Encore Wire Corporation (NASDAQ:WIRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.

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 topic of a number of other reports. BidaskClub downgraded shares of Encore Wire Corporation from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. TheStreet downgraded shares of Encore Wire Corporation from a “b” rating to a “c+” rating in a research report on Friday, August 4th.

Shares of Encore Wire Corporation (NASDAQ:WIRE) opened at 45.65 on Thursday. The stock’s 50 day moving average is $42.25 and its 200-day moving average is $42.80. Encore Wire Corporation has a one year low of $33.70 and a one year high of $49.75. The stock has a market capitalization of $947.56 million, a price-to-earnings ratio of 22.60 and a beta of 2.25.

Encore Wire Corporation (NASDAQ:WIRE) last posted its earnings results on Tuesday, August 1st. The electronics maker reported $0.52 EPS for the quarter, missing the Zacks’ consensus estimate of $0.58 by ($0.06). The company had revenue of $291.50 million during the quarter, compared to analysts’ expectations of $282.25 million. Encore Wire Corporation had a net margin of 4.01% and a return on equity of 7.42%. The company’s quarterly revenue was up 22.1% on a year-over-year basis. During the same period last year, the business earned $0.38 earnings per share. On average, equities research analysts predict that Encore Wire Corporation will post $2.20 EPS for the current fiscal year.

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Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its position in shares of Encore Wire Corporation by 52,370.3% in the 1st quarter. BlackRock Inc. now owns 2,531,167 shares of the electronics maker’s stock valued at $116,433,000 after buying an additional 2,526,343 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Encore Wire Corporation by 2.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,833,564 shares of the electronics maker’s stock valued at $78,294,000 after buying an additional 50,586 shares during the last quarter. Hodges Capital Management Inc. grew its position in Encore Wire Corporation by 4.7% during the 2nd quarter. Hodges Capital Management Inc. now owns 1,056,084 shares of the electronics maker’s stock worth $45,095,000 after purchasing an additional 47,438 shares during the last quarter. Janus Henderson Group PLC purchased a new position in Encore Wire Corporation during the 2nd quarter worth $40,287,000. Finally, Royce & Associates LP grew its position in Encore Wire Corporation by 1.9% during the 2nd quarter. Royce & Associates LP now owns 701,370 shares of the electronics maker’s stock worth $29,948,000 after purchasing an additional 13,191 shares during the last quarter. 89.13% of the stock is currently owned by hedge funds and other institutional investors.

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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