Houston Wire & Cable (HWCC) Lowered to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of Houston Wire & Cable (NASDAQ:HWCC) from a strong-buy rating to a hold rating in a research note published on Wednesday morning.
According to Zacks, “With more than three decades of experience in the electrical industry, HOUSTON WIRE & CABLE COMPANY is one of the largest distributors of specialty wire and cable and related services in the U.S. electrical distribution market. Headquartered in Houston, HWCC has sales and distribution facilities in Atlanta, Baton Rouge, Charlotte, Chicago, Denver, Houston, Los Angeles, Philadelphia, San Francisco, Seattle and Tampa. Standard stock items available for immediate delivery include continuous and interlocked armor, instrumentation, medium voltage, high temperature, portable cord, power cables and private branded products, including LifeGuard, a low-smoke, zero-halogen cable. HWCC’s comprehensive value-added services include same-day shipping, knowledgeable sales staff, inventory management programs, just-in-time delivery, logistics support, customized internet-based ordering capabilities and round-the-clock, throughout-the-year service. “
HWCC has been the subject of a number of other reports. ValuEngine upgraded Houston Wire & Cable from a sell rating to a hold rating in a research report on Tuesday, November 21st. TheStreet upgraded Houston Wire & Cable from a d+ rating to a c- rating in a research report on Friday, December 22nd. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Houston Wire & Cable presently has a consensus rating of Buy and an average target price of $7.50.
Shares of Houston Wire & Cable (HWCC) opened at $7.25 on Wednesday. The company has a market capitalization of $121.32, a P/E ratio of -29.00 and a beta of 1.63. Houston Wire & Cable has a 12-month low of $4.70 and a 12-month high of $8.05. The company has a debt-to-equity ratio of 0.82, a current ratio of 5.60 and a quick ratio of 2.39.
Houston Wire & Cable (NASDAQ:HWCC) last posted its quarterly earnings data on Thursday, November 9th. The industrial products company reported $0.06 EPS for the quarter. The business had revenue of $81.20 million during the quarter, compared to analysts’ expectations of $77.60 million. Houston Wire & Cable had a negative return on equity of 0.86% and a negative net margin of 1.33%. The business’s revenue was up 24.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.09) earnings per share. sell-side analysts anticipate that Houston Wire & Cable will post 0.09 EPS for the current fiscal year.
In other Houston Wire & Cable news, Director Mark A. Ruelle acquired 12,000 shares of the business’s stock in a transaction dated Tuesday, November 14th. The stock was acquired at an average cost of $6.20 per share, for a total transaction of $74,400.00. Following the completion of the transaction, the director now directly owns 12,000 shares of the company’s stock, valued at $74,400. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.00% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the company. Rutabaga Capital Management LLC MA boosted its stake in shares of Houston Wire & Cable by 2.2% in the second quarter. Rutabaga Capital Management LLC MA now owns 1,518,044 shares of the industrial products company’s stock worth $7,894,000 after acquiring an additional 32,283 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Houston Wire & Cable by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,022,937 shares of the industrial products company’s stock worth $5,370,000 after acquiring an additional 35,058 shares during the last quarter. Thomson Horstmann & Bryant Inc. boosted its stake in shares of Houston Wire & Cable by 2.6% in the fourth quarter. Thomson Horstmann & Bryant Inc. now owns 827,378 shares of the industrial products company’s stock worth $5,957,000 after acquiring an additional 20,902 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Houston Wire & Cable by 53.5% in the third quarter. Ameriprise Financial Inc. now owns 648,124 shares of the industrial products company’s stock worth $3,402,000 after acquiring an additional 225,813 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Houston Wire & Cable by 35.1% in the second quarter. Franklin Resources Inc. now owns 250,000 shares of the industrial products company’s stock worth $1,313,000 after acquiring an additional 65,000 shares during the last quarter. 65.81% of the stock is currently owned by hedge funds and other institutional investors.
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About Houston Wire & Cable
Houston Wire & Cable Company is a holding company. The Company is engaged in provision of electrical and mechanical wire and cable, hardware and related services. It operates through sales of wire and cable, hardware and related services segment in the United States market. Its cable management program includes purchasing and storing inventory for product availability.
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