Houston Wire & Cable Co. (HWCC) Rating Increased to Hold at Zacks Investment Research
Houston Wire & Cable Co. (NASDAQ:HWCC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday. The brokerage presently has a $7.00 price target on the stock. Zacks Investment Research’s price target suggests a potential upside of 12.90% from the company’s current price.
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 6.20 on Tuesday. The firm’s market capitalization is $102.11 million. The firm has a 50-day moving average of $5.96 and a 200 day moving average of $5.98. Houston Wire & Cable Co. has a 12 month low of $4.79 and a 12 month high of $7.71.
Houston Wire & Cable Co. (NASDAQ:HWCC) last issued its earnings results on Tuesday, August 9th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by $0.17. The business had revenue of $62.50 million for the quarter, compared to the consensus estimate of $67.09 million. Houston Wire & Cable Co. had a positive return on equity of 0.63% and a negative net margin of 0.82%. Houston Wire & Cable Co.’s revenue for the quarter was down 19.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.09 EPS. Equities research analysts forecast that Houston Wire & Cable Co. will post ($0.08) earnings per share for the current year.
A number of institutional investors have recently modified their holdings of HWCC. Spark Investment Management LLC acquired a new position in shares of Houston Wire & Cable Co. during the first quarter worth $193,000. Algert Global LLC raised its position in shares of 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 in the last quarter. Emerald Acquisition Ltd. acquired a new position in shares of Houston Wire & Cable Co. during the second quarter worth $320,000. Renaissance Technologies LLC raised its position in shares of Houston Wire & Cable Co. by 63.5% in the first quarter. Renaissance Technologies LLC now owns 72,600 shares of the company’s stock worth $507,000 after buying an additional 28,200 shares in the last quarter. Finally, Isthmus Partners LLC raised 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 in the last quarter. Hedge funds and other institutional investors own 69.41% of the company’s stock.
Houston Wire & Cable Co. Company Profile
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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