The stock of General Cable Corporation (NYSE:BGC) hit a new 52-week high and has $23.53 target or 36.00% above today’s $17.30 share price. The 7 months bullish chart indicates low risk for the $873.89M company. The 1-year high was reported on Nov, 14 by Barchart.com. If the $23.53 price target is reached, the company will be worth $314.60M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 57,740 shares traded hands. General Cable Corporation (NYSE:BGC) has risen 33.01% since April 12, 2016 and is uptrending. It has outperformed by 28.03% the S&P500.
According to Zacks Investment Research, “General Cable Corp. is a leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the communications, energy and electrical markets. The company sells its products primarily to commercial, industrial, utility, telecommunications, original equipment manufacturers, military/government, retail, electrical, and communications distributor customers worldwide.”
Insitutional Activity: The institutional sentiment decreased to 1.07 in Q2 2016. Its down 0.17, from 1.24 in 2016Q1. The ratio fall, as 25 funds sold all General Cable Corporation shares owned while 49 reduced positions. 25 funds bought stakes while 54 increased positions. They now own 45.98 million shares or 4.61% more from 43.96 million shares in 2016Q1.
Goldman Sachs Group Inc holds 0% of its portfolio in General Cable Corporation (NYSE:BGC) for 531,770 shares. Rbf Limited Liability Corp has 10,300 shares for 0.03% of their US portfolio. Sandy Spring Comml Bank last reported 250 shares in the company. Rhumbline Advisers holds 0% or 63,025 shares in its portfolio. Manufacturers Life Ins The owns 33,281 shares or 0% of their US portfolio. Hsbc Holdg Public Ltd Com, a United Kingdom-based fund reported 25,751 shares. State Street Corp holds 0% of its portfolio in General Cable Corporation (NYSE:BGC) for 1.06M shares. Us National Bank De accumulated 1,411 shares or 0% of the stock. California Public Employees Retirement Sys has 0.01% invested in the company for 452,000 shares. Old Mutual (Uk) reported 114,782 shares or 0.03% of all its holdings. Pzena Inv Management Ltd Limited Liability Company holds 0.13% or 1.67 million shares in its portfolio. Raymond James And Assoc, a Florida-based fund reported 159,925 shares. Moreover, Louisiana State Employees Retirement Sys has 0.01% invested in General Cable Corporation (NYSE:BGC) for 21,800 shares. Tci Wealth Advisors has 0% invested in the company for 50 shares. Blackrock Group accumulated 92,187 shares or 0% of the stock.
Insider Transactions: Since May 27, 2016, the stock had 1 buying transaction, and 0 sales for $1,386 net activity. WELSH JOHN E III also bought $1,386 worth of General Cable Corporation (NYSE:BGC) shares.
More notable recent General Cable Corporation (NYSE:BGC) news were published by: Moodys.com which released: “Moody’s affirms General Cable’s Corporate Family Rating at B2; rating outlook …” on September 23, 2015, also Businesswire.com with their article: “General Cable Reports Third Quarter 2016 Results” published on November 02, 2016, Businesswire.com published: “General Cable Corporation to Webcast Discussion of its Third Quarter 2016 Results” on October 18, 2016. More interesting news about General Cable Corporation (NYSE:BGC) were released by: Blogs.Wsj.com and their article: “General Cable Sets Aside More for Foreign Corruption Settlement” published on February 11, 2016 as well as Cincinnati.com‘s news article titled: “General Cable shares fall 32% on Q4 loss, bribe-probe update” with publication date: February 11, 2016.
BGC Company Profile
General Cable Corporation, incorporated on April 22, 1994, 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 Firm operates through four divisions: North America, Europe, Latin America, and Africa/Asia Pacific. The Firm additionally engages in the design, integration and installation on a turnkey basis for products, such as high and extra-high voltage terrestrial and submarine systems.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.