Encore Wire Corporation (NASDAQ:WIRE) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a report released on Monday.

A number of other research firms also recently weighed in on WIRE. Zacks Investment Research downgraded shares of Encore Wire Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. 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) traded down 0.64% during midday trading on Monday, hitting $38.75. 190,021 shares of the stock traded hands. The firm’s 50-day moving average is $42.40 and its 200 day moving average is $43.61. Encore Wire Corporation has a 52 week low of $33.70 and a 52 week high of $49.75. The company has a market capitalization of $804.33 million, a price-to-earnings ratio of 19.18 and a beta of 2.24.

Encore Wire Corporation (NASDAQ:WIRE) last released its earnings results on Tuesday, August 1st. The electronics maker reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by $0.06. The firm had revenue of $291.50 million for the quarter, compared to analyst estimates of $282.25 million. Encore Wire Corporation had a net margin of 4.01% and a return on equity of 7.42%. The business’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.38 EPS. Equities analysts forecast that Encore Wire Corporation will post $2.23 earnings per share for the current year.

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A number of hedge funds have recently added to or reduced their stakes in WIRE. BlackRock Inc. increased its stake in shares of Encore Wire Corporation by 52,370.3% in 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 during the period. Vanguard Group Inc. increased its stake in shares of Encore Wire Corporation by 2.8% in 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 during the period. Victory Capital Management Inc. increased its stake in shares of Encore Wire Corporation by 13.9% in 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 during the period. Hodges Capital Management Inc. increased its stake in shares of Encore Wire Corporation by 4.7% in the second quarter. Hodges Capital Management Inc. now owns 1,056,084 shares of the electronics maker’s stock valued at $45,095,000 after buying an additional 47,438 shares during the period. Finally, Frontier Capital Management Co. LLC increased its stake in shares of Encore Wire Corporation by 1.9% in the first quarter. Frontier Capital Management Co. LLC now owns 1,056,019 shares of the electronics maker’s stock valued at $48,577,000 after buying an additional 19,657 shares during the period. 90.18% of the stock is owned by institutional investors and hedge funds.

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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