Zacks Investment Research Downgrades Houston Wire & Cable Co. (HWCC) to Hold
Houston Wire & Cable Co. (NASDAQ:HWCC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.
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. “
Houston Wire & Cable Co. (NASDAQ:HWCC) opened at 5.60 on Friday. The firm’s market cap is $92.23 million. The firm’s 50-day moving average price is $5.77 and its 200-day moving average price is $5.73. Houston Wire & Cable Co. has a 1-year low of $4.79 and a 1-year high of $7.71.
Houston Wire & Cable Co. (NASDAQ:HWCC) last posted its quarterly earnings data on Tuesday, November 8th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by $0.06. Houston Wire & Cable Co. had a negative return on equity of 1.94% and a negative net margin of 1.67%. The company had revenue of $65.20 million for the quarter, compared to analyst estimates of $64.32 million. During the same period in the previous year, the business posted $0.06 earnings per share. The firm’s revenue was down 16.7% compared to the same quarter last year. On average, equities research analysts anticipate that Houston Wire & Cable Co. will post ($0.15) earnings per share for the current year.
A number of hedge funds have recently bought and sold shares of HWCC. Wells Fargo & Company MN boosted its stake in Houston Wire & Cable Co. by 3,177,200.0% in the third quarter. Wells Fargo & Company MN now owns 31,773 shares of the company’s stock worth $197,000 after buying an additional 31,772 shares during the last quarter. Algert Global LLC boosted its stake in Houston Wire & Cable Co. by 10.6% in the second quarter. Algert Global LLC now owns 49,715 shares of the company’s stock worth $261,000 after buying an additional 4,754 shares during the last quarter. Northern Trust Corp boosted its stake in Houston Wire & Cable Co. by 3.5% in the third quarter. Northern Trust Corp now owns 53,359 shares of the company’s stock worth $330,000 after buying an additional 1,823 shares during the last quarter. Emerald Acquisition Ltd. bought a new stake in Houston Wire & Cable Co. during the second quarter worth $320,000. Finally, Isthmus Partners LLC increased its position in shares of Houston Wire & Cable Co. by 1.6% in the second quarter. Isthmus Partners LLC now owns 74,757 shares of the company’s stock worth $392,000 after buying an additional 1,212 shares during the period. 67.89% of the stock is owned by institutional investors.
About Houston Wire & Cable Co.
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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