Published: Wed, December 06, 2017
Money | By Armando Alvarado

Italy's Prysmian digs deep to buy General Cable in $3 bln deal

Italy's Prysmian digs deep to buy General Cable in $3 bln deal

Italian cable maker Prysmian has agreed to buy General Cable for $30 a share in an all-cash deal that values its Kentucky-based rival at about $3 billion, including debt and other liabilities. Blackrock Inc. owns $133.36 million in General Cable Corporation, which represents roughly 9.07% of the company's market cap and approximately 11.92% of the institutional ownership.

A number of other institutional investors have also recently bought and sold shares of BGC. The company's outstanding shares are 4.95 Billion.

Additionally on 5/11/15 Stifel Nicolaus "Maintained" General Cable Corp (NYSE:BGC) to Buy setting price target at $21 and on 4/13/15 DA Davidson "Maintained" the stock to Neutral at $18.

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%. The volume of the company in the last trading session was 28.7 Million. Recently, analysts have updated the overall rating to 3.

More notable recent General Cable Corporation (NYSE:BGC) news were published by: Prnewswire.com which released: "ALERT: Rowley Law PLLC is Investigating Proposed Acquisition of General Cable ..." on December 04, 2017, also Benzinga.com with their article: "30 Stocks Moving In Monday's Mid-Day Session" published on December 04, 2017, Benzinga.com published: "30 Stocks Moving In Monday's Pre-Market Session" on December 04, 2017.

The highest price BGC stock touched in the last 12 month was $29.75 and the lowest price it hit in the same period was $14.95.

Complementary Footprints
Robecosam AG Purchases New Holdings in General Cable Corporation (NYSE:BGC)

The company's ATR (Average True Range) is 1. (NASDAQ:XOG) is worth US$2.58 Billion and has recently risen 1.39% to US$15.27.

General Cable Corporation (BGC) analysts on average have given a price target of $26 on BGC stock. 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 average Wall Street analyst rating for General Cable Corporation is Hold, according to the average of 1 analyst scores. Notably, according to the acquisition announcement, Prysmian anticipates that the transaction will generate EPS accretion in the range of 10%-12% for its shareholders in the first year post-close.

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 ex-dividend date of this dividend is Thursday, December 7th. 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).

General Cable Corporation's insider ownership stands at 0.1 percent, while its insider transaction is 0 percent.

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.

Analyst Ratings and Financial Health of Wal-Mart Stores, Inc. (NYSE:WMT)
However, their relatively high multiples do not necessarily mean their stocks are overpriced and not good buys for the long term. LSV Asset Management owned about 0.15% of Wal-Mart Stores worth $352,916,000 at the end of the most recent reporting period.

Like this: