The companies entered into a definitive merger agreement under which Prysmian will acquire 100% of the outstanding shares of General Cable at $30.00 per share in cash. Over the past month the firm's stock is 40.91%, 71.72% for the last quarter, 71.72% for the past six-months and 53.79% for the a year ago. Voya Investment Management LLC boosted its position in shares of General Cable by 105.0% during the 2nd quarter. Municipal Employees Retirement System of MI now owns 11,700 shares of the industrial products company's stock worth $191,000 after buying an additional 470 shares in the last quarter. It has a market cap of $1.47 Billion.
Prysmian Group inaugurated a new optical cable plant in Slatina, Romania, back in June which, as part of a three-year €250 investment plan, the company claims is "the largest of its kind in Europe". American Century Companies Inc. grew its stake in shares of General Cable by 3.3% in the second quarter. The company maintains price to book ratio of 9.03 vs.an industry average at 3.71. New York-based Millennium Mngmt Lc has invested 0% in General Cable Corporation (NYSE:BGC).
Separately, BidaskClub cut shares of General Cable from a "hold" rating to a "sell" rating in a research note on Wednesday, August 23rd.
Wall Street analysts are predicting that General Cable Corp (NYSE:BGC) will report earnings per share of $0.22 in their quarterly report. Price T Rowe Associates Md has 14,435 shares. A P/B ratio of less than 1.0 can indicate that a stock is undervalued, while a ratio of greater than 1.0 may indicate that a stock is overvalued. The company has a debt-to-equity ratio of 8.42, a quick ratio of 1.10 and a current ratio of 1.98.
General Cable Corporation (BGC) have shown a high EPS growth of -28.80% in the last 5 years and has earnings rose of 24.10% yoy.
For the Current Quarter, the growth estimate for General Cable Corporation is 340%, while for the Next Quarter the stock growth estimate is -29.6%.
Italy's Prysmian to buy United States rival General Cable for €3bn
EPS Estimate for the next Quarter is 0.22. The business had revenue of $994.00 million during the quarter, compared to analysts' expectations of $879.80 million. General Cable had a negative net margin of 4.71% and a positive return on equity of 43.57%. The firm's revenue for the quarter was up 7.5% compared to the same quarter previous year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th.
Shares in Prysmian initially fell more than 3 percent as the hefty premium spooked investors, but quickly recovered after executive comments on promised synergies from the deal. The company was initiated on Thursday, December 1 by CL King. This represents a $0.72 dividend on an annualized basis and a yield of 2.44%. Engineers Gate Manager Ltd Partnership has invested 0.04% of its portfolio in General Cable Corporation (NYSE:BGC).
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General Cable (NYSE:BGC), with headquarters in Highland Heights, Kentucky, is a global provider of the development, design, manufacture, marketing and distribution of aluminum, copper and fiber optic wire and cable products for the energy, communications, transportation, industrial, construction and specialty segments.
The combined company brings together complementary geographical footprints, which includes increasing the exposure of Prysmian Group to North America.
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