General Cable Corp. (BGC) Sees Large Volume Increase
Shares of General Cable Corp. (NYSE:BGC) saw unusually-high trading volume on Wednesday . Approximately 957,332 shares traded hands during mid-day trading, an increase of 52% from the previous session’s volume of 630,778 shares.The stock last traded at $14.30 and had previously closed at $14.25.
Separately, Zacks Investment Research raised General Cable Corp. from a “hold” rating to a “strong-buy” rating and set a $18.00 price objective for the company in a report on Tuesday, May 3rd.
The stock’s market capitalization is $704.17 million. The stock’s 50-day moving average price is $13.56 and its 200 day moving average price is $12.14.
General Cable Corp. (NYSE:BGC) last announced its quarterly earnings results on Wednesday, April 27th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.17. During the same period last year, the firm earned ($0.78) EPS. The firm earned $974 million during the quarter, compared to analyst estimates of $851.33 million. General Cable Corp.’s quarterly revenue was down 16.8% on a year-over-year basis. On average, equities research analysts predict that General Cable Corp. will post $0.97 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 24th. Investors of record on Friday, June 3rd were given a $0.18 dividend. The ex-dividend date was Wednesday, June 1st. This represents a $0.72 annualized dividend and a yield of 5.03%.
A number of large investors recently bought and sold shares of the stock. Nationwide Fund Advisors boosted its stake in General Cable Corp. by 12.7% in the fourth quarter. Nationwide Fund Advisors now owns 302,389 shares of the company’s stock valued at $4,061,000 after buying an additional 34,174 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in 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 valued at $1,643,000 after buying an additional 101,358 shares in the last quarter. New York State Common Retirement Fund boosted its stake in General Cable Corp. by 4.7% in the fourth quarter. New York State Common Retirement Fund now owns 93,654 shares of the company’s stock valued at $1,258,000 after buying an additional 4,238 shares in the last quarter. Pzena Investment Management LLC boosted its stake in General Cable Corp. by 0.8% in the fourth quarter. Pzena Investment Management LLC now owns 1,723,104 shares of the company’s stock valued at $23,141,000 after buying an additional 13,325 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. bought a new stake in General Cable Corp. during the fourth quarter valued at approximately $2,642,000.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.