Corporation by 7.1% in the first quarter. Mason Street Advisors LLC now owns 4,849 shares of the electronics maker’s stock worth $223,000 after buying an additional 320 shares in the last quarter. Institutional investors own 90.65% of the company’s stock.

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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