General Cable Corp. (BGC) Stock Price Down 3%
General Cable Corp. (NYSE:BGC)’s share price was 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 recently weighed in on BGC shares. TheStreet raised shares of General Cable Corp. from a “sell” rating to a “hold” rating in a research report on Monday, August 29th. Zacks Investment Research raised shares of General Cable Corp. from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Tuesday, July 19th.
The firm’s market cap is $706.54 million. The firm’s 50-day moving average is $15.09 and its 200 day moving average is $13.78.
General Cable Corp. (NYSE:BGC) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $991.77 million. During the same quarter in the previous year, the firm posted $0.36 EPS. General Cable Corp.’s revenue was down 11.1% compared to the same quarter last year. Equities analysts expect that General Cable Corp. will post $0.89 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders 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 5.19%. The ex-dividend date is Wednesday, September 7th. General Cable Corp.’s payout ratio is -65.45%.
Several institutional investors have recently added to or reduced their stakes in BGC. Vanguard Group Inc. boosted its position in General Cable Corp. by 4.6% in the second quarter. Vanguard Group Inc. now owns 7,131,463 shares of the company’s stock worth $90,641,000 after buying an additional 311,416 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of General Cable Corp. by 3.3% in the second quarter. BlackRock Fund Advisors now owns 3,190,884 shares of the company’s stock valued at $40,556,000 after buying an additional 101,317 shares in the last quarter. Systematic Financial Management LP boosted its position in shares of General Cable Corp. by 691.3% in the second quarter. Systematic Financial Management LP now owns 1,461,440 shares of the company’s stock valued at $18,574,000 after buying an additional 1,276,740 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of General Cable Corp. by 5.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,315,208 shares of the company’s stock valued at $16,716,000 after buying an additional 68,131 shares in the last quarter. Finally, Towle & Co. boosted its position in shares of General Cable Corp. by 0.5% in the second quarter. Towle & Co. now owns 1,254,608 shares of the company’s stock valued at $15,946,000 after buying an additional 6,260 shares in the last quarter. Hedge funds and other institutional investors 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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