General Cable Target of Unusually Large Options Trading (BGC)
General Cable Corporation (NYSE:BGC) was the recipient of some unusual options trading on Monday. Investors acquired 664 put options on the stock. This represents an increase of 971% compared to the average volume of 62 put options.
Shares of General Cable (NYSE:BGC) opened at $29.90 on Thursday. General Cable has a 52-week low of $14.95 and a 52-week high of $30.00. The firm has a market capitalization of $1,471.46, a PE ratio of 43.31 and a beta of 2.89. The company has a current ratio of 1.98, a quick ratio of 1.10 and a debt-to-equity ratio of 8.42.
General Cable (NYSE:BGC) last announced its quarterly earnings results on Wednesday, November 1st. The industrial products company reported $0.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.08. General Cable had a positive return on equity of 43.57% and a negative net margin of 4.71%. The firm had revenue of $994.00 million for the quarter, compared to analysts’ expectations of $879.80 million. During the same period in the prior year, the business posted $0.07 earnings per share. The company’s revenue was up 7.5% on a year-over-year basis.
Several institutional investors and hedge funds have recently made changes to their positions in BGC. State of Alaska Department of Revenue increased its position in shares of General Cable by 79.0% during the second quarter. State of Alaska Department of Revenue now owns 9,793 shares of the industrial products company’s stock valued at $160,000 after buying an additional 4,323 shares during the period. Piedmont Investment Advisors LLC bought a new position in shares of General Cable in the second quarter worth approximately $175,000. Quantum Capital Management bought a new position in shares of General Cable in the second quarter worth approximately $182,000. Municipal Employees Retirement System of Michigan increased its position in shares of General Cable by 4.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 11,700 shares of the industrial products company’s stock worth $191,000 after purchasing an additional 470 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of General Cable in the third quarter worth approximately $246,000. Hedge funds and other institutional investors own 98.38% of the company’s stock.
Separately, BidaskClub cut General Cable from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd.
About General Cable
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’s segments include North America, Europe, Latin America, and Africa/Asia Pacific.
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