Highbridge Capital Management LLC lifted its stake in shares of General Cable Corporation (NYSE:BGC) by 303.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,109,879 shares of the industrial products company’s stock after purchasing an additional 834,897 shares during the period. Highbridge Capital Management LLC owned approximately 2.22% of General Cable worth $20,921,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Arizona State Retirement System lifted its stake in shares of General Cable by 0.4% during the 2nd quarter. Arizona State Retirement System now owns 25,901 shares of the industrial products company’s stock worth $423,000 after buying an additional 100 shares during the last quarter. Texas Permanent School Fund lifted its stake in shares of General Cable by 1.0% during the 2nd quarter. Texas Permanent School Fund now owns 36,236 shares of the industrial products company’s stock worth $592,000 after buying an additional 346 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its stake in shares of General Cable by 4.2% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 11,700 shares of the industrial products company’s stock worth $191,000 after buying an additional 470 shares during the last quarter. Columbia Asset Management lifted its stake in shares of General Cable by 2.5% during the 2nd quarter. Columbia Asset Management now owns 24,575 shares of the industrial products company’s stock worth $401,000 after buying an additional 600 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in General Cable by 2.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 38,644 shares of the industrial products company’s stock worth $632,000 after purchasing an additional 753 shares in the last quarter. Institutional investors own 98.38% of the company’s stock.
Separately, BidaskClub lowered shares of General Cable from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd.
General Cable (NYSE:BGC) last issued its quarterly 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 negative net margin of 4.71% and a positive return on equity of 43.57%. The firm had revenue of $994.00 million for the quarter, compared to the consensus estimate of $879.80 million. During the same quarter in the previous year, the company earned $0.07 EPS. The company’s revenue for the quarter was up 7.5% on a year-over-year basis.
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 paid a $0.18 dividend. The ex-dividend date is Thursday, December 7th. This represents a $0.72 annualized dividend and a dividend yield of 2.42%. General Cable’s payout ratio is -20.22%.
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General Cable Profile
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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