Zacks Investment Research downgraded shares of Encore Wire Corporation (NASDAQ:WIRE) from a hold rating to a strong sell rating in a research note released on Thursday.

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 brokerages have also issued reports on WIRE. Sidoti started coverage on Encore Wire Corporation in a research report on Thursday, October 19th. They issued a neutral rating on the stock. TheStreet raised Encore Wire Corporation from a c+ rating to a b rating in a research report on Monday, October 23rd. 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 down $0.95 during midday trading on Thursday, hitting $45.55. The stock had a trading volume of 70,046 shares, compared to its average volume of 84,478. The company has a market cap of $948.12, a price-to-earnings ratio of 19.06, a price-to-earnings-growth ratio of 2.36 and a beta of 2.32.

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

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The company also recently announced a quarterly dividend, which was paid on Friday, October 20th. Investors of record on Friday, October 6th were given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.18%. The ex-dividend date was Thursday, October 5th. Encore Wire Corporation’s dividend payout ratio is presently 3.35%.

In related news, VP Frank J. Bilban sold 4,136 shares of Encore Wire Corporation stock in a transaction that occurred 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 sale, the vice president now owns 61,150 shares of the company’s stock, valued at approximately $2,904,625. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.79% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA increased its position in shares of Encore Wire Corporation by 57.6% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 10,774 shares of the electronics maker’s stock worth $482,000 after purchasing an additional 3,939 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Encore Wire Corporation by 50.7% during the 3rd quarter. Prudential Financial Inc. now owns 108,300 shares of the electronics maker’s stock worth $4,849,000 after purchasing an additional 36,430 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in shares of Encore Wire Corporation by 1.2% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,067,791 shares of the electronics maker’s stock worth $47,810,000 after purchasing an additional 13,118 shares during the last quarter. Crossmark Global Holdings Inc. acquired a new position in shares of Encore Wire Corporation during the 3rd quarter worth approximately $273,000. Finally, Nationwide Fund Advisors increased its position in shares of Encore Wire Corporation by 38.3% during the 3rd quarter. Nationwide Fund Advisors now owns 20,796 shares of the electronics maker’s stock worth $931,000 after purchasing an additional 5,757 shares during the last quarter. 89.09% of the stock is currently 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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