General Cable Corp. (BGC) Shares Down 8.1%
General Cable Corp. (NYSE:BGC) traded down 8.1% on Tuesday . The stock traded as low as $11.84 and last traded at $11.87, with a volume of 329,809 shares. The stock had previously closed at $12.92.
Separately, Zacks Investment Research raised shares of 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 firm’s market capitalization is $618.98 million. The firm’s 50 day moving average price is $13.60 and its 200 day moving average price is $12.13.
General Cable Corp. (NYSE:BGC) last released its quarterly earnings data on Wednesday, April 27th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.17. The company had revenue of $974 million for the quarter, compared to analyst estimates of $851.33 million. The business’s revenue was down 16.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.78) earnings per share. On average, analysts anticipate that General Cable Corp. will post $0.97 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 24th. Shareholders of record on Friday, June 3rd were paid a dividend of $0.18 per share. The ex-dividend date was Wednesday, June 1st. This represents a $0.72 annualized dividend and a yield of 5.89%.
A number of hedge funds and institutional investors recently added to or reduced their stakes in BGC. Robeco Institutional Asset Management B.V. bought a new position in General Cable Corp. during the fourth quarter valued at about $2,642,000. Pzena Investment Management LLC raised its position 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. South Dakota Investment Council raised its position in General Cable Corp. by 22.3% in the fourth quarter. South Dakota Investment Council now owns 138,513 shares of the company’s stock valued at $1,860,000 after buying an additional 25,300 shares in the last quarter. Ecofin Ltd. raised its position in General Cable Corp. by 54.9% in the fourth quarter. Ecofin Ltd. now owns 930,039 shares of the company’s stock valued at $12,490,000 after buying an additional 329,624 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position 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.
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.