General Cable Corp. (BGC) Shares Down 3%
General Cable Corp. (NYSE:BGC)’s share price traded down 3% on Tuesday . The stock traded as low as $13.55 and last traded at $13.73, with a volume of 272,754 shares trading hands. The stock had previously closed at $14.16.
Several equities analysts have weighed in on the company. TheStreet upgraded General Cable Corp. from a “sell” rating to a “hold” rating in a report on Monday, August 29th. Zacks Investment Research lowered General Cable Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, August 9th.
The company has a 50-day moving average price of $15.12 and a 200-day moving average price of $13.76. The firm’s market cap is $664.40 million.
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General Cable Corp. (NYSE:BGC) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.30 EPS for the quarter, missing the Zacks’ consensus estimate of $0.31 by $0.01. General Cable Corp. had a negative net margin of 1.33% and a positive return on equity of 34.01%. The firm earned $990 million during the quarter, compared to the consensus estimate of $991.77 million. During the same quarter in the prior year, the company earned $0.36 EPS. General Cable Corp.’s quarterly revenue was down 11.1% on a year-over-year basis. Equities research analysts predict that General Cable Corp. will post $0.89 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 9th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 5.34%. The ex-dividend date is Wednesday, September 7th. General Cable Corp.’s dividend payout ratio is currently -65.45%.
Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Institutional Trust Company N.A. boosted its stake in General Cable Corp. by 1.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,247,077 shares of the company’s stock worth $15,227,000 after buying an additional 12,763 shares in the last quarter. GSA Capital Partners LLP boosted its stake in General Cable Corp. by 62.3% in the second quarter. GSA Capital Partners LLP now owns 90,675 shares of the company’s stock worth $1,152,000 after buying an additional 34,797 shares in the last quarter. SECOR Capital Advisors LP boosted its stake in General Cable Corp. by 123.6% in the second quarter. SECOR Capital Advisors LP now owns 46,410 shares of the company’s stock worth $590,000 after buying an additional 25,653 shares in the last quarter. Geode Capital Management LLC boosted its stake in General Cable Corp. by 4.2% in the first quarter. Geode Capital Management LLC now owns 334,388 shares of the company’s stock worth $4,082,000 after buying an additional 13,430 shares in the last quarter. Finally, Norges Bank purchased a new stake in General Cable Corp. during the fourth quarter worth approximately $10,831,000. Institutional investors and hedge funds own 98.44% of the company’s stock.
About General Cable Corp.
General Cable Corporation is engaged in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for use in the energy, industrial, construction, specialty and communications markets. The Company operates through four segments: North America, Europe, Latin America, and Africa/Asia Pacific.
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