Encore Wire (WIRE) Cut to “Hold” at BidaskClub

Encore Wire (NASDAQ:WIRE) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Thursday.

Several other equities research analysts also recently commented on WIRE. Zacks Investment Research upgraded shares of Encore Wire from a “sell” rating to a “hold” rating in a research report on Thursday, October 5th. Sidoti started coverage on shares of Encore Wire in a research report on Thursday, October 19th. They issued a “neutral” rating for the company. Finally, TheStreet upgraded shares of Encore Wire from a “c+” rating to a “b” rating in a research report on Monday, October 23rd.

Shares of Encore Wire (WIRE) opened at $50.85 on Thursday. The company has a market cap of $1,048.05, a P/E ratio of 21.28, a P/E/G ratio of 2.39 and a beta of 2.31. Encore Wire has a 12-month low of $37.30 and a 12-month high of $52.65.

Encore Wire (NASDAQ:WIRE) last issued its quarterly earnings results on Tuesday, October 31st. The electronics maker reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.12. The business had revenue of $292.00 million during the quarter, compared to the consensus estimate of $279.60 million. Encore Wire had a net margin of 4.53% and a return on equity of 8.42%. The firm’s quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 EPS. sell-side analysts forecast that Encore Wire will post 2.32 earnings per share for the current year.

In related news, VP Frank J. Bilban sold 4,136 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $47.50, for a total value of $196,460.00. Following the completion of the sale, the vice president now owns 61,150 shares in the company, valued at approximately $2,904,625. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Matthew D. Ford sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $46.00, for a total transaction of $46,000.00. Following the completion of the sale, the insider now owns 2,500 shares of the company’s stock, valued at approximately $115,000. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,531 shares of company stock valued at $2,508,164. 3.79% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in WIRE. Schwab Charles Investment Management Inc. increased its stake in Encore Wire by 4.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 175,737 shares of the electronics maker’s stock valued at $7,504,000 after buying an additional 7,726 shares during the period. Swiss National Bank increased its stake in Encore Wire by 6.5% in the 2nd quarter. Swiss National Bank now owns 34,533 shares of the electronics maker’s stock valued at $1,475,000 after buying an additional 2,100 shares during the period. Wells Fargo & Company MN increased its stake in Encore Wire by 13.4% in the 2nd quarter. Wells Fargo & Company MN now owns 23,410 shares of the electronics maker’s stock valued at $999,000 after buying an additional 2,760 shares during the period. Teachers Advisors LLC increased its stake in Encore Wire by 8.0% in the 2nd quarter. Teachers Advisors LLC now owns 293,312 shares of the electronics maker’s stock valued at $12,524,000 after buying an additional 21,814 shares during the period. Finally, Citigroup Inc. increased its stake in Encore Wire by 16.9% in the 2nd quarter. Citigroup Inc. now owns 21,971 shares of the electronics maker’s stock valued at $938,000 after buying an additional 3,181 shares during the period. Hedge funds and other institutional investors own 88.94% of the company’s stock.

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About Encore Wire

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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