Optical Cable (NASDAQ:OCC) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Shares of Optical Cable Corporation (NASDAQ:OCC) passed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $12.07 and traded as high as $12.51. Optical Cable shares last traded at $12.44, with a volume of 98,482 shares.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on OCC. Zacks Research upgraded shares of Optical Cable to a “hold” rating in a report on Wednesday, August 26th. Weiss Ratings upgraded Optical Cable from a “sell (d-)” rating to a “hold (c)” rating in a research note on Tuesday, September 22nd. Finally, Wall Street Zen raised Optical Cable from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 12th. Two research analysts have rated the stock with a Hold rating. According to MarketBeat, the company has an average rating of “Hold”.

Optical Cable Trading Down 0.4%

The company’s 50 day moving average price is $14.16 and its 200 day moving average price is $12.15. The company has a market cap of $111.14 million, a price-to-earnings ratio of 43.35 and a beta of 0.57. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.77 and a current ratio of 2.17.

Optical Cable (NASDAQ:OCC) last released its quarterly earnings data on Wednesday, September 9th. The communications equipment provider reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.01. Optical Cable had a net margin of 3.10% and a return on equity of 15.88%. The business had revenue of $24.30 million during the quarter, compared to analyst estimates of $24.50 million. Research analysts anticipate that Optical Cable Corporation will post 0.49 EPS for the current year.

Institutional Investors Weigh In On Optical Cable

Several institutional investors and hedge funds have recently added to or reduced their stakes in OCC. State of Wyoming acquired a new position in Optical Cable during the third quarter valued at approximately $64,000. Round Rock Advisors LLC boosted its holdings in shares of Optical Cable by 88.5% during the 2nd quarter. Round Rock Advisors LLC now owns 58,937 shares of the communications equipment provider’s stock worth $1,236,000 after buying an additional 27,665 shares during the period. Bank of New York Mellon Corp acquired a new position in Optical Cable in the 2nd quarter valued at $216,000. Sei Investments Co. acquired a new position in Optical Cable in the 1st quarter valued at $754,000. Finally, Shikiar Asset Management Inc. raised its holdings in Optical Cable by 14.4% in the 1st quarter. Shikiar Asset Management Inc. now owns 28,150 shares of the communications equipment provider’s stock worth $232,000 after acquiring an additional 3,550 shares during the period. 13.61% of the stock is currently owned by institutional investors and hedge funds.

Optical Cable Company Profile

Optical Cable Corporation (NASDAQ: OCC) designs and manufactures fiber optic and copper cable products, connectivity solutions, and related cabling systems. Its offerings are used to transmit voice, data, and video in communications networks and other demanding applications.

The company serves a range of markets, including enterprise networks, data centers, military and government systems, industrial facilities, broadcast operations, wireless communications, and other specialized environments.