Encore Wire (NASDAQ:WIRE) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Thursday.

Several other research firms have also commented on WIRE. Sidoti upgraded Encore Wire from a “neutral” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Wednesday, December 6th. TheStreet upgraded Encore Wire from a “c+” rating to a “b” rating in a research note on Monday, October 23rd. Finally, Zacks Investment Research upgraded Encore Wire from a “sell” rating to a “hold” rating in a research note on Thursday, October 5th.

Encore Wire (WIRE) opened at $51.00 on Thursday. Encore Wire has a 52 week low of $37.30 and a 52 week high of $52.65. The firm has a market capitalization of $1,060.00, a PE ratio of 21.25, a P/E/G ratio of 2.49 and a beta of 2.31.

Encore Wire (NASDAQ:WIRE) last announced its quarterly earnings results on Tuesday, October 31st. The electronics maker reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.12. Encore Wire had a return on equity of 8.42% and a net margin of 4.53%. The firm had revenue of $292.00 million during the quarter, compared to analyst estimates of $279.60 million. During the same quarter in the previous year, the business earned $0.29 EPS. Encore Wire’s revenue for the quarter was up 23.1% compared to the same quarter last year. analysts forecast that Encore Wire will post 2.32 earnings per share for the current year.

In other news, insider Matthew D. Ford sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $46.00, for a total transaction of $46,000.00. Following the transaction, the insider now directly owns 2,500 shares in the company, valued at approximately $115,000. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Frank J. Bilban sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, January 11th. The stock was sold at an average price of $50.50, for a total value of $757,500.00. Following the transaction, the vice president now owns 34,900 shares in the company, valued at $1,762,450. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,531 shares of company stock valued at $2,508,164. 3.79% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of the company. Suntrust Banks Inc. boosted its holdings in shares of Encore Wire by 1.6% during the 2nd quarter. Suntrust Banks Inc. now owns 6,781 shares of the electronics maker’s stock worth $289,000 after purchasing an additional 104 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of Encore Wire by 1.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 9,974 shares of the electronics maker’s stock worth $426,000 after purchasing an additional 154 shares during the last quarter. Voya Investment Management LLC boosted its holdings in shares of Encore Wire by 8.4% during the 2nd quarter. Voya Investment Management LLC now owns 10,848 shares of the electronics maker’s stock worth $463,000 after purchasing an additional 841 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in shares of Encore Wire by 4.6% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 35,344 shares of the electronics maker’s stock worth $1,509,000 after purchasing an additional 1,556 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in shares of Encore Wire by 6.5% during the 2nd quarter. Swiss National Bank now owns 34,533 shares of the electronics maker’s stock worth $1,475,000 after purchasing an additional 2,100 shares during the last quarter. Institutional investors and hedge funds own 88.94% of the company’s stock.

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Encore Wire 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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