Encore Wire Co. (NASDAQ:WIRE) Sees Large Decrease in Short Interest
Encore Wire Co. (NASDAQ:WIRE) was the target of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 279,500 shares, a decrease of 5.5% from the June 30th total of 295,800 shares. Based on an average daily trading volume, of 71,300 shares, the days-to-cover ratio is currently 3.9 days. Approximately 1.4% of the shares of the stock are short sold.
Shares of WIRE stock opened at $54.31 on Friday. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 1.58 and a beta of 1.49. The stock has a 50 day simple moving average of $55.42 and a 200-day simple moving average of $56.11. Encore Wire has a 1-year low of $40.96 and a 1-year high of $61.68.
Encore Wire (NASDAQ:WIRE) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.85 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.03). Encore Wire had a return on equity of 11.01% and a net margin of 6.09%. The business had revenue of $336.87 million for the quarter, compared to analyst estimates of $330.42 million. During the same period in the previous year, the company earned $0.86 earnings per share. The company’s quarterly revenue was up .0% compared to the same quarter last year. On average, research analysts forecast that Encore Wire will post 3.37 EPS for the current year.
Several research analysts have recently weighed in on the company. Zacks Investment Research downgraded Encore Wire from a “hold” rating to a “sell” rating in a research note on Saturday, July 27th. Sidoti raised Encore Wire from a “neutral” rating to a “buy” rating in a research note on Monday, June 3rd. Finally, BidaskClub downgraded Encore Wire from a “buy” rating to a “hold” rating in a research note on Thursday, July 4th.
Institutional investors and hedge funds have recently modified their holdings of the stock. American Century Companies Inc. purchased a new stake in shares of Encore Wire during the fourth quarter worth approximately $1,358,000. GYL Financial Synergies LLC purchased a new stake in shares of Encore Wire during the first quarter worth approximately $647,000. Great West Life Assurance Co. Can increased its position in shares of Encore Wire by 3.8% during the first quarter. Great West Life Assurance Co. Can now owns 27,708 shares of the electronics maker’s stock worth $1,585,000 after purchasing an additional 1,017 shares in the last quarter. New Amsterdam Partners LLC NY increased its position in shares of Encore Wire by 39.7% during the first quarter. New Amsterdam Partners LLC NY now owns 30,947 shares of the electronics maker’s stock worth $1,771,000 after purchasing an additional 8,792 shares in the last quarter. Finally, Comerica Bank increased its position in shares of Encore Wire by 2.3% during the first quarter. Comerica Bank now owns 20,641 shares of the electronics maker’s stock worth $1,227,000 after purchasing an additional 471 shares in the last quarter. Hedge funds and other institutional investors own 88.59% of the company’s stock.
Encore Wire Company Profile
Encore Wire Corporation manufactures and sells electrical building wires and cables for interior electrical wiring in the United States. Its products include NM-B cables for use as interior wiring in homes, apartments, and manufactured housing; THHN/THWN-2, metal-clad, and armored cables for use primarily as wiring in commercial and industrial buildings; UF-B cables; XHHW-2 cables; RHH/RHW-2 cables; and other types of wire products.
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