Zacks Investment Research Lowers Encore Wire Corporation (NASDAQ:WIRE) to Strong Sell

Zacks Investment Research lowered shares of Encore Wire Corporation (NASDAQ:WIRE) from a hold rating to a strong sell rating in a research report report published on Thursday, November 2nd.

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. “

A number of other equities analysts also recently commented on the stock. Sidoti started coverage on shares of Encore Wire Corporation in a report on Thursday, October 19th. They issued a neutral rating for the company. TheStreet lowered Encore Wire Corporation from a b rating to a c+ rating in a research note on Friday, August 4th. Finally, BidaskClub lowered Encore Wire Corporation from a hold rating to a sell rating in a research report on Monday, August 14th.

Encore Wire Corporation (NASDAQ WIRE) traded up $0.50 during mid-day trading on Thursday, hitting $45.05. 119,090 shares of the company were exchanged, compared to its average volume of 78,115. Encore Wire Corporation has a 1 year low of $37.30 and a 1 year high of $49.75. The stock has a market capitalization of $922.12, a price-to-earnings ratio of 18.54, a PEG ratio of 1.91 and a beta of 2.32.

Encore Wire Corporation (NASDAQ:WIRE) last posted its quarterly earnings data on Tuesday, October 31st. The electronics maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.55 by $0.12. The company had revenue of $292.00 million during the quarter, compared to analyst estimates of $279.60 million. Encore Wire Corporation had a net margin of 4.53% and a return on equity of 8.42%. Encore Wire Corporation’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.29 earnings per share. sell-side analysts expect that Encore Wire Corporation will post 2.32 EPS for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Friday, January 19th. Stockholders of record on Friday, January 5th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.18%. The ex-dividend date is Thursday, January 4th. Encore Wire Corporation’s payout ratio is 3.35%.

In related news, VP Frank J. Bilban sold 4,136 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $47.50, for a total value of $196,460.00. Following the completion of the transaction, the vice president now directly owns 61,150 shares of the company’s stock, valued at approximately $2,904,625. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.79% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State of Alaska Department of Revenue grew its holdings in Encore Wire Corporation by 78.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 4,096 shares of the electronics maker’s stock valued at $174,000 after buying an additional 1,806 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new position in Encore Wire Corporation during the 3rd quarter valued at about $202,000. Karp Capital Management Corp purchased a new position in Encore Wire Corporation during the 1st quarter valued at about $230,000. Aperio Group LLC boosted its holdings in Encore Wire Corporation by 25.2% during the 2nd quarter. Aperio Group LLC now owns 6,259 shares of the electronics maker’s stock valued at $267,000 after acquiring an additional 1,260 shares during the period. Finally, KCG Holdings Inc. purchased a new position in Encore Wire Corporation during the 1st quarter valued at about $269,000. 86.93% of the stock is owned by hedge funds and other institutional investors.

About Encore Wire Corporation

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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