General Cable Corporation (BGC) Position Lowered by Nationwide Fund Advisors
Nationwide Fund Advisors reduced its position in shares of General Cable Corporation (NYSE:BGC) by 7.2% during the third quarter, Holdings Channel reports. The fund owned 282,473 shares of the company’s stock after selling 21,800 shares during the period. Nationwide Fund Advisors owned 0.57% of General Cable Corporation worth $4,231,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Convergence Investment Partners LLC acquired a new position in General Cable Corporation during the second quarter worth approximately $661,000. Principal Financial Group Inc. increased its position in General Cable Corporation by 6.1% in the second quarter. Principal Financial Group Inc. now owns 358,815 shares of the company’s stock worth $4,560,000 after buying an additional 20,473 shares during the last quarter. Capstone Asset Management Co. increased its position in General Cable Corporation 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 during the last quarter. Man Investments CH AG acquired a new position in General Cable Corporation during the second quarter worth approximately $174,000. Finally, Swiss National Bank increased its position in General Cable Corporation by 2.4% in the second quarter. Swiss National Bank now owns 82,000 shares of the company’s stock worth $1,042,000 after buying an additional 1,900 shares during the last quarter. Institutional investors and hedge funds own 99.89% of the company’s stock.
General Cable Corporation (NYSE:BGC) opened at 19.45 on Friday. The company’s 50-day moving average price is $19.45 and its 200-day moving average price is $15.93. General Cable Corporation has a 1-year low of $6.22 and a 1-year high of $20.80. The stock’s market cap is $958.81 million.
General Cable Corporation (NYSE:BGC) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported $0.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.26 by $0.19. The firm earned $924.50 million during the quarter, compared to the consensus estimate of $925 million. General Cable Corporation had a negative net margin of 0.98% and a positive return on equity of 33.36%. The firm’s quarterly revenue was down 15.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.26 earnings per share. Analysts predict that General Cable Corporation will post $0.70 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 30th. Stockholders of record on Friday, December 9th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.70%. The ex-dividend date of this dividend was Wednesday, December 7th. General Cable Corporation’s dividend payout ratio (DPR) is presently -90.00%.
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BGC has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded General Cable Corporation from a “hold” rating to a “sell” rating in a report on Monday, November 7th. CL King assumed coverage on General Cable Corporation in a research note on Thursday, December 1st. They set a “neutral” rating on the stock. Finally, DA Davidson restated a “hold” rating on shares of General Cable Corporation in a research note on Monday, November 7th.
General Cable Corporation 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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