General Cable (BGC) Sees Unusually-High Trading Volume

General Cable Corporation (NYSE:BGC) saw strong trading volume on Monday . 28,720,547 shares changed hands during mid-day trading, an increase of 3,482% from the previous session’s volume of 801,778 shares.The stock last traded at $29.45 and had previously closed at $21.80.

Separately, BidaskClub downgraded General Cable from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd.

The company has a quick ratio of 1.10, a current ratio of 1.98 and a debt-to-equity ratio of 8.42. The company has a market capitalization of $1,471.46, a PE ratio of 43.31 and a beta of 2.89.

General Cable (NYSE:BGC) last released its earnings results on Wednesday, November 1st. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.08. General Cable had a positive return on equity of 43.57% and a negative net margin of 4.71%. The business had revenue of $994.00 million during the quarter, compared to the consensus estimate of $879.80 million. During the same period last year, the business posted $0.07 earnings per share. The business’s revenue for the quarter was up 7.5% on a year-over-year basis.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 8th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Thursday, December 7th. General Cable’s dividend payout ratio (DPR) is presently -20.22%.

Several hedge funds and other institutional investors have recently made changes to their positions in BGC. Deprince Race & Zollo Inc. grew its position in shares of General Cable by 271.7% in the third quarter. Deprince Race & Zollo Inc. now owns 2,076,157 shares of the industrial products company’s stock valued at $39,136,000 after purchasing an additional 1,517,551 shares in the last quarter. Pictet Asset Management Ltd. grew its position in shares of General Cable by 140.4% in the third quarter. Pictet Asset Management Ltd. now owns 1,460,373 shares of the industrial products company’s stock valued at $27,528,000 after purchasing an additional 852,953 shares in the last quarter. Vanguard Group Inc. grew its position in shares of General Cable by 10.2% in the second quarter. Vanguard Group Inc. now owns 9,133,245 shares of the industrial products company’s stock valued at $149,328,000 after purchasing an additional 846,481 shares in the last quarter. Highbridge Capital Management LLC grew its position in shares of General Cable by 303.6% in the third quarter. Highbridge Capital Management LLC now owns 1,109,879 shares of the industrial products company’s stock valued at $20,921,000 after purchasing an additional 834,897 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in shares of General Cable by 324.6% in the third quarter. Russell Investments Group Ltd. now owns 699,896 shares of the industrial products company’s stock valued at $13,193,000 after purchasing an additional 535,063 shares in the last quarter. Institutional investors own 98.38% of the company’s stock.

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About General Cable

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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