Encore Wire (NASDAQ:WIRE) Downgraded by BidaskClub to “Sell”

BidaskClub lowered shares of Encore Wire (NASDAQ:WIRE) from a hold rating to a sell rating in a research note released on Saturday, BidAskClub reports.

A number of other research firms have also recently weighed in on WIRE. Zacks Investment Research upgraded Encore Wire from a strong sell rating to a hold rating in a research note on Wednesday, January 1st. ValuEngine upgraded Encore Wire from a sell rating to a hold rating in a research note on Monday, December 30th.

WIRE opened at $58.33 on Friday. Encore Wire has a 1-year low of $49.04 and a 1-year high of $62.08. The stock’s fifty day simple moving average is $57.53 and its 200 day simple moving average is $56.52. The stock has a market cap of $1.20 billion, a PE ratio of 15.60 and a beta of 1.48.

Encore Wire (NASDAQ:WIRE) last posted its quarterly earnings results on Monday, October 28th. The electronics maker reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.23). Encore Wire had a net margin of 5.62% and a return on equity of 9.76%. The business had revenue of $321.20 million during the quarter, compared to the consensus estimate of $346.43 million. During the same quarter last year, the company posted $1.13 EPS. The firm’s revenue was down 5.8% on a year-over-year basis. Analysts predict that Encore Wire will post 3.01 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Friday, January 3rd will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend is Thursday, January 2nd. Encore Wire’s dividend payout ratio is 2.14%.

In other Encore Wire news, CFO Frank J. Bilban sold 5,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $59.55, for a total value of $297,750.00. Following the transaction, the chief financial officer now directly owns 30,300 shares of the company’s stock, valued at approximately $1,804,365. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 3.99% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Meeder Asset Management Inc. grew its holdings in Encore Wire by 292.1% in the 3rd quarter. Meeder Asset Management Inc. now owns 1,094 shares of the electronics maker’s stock valued at $63,000 after buying an additional 815 shares in the last quarter. Paloma Partners Management Co acquired a new position in Encore Wire in the 2nd quarter valued at $270,000. Pacer Advisors Inc. acquired a new position in Encore Wire in the 2nd quarter valued at $293,000. Zebra Capital Management LLC acquired a new stake in shares of Encore Wire during the 2nd quarter worth $385,000. Finally, Alberta Investment Management Corp acquired a new stake in shares of Encore Wire during the 3rd quarter worth $422,000. 89.02% of the stock is currently owned by hedge funds and other institutional investors.

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.

Further Reading: Initial Coin Offerings entail a high degree of risk

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