General Cable Corp. (BGC) Shares Down 1.5%
General Cable Corp. (NYSE:BGC)’s share price traded down 1.5% during mid-day trading on Monday . The stock traded as low as $14.57 and last traded at $14.66, with a volume of 123,547 shares changing hands. The stock had previously closed at $14.88.
Separately, Zacks Investment Research upgraded shares of General Cable Corp. from a “hold” rating to a “strong-buy” rating and set a $18.00 price objective on the stock in a report on Tuesday, May 3rd.
The firm’s market cap is $722.39 million. The firm has a 50-day moving average of $13.66 and a 200 day moving average of $12.18.
General Cable Corp. (NYSE:BGC) last released its earnings results on Wednesday, April 27th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.17. The firm earned $974 million during 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 period in the prior year, the firm earned ($0.78) earnings per share. Analysts expect that General Cable Corp. will post $0.97 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 24th. Shareholders of record on Friday, June 3rd were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 4.91%. The ex-dividend date of this dividend was Wednesday, June 1st.
A number of institutional investors have recently added to or reduced their stakes in BGC. Matarin Capital Management LLC purchased a new position in General Cable Corp. during the fourth quarter valued at $5,885,000. Ecofin Ltd. boosted its position in shares of 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 during the last quarter. South Dakota Investment Council boosted its position in shares of 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 during the last quarter. Robeco Institutional Asset Management B.V. bought a new position in shares of General Cable Corp. during the fourth quarter valued at about $2,642,000. Finally, New York State Common Retirement Fund boosted its position in shares of 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 during 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.
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