Pictet Asset Management Ltd. raised its holdings in General Cable Corporation (NYSE:BGC) by 140.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,460,373 shares of the industrial products company’s stock after buying an additional 852,953 shares during the quarter. Pictet Asset Management Ltd. owned approximately 2.94% of General Cable Corporation worth $27,528,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Phocas Financial Corp. grew its holdings in General Cable Corporation by 4.6% in the 2nd 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 purchased a new stake in General Cable Corporation in the 2nd quarter valued at about $328,000. Piedmont Investment Advisors LLC purchased a new stake in General Cable Corporation in the 2nd quarter valued at about $175,000. The Manufacturers Life Insurance Company grew its holdings in General Cable Corporation by 2.0% in the 2nd 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 grew its holdings in General Cable Corporation by 3.5% in the 2nd 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. Institutional investors own 97.65% of the company’s stock.
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Shares of General Cable Corporation (NYSE:BGC) opened at $20.60 on Friday. The firm has a market cap of $1.04 billion, a P/E ratio of 30.74 and a beta of 2.90. The company has a debt-to-equity ratio of 8.42, a current ratio of 1.98 and a quick ratio of 1.06.
General Cable Corporation (NYSE:BGC) last posted its earnings results on Wednesday, November 1st. The industrial products company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.08. The firm had revenue of $994.00 million during the quarter, compared to analyst estimates of $879.80 million. General Cable Corporation had a negative net margin of 4.71% and a positive return on equity of 43.57%. The business’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.07 EPS.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 8th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.50%. The ex-dividend date is Thursday, December 7th. General Cable Corporation’s dividend payout ratio (DPR) is -20.22%.
Separately, BidaskClub upgraded General Cable Corporation from a “hold” rating to a “buy” rating in a report on Friday, August 4th.
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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