The stock of General Cable Corporation (NYSE:BGC) hit a new 52-week high and has $28.29 target or 55.00% above today’s $18.25 share price. The 7 months bullish chart indicates low risk for the $917.51 million company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $28.29 price target is reached, the company will be worth $504.63 million 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 111,536 shares traded hands. General Cable Corporation (NYSE:BGC) has risen 32.84% since April 19, 2016 and is uptrending. It has outperformed by 28.98% 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 0.9 in 2016 Q2. Its down 0.17, from 1.07 in 2016Q1. The ratio dived, 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.
Ny State Teachers Retirement Systems has invested 0% of its portfolio in General Cable Corporation (NYSE:BGC). State Street has 1.06M shares for 0% of their US portfolio. Spark Investment Limited Liability holds 169,000 shares or 0.2% of its portfolio. Sei, a Pennsylvania-based fund reported 69,131 shares. Toronto Dominion Comml Bank last reported 0% of its portfolio in the stock. Quantitative Invest Mngmt Ltd Liability Co has 0.01% invested in the company for 12,800 shares. Rhumbline Advisers holds 63,025 shares or 0% of its portfolio. Millennium Management Limited holds 138,740 shares or 0% of its portfolio. Blackrock last reported 17,196 shares in the company. South Dakota Inv Council has invested 0.04% of its portfolio in General Cable Corporation (NYSE:BGC). Blackrock Group Limited holds 92,187 shares or 0% of its portfolio. New York State Common Retirement Fund, a New York-based fund reported 268,860 shares. Vanguard Group Inc holds 7.13M shares or 0.01% of its portfolio. Ubs Asset Americas has 53,986 shares for 0% of their US portfolio. Martingale Asset Mngmt Lp accumulated 79,397 shares or 0.02% of the stock.
Insider Transactions: Since May 27, 2016, the stock had 1 buy, and 0 insider sales for $1,386 net activity. On Friday, May 27 the insider WELSH JOHN E III bought $1,386.
More important recent General Cable Corporation (NYSE:BGC) news were published by: Businesswire.com which released: “General Cable Corporation to Webcast Discussion of its Third Quarter 2016 Results” on October 18, 2016, also Businesswire.com published article titled: “General Cable Reports Third Quarter 2016 Results”, Blogs.Wsj.com published: “General Cable Sets Aside More for Foreign Corruption Settlement” on February 11, 2016. More interesting news about General Cable Corporation (NYSE:BGC) was released by: Cincinnati.com and their article: “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.
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