General Cable Corporation (BGC) Downgraded by BidaskClub
General Cable Corporation (NYSE:BGC) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
General Cable Corporation (NYSE:BGC) opened at 16.65 on Wednesday. General Cable Corporation has a one year low of $11.70 and a one year high of $20.80. The company’s 50-day moving average is $17.80 and its 200 day moving average is $17.20. The company’s market capitalization is $828.40 million.
General Cable Corporation (NYSE:BGC) last announced its earnings results on Wednesday, August 2nd. The industrial products company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by $0.12. The business had revenue of $943.10 million for the quarter. General Cable Corporation had a negative net margin of 4.80% and a positive return on equity of 13.47%. Analysts predict that General Cable Corporation will post $0.75 EPS for the current year.
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Several large investors have recently added to or reduced their stakes in BGC. Phocas Financial Corp. boosted its stake in General Cable Corporation by 4.6% in the second quarter. Phocas Financial Corp. now owns 292,237 shares of the industrial products company’s stock valued at $4,778,000 after buying an additional 12,779 shares during the period. Verition Fund Management LLC bought a new position in General Cable Corporation during the second quarter valued at approximately $328,000. Piedmont Investment Advisors LLC bought a new position in General Cable Corporation during the second quarter valued at approximately $175,000. The Manufacturers Life Insurance Company increased its position in General Cable Corporation by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 38,644 shares of the industrial products company’s stock valued at $632,000 after buying an additional 753 shares during the period. Finally, State Street Corp increased its position in General Cable Corporation by 3.5% in the second quarter. State Street Corp now owns 1,236,130 shares of the industrial products company’s stock valued at $20,210,000 after buying an additional 41,715 shares during the period. 99.40% of the stock is currently owned by institutional investors.
About General Cable Corporation
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’s segments include North America, Europe, Latin America, and Africa/Asia Pacific.
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