Encore Wire Corporation (NASDAQ:WIRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors 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. “

Several other brokerages also recently issued reports on WIRE. BidaskClub downgraded Encore Wire Corporation from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. TheStreet downgraded Encore Wire Corporation from a “b” rating to a “c+” rating in a research report on Friday, August 4th.

Encore Wire Corporation (NASDAQ WIRE) opened at 45.65 on Thursday. The stock’s 50 day moving average price is $42.25 and its 200 day moving average price is $42.80. Encore Wire Corporation has a 12-month low of $33.70 and a 12-month high of $49.75. The stock has a market cap of $947.56 million, a price-to-earnings ratio of 22.60 and a beta of 2.25.

Encore Wire Corporation (NASDAQ:WIRE) last issued its quarterly earnings data on Tuesday, August 1st. The electronics maker reported $0.52 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by ($0.06). Encore Wire Corporation had a net margin of 4.01% and a return on equity of 7.42%. The company had revenue of $291.50 million during the quarter, compared to analysts’ expectations of $282.25 million. During the same quarter in the prior year, the company earned $0.38 earnings per share. The firm’s revenue was up 22.1% compared to the same quarter last year. Analysts forecast that Encore Wire Corporation will post $2.20 EPS for the current fiscal year.

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Several large investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio lifted its position in shares of Encore Wire Corporation by 1.6% in the second quarter. Public Employees Retirement System of Ohio now owns 9,974 shares of the electronics maker’s stock valued at $426,000 after acquiring an additional 154 shares in the last quarter. State Street Corp lifted its position in shares of Encore Wire Corporation by 3.3% in the second quarter. State Street Corp now owns 490,856 shares of the electronics maker’s stock valued at $20,958,000 after acquiring an additional 15,670 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in shares of Encore Wire Corporation in the second quarter valued at $40,287,000. Voya Investment Management LLC lifted its position in shares of Encore Wire Corporation by 8.4% in the second quarter. Voya Investment Management LLC now owns 10,848 shares of the electronics maker’s stock valued at $463,000 after acquiring an additional 841 shares in the last quarter. Finally, Citadel Advisors LLC lifted its position in shares of Encore Wire Corporation by 42.5% in the second quarter. Citadel Advisors LLC now owns 15,109 shares of the electronics maker’s stock valued at $645,000 after acquiring an additional 4,505 shares in the last quarter. Institutional investors and hedge funds own 89.13% of the company’s stock.

About Encore Wire Corporation

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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