General Cable Corp. (BGC) Raised to “Hold” at Zacks Investment Research
According to Zacks, “General Cable Corp. is a leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the communications, energy and electrical markets. The company sells its products primarily to commercial, industrial, utility, telecommunications, original equipment manufacturers, military/government, retail, electrical, and communications distributor customers worldwide. “
Separately, TheStreet upgraded shares of General Cable Corp. from a sell rating to a hold rating in a research report on Monday, August 29th.
Shares of General Cable Corp. (NYSE:BGC) opened at 14.62 on Wednesday. General Cable Corp. has a one year low of $6.22 and a one year high of $16.46. The company’s market cap is $720.59 million. The firm has a 50-day moving average of $15.02 and a 200-day moving average of $14.12.
General Cable Corp. (NYSE:BGC) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by $0.01. The firm earned $990 million during the quarter, compared to the consensus estimate of $991.77 million. General Cable Corp. had a positive return on equity of 34.01% and a negative net margin of 1.33%. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 earnings per share. Equities research analysts forecast that General Cable Corp. will post $0.89 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 9th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.92%. General Cable Corp.’s dividend payout ratio is -65.45%.
Several institutional investors have recently modified their holdings of BGC. Louisiana State Employees Retirement System raised its position in shares of General Cable Corp. by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 21,800 shares of the company’s stock worth $277,000 after buying an additional 100 shares in the last quarter. Hsbc Holdings PLC raised its position in shares of General Cable Corp. by 0.8% in the second quarter. Hsbc Holdings PLC now owns 25,751 shares of the company’s stock worth $327,000 after buying an additional 216 shares in the last quarter. Boston Advisors LLC raised its position in shares of General Cable Corp. by 1.3% in the second quarter. Boston Advisors LLC now owns 30,185 shares of the company’s stock worth $384,000 after buying an additional 385 shares in the last quarter. Arizona State Retirement System raised its position in shares of General Cable Corp. by 1.6% in the second quarter. Arizona State Retirement System now owns 25,601 shares of the company’s stock worth $325,000 after buying an additional 400 shares in the last quarter. Finally, Capstone Asset Management Co. raised its position in shares of General Cable Corp. by 3.0% in the second quarter. Capstone Asset Management Co. now owns 15,019 shares of the company’s stock worth $191,000 after buying an additional 440 shares in the last quarter. Hedge funds and other institutional investors own 98.44% of the company’s stock.
General Cable Corp. Company Profile
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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