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

Other equities analysts have also issued research reports about the stock. BidaskClub lowered shares of Encore Wire Corporation from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. TheStreet lowered shares of Encore Wire Corporation from a “b” rating to a “c+” rating in a research report on Friday, August 4th. Finally, Sidoti began coverage on shares of Encore Wire Corporation in a research report on Thursday, October 19th. They set a “neutral” rating for the company.

Encore Wire Corporation (NASDAQ:WIRE) last announced its earnings results on Tuesday, October 31st. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.12. Encore Wire Corporation had a net margin of 4.53% and a return on equity of 8.52%. The firm had revenue of $292.00 million during the quarter, compared to analyst estimates of $279.60 million. During the same quarter in the prior year, the firm posted $0.29 EPS. Encore Wire Corporation’s revenue was up 23.1% compared to the same quarter last year.

TRADEMARK VIOLATION WARNING: This news story was posted by American Banking News and is the sole property of of American Banking News. If you are viewing this news story on another site, it was copied illegally and republished in violation of US and international trademark & copyright law. The original version of this news story can be viewed at https://www.americanbankingnews.com/2017/11/02/encore-wire-corporation-wire-downgraded-by-zacks-investment-research-to-strong-sell.html.

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. lifted its stake in Encore Wire Corporation by 52,370.3% during the first 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 in the last quarter. Vanguard Group Inc. lifted its stake in Encore Wire Corporation by 2.8% during the second 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 in the last quarter. Dimensional Fund Advisors LP lifted its stake in Encore Wire Corporation by 2.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,740,320 shares of the electronics maker’s stock valued at $64,878,000 after buying an additional 43,640 shares in the last quarter. BlackRock Fund Advisors lifted its stake in Encore Wire Corporation by 8.4% during the third quarter. BlackRock Fund Advisors now owns 1,445,749 shares of the electronics maker’s stock valued at $53,160,000 after buying an additional 112,628 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Encore Wire Corporation by 13.9% during the first quarter. Victory Capital Management Inc. now owns 1,379,521 shares of the electronics maker’s stock valued at $63,458,000 after buying an additional 167,990 shares in the last quarter. 89.09% of the stock is owned by 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.

Get a free copy of the Zacks research report on Encore Wire Corporation (WIRE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Encore Wire Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Encore Wire Corporation and related companies with MarketBeat.com's FREE daily email newsletter.