Houston Wire & Cable (HWCC) Downgraded by Zacks Investment Research
Houston Wire & Cable (NASDAQ:HWCC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
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. “
HWCC has been the topic of several other research reports. ValuEngine raised shares of Houston Wire & Cable from a “sell” rating to a “hold” rating in a research note on Tuesday, November 21st. TheStreet raised shares of Houston Wire & Cable from a “d+” rating to a “c-” rating in a research note on Friday, December 22nd. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Houston Wire & Cable presently has an average rating of “Buy” and an average target price of $7.50.
Houston Wire & Cable (NASDAQ:HWCC) last released its earnings results on Thursday, November 9th. The industrial products company reported $0.06 EPS for the quarter. The firm had revenue of $81.20 million for the quarter, compared to analysts’ expectations of $77.60 million. Houston Wire & Cable had a negative net margin of 1.33% and a negative return on equity of 0.86%. Houston Wire & Cable’s quarterly revenue was up 24.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.09) EPS. equities research analysts anticipate that Houston Wire & Cable will post 0.09 earnings per share for the current year.
In other Houston Wire & Cable news, Director Mark A. Ruelle acquired 12,000 shares of the stock in a transaction dated Tuesday, November 14th. The shares were bought at an average price of $6.20 per share, with a total value of $74,400.00. Following the purchase, the director now directly owns 12,000 shares of the company’s stock, valued at approximately $74,400. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 4.00% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in HWCC. Pekin Singer Strauss Asset Management IL grew its stake in shares of Houston Wire & Cable by 150.0% in the 3rd quarter. Pekin Singer Strauss Asset Management IL now owns 25,000 shares of the industrial products company’s stock worth $131,000 after purchasing an additional 15,000 shares during the last quarter. Northern Trust Corp grew its stake in shares of Houston Wire & Cable by 2.4% in the 2nd quarter. Northern Trust Corp now owns 49,933 shares of the industrial products company’s stock worth $260,000 after purchasing an additional 1,172 shares during the last quarter. Isthmus Partners LLC grew its stake in shares of Houston Wire & Cable by 0.6% in the 2nd quarter. Isthmus Partners LLC now owns 84,023 shares of the industrial products company’s stock worth $437,000 after purchasing an additional 497 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Houston Wire & Cable by 35.1% in the 2nd quarter. Franklin Resources Inc. now owns 250,000 shares of the industrial products company’s stock worth $1,313,000 after purchasing an additional 65,000 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Houston Wire & Cable by 53.5% in the 3rd quarter. Ameriprise Financial Inc. now owns 648,124 shares of the industrial products company’s stock worth $3,402,000 after purchasing an additional 225,813 shares during the last quarter. 65.81% of the stock is currently owned by institutional investors.
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About Houston Wire & Cable
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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