Investors Purchase High Volume of General Cable Put Options (BGC)

General Cable Co. (NYSE:BGC) was the target of unusually large options trading on Monday. Stock traders bought 664 put options on the stock. This is an increase of approximately 971% compared to the average daily volume of 62 put options.

General Cable (BGC) remained flat at $$29.60 during mid-day trading on Friday. 637,119 shares of the company traded hands, compared to its average volume of 4,515,782. The company has a market cap of $1,494.57, a P/E ratio of 43.53 and a beta of 2.89. General Cable has a 52 week low of $14.95 and a 52 week high of $30.17. The company has a debt-to-equity ratio of 8.42, a current ratio of 1.98 and a quick ratio of 1.10.

General Cable (NYSE:BGC) last announced its quarterly earnings results on Wednesday, November 1st. The industrial products company reported $0.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.08. The company had revenue of $994.00 million during the quarter, compared to analysts’ expectations of $879.80 million. General Cable had a positive return on equity of 43.57% and a negative net margin of 4.71%. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.07 earnings per share.

The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 8th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.43%. The ex-dividend date was Thursday, December 7th. General Cable’s dividend payout ratio (DPR) is currently -20.22%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Deprince Race & Zollo Inc. grew its holdings in shares of General Cable by 271.7% during the 3rd quarter. Deprince Race & Zollo Inc. now owns 2,076,157 shares of the industrial products company’s stock worth $39,136,000 after acquiring an additional 1,517,551 shares during the period. Pictet Asset Management Ltd. grew its holdings in shares of General Cable by 140.4% during the 3rd quarter. Pictet Asset Management Ltd. now owns 1,460,373 shares of the industrial products company’s stock worth $27,528,000 after acquiring an additional 852,953 shares during the period. Vanguard Group Inc. grew its holdings in shares of General Cable by 10.2% during the 2nd quarter. Vanguard Group Inc. now owns 9,133,245 shares of the industrial products company’s stock worth $149,328,000 after acquiring an additional 846,481 shares during the period. Highbridge Capital Management LLC grew its stake in shares of General Cable by 303.6% in the 3rd quarter. Highbridge Capital Management LLC now owns 1,109,879 shares of the industrial products company’s stock worth $20,921,000 after buying an additional 834,897 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of General Cable by 324.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 699,896 shares of the industrial products company’s stock worth $13,193,000 after buying an additional 535,063 shares during the last quarter. 98.38% of the stock is owned by institutional investors.

ILLEGAL ACTIVITY NOTICE: This article was first published by Week Herald and is the sole property of of Week Herald. If you are viewing this article on another domain, it was illegally stolen and reposted in violation of international copyright laws. The original version of this article can be accessed at https://weekherald.com/2017/12/30/general-cable-target-of-unusually-large-options-trading-bgc.html.

General Cable Company 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.

Receive News & Ratings for General Cable Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Cable and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply