General Cable Corp. (BGC) Shares Up 6.1%
Shares of General Cable Corp. (NYSE:BGC) shot up 6.1% during mid-day trading on Friday . The stock traded as high as $13.12 and last traded at $13.11, with a volume of 152,593 shares changing hands. The stock had previously closed at $12.36.
Separately, Zacks Investment Research upgraded General Cable Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, April 19th.
The stock’s market capitalization is $642.62 million. The stock’s 50 day moving average is $13.54 and its 200-day moving average is $12.13.
General Cable Corp. (NYSE:BGC) last posted its quarterly earnings results on Wednesday, April 27th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. The firm had revenue of $974 million for the quarter, compared to analyst estimates of $851.33 million. During the same period last year, the company posted ($0.78) earnings per share. The firm’s quarterly revenue was down 16.8% compared to the same quarter last year. Analysts predict that General Cable Corp. will post $0.97 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 24th. Investors of record on Friday, June 3rd were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 5.52%. The ex-dividend date was Wednesday, June 1st.
Other hedge funds have modified their holdings of the company. Matarin Capital Management LLC acquired a new stake in shares of General Cable Corp. during the fourth quarter worth approximately $5,885,000. Ecofin Ltd. increased its stake in shares of General Cable Corp. by 54.9% in the fourth quarter. Ecofin Ltd. now owns 930,039 shares of the company’s stock worth $12,490,000 after buying an additional 329,624 shares during the last quarter. Robeco Institutional Asset Management B.V. acquired a new stake in shares of General Cable Corp. during the fourth quarter worth approximately $2,642,000. PNC Financial Services Group Inc. increased its stake in shares of General Cable Corp. by 482.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 122,380 shares of the company’s stock worth $1,643,000 after buying an additional 101,358 shares during the last quarter. Finally, Nationwide Fund Advisors increased its stake in shares of General Cable Corp. by 12.7% in the fourth quarter. Nationwide Fund Advisors now owns 302,389 shares of the company’s stock worth $4,061,000 after buying an additional 34,174 shares during the last quarter.
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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