BGC Partners, Inc. (BGCP) Rating Lowered to Buy at ValuEngine
BGC Partners, Inc. (NASDAQ:BGCP) was downgraded by equities research analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a note issued to investors on Monday.
A number of other equities analysts have also weighed in on BGCP. BidaskClub lowered shares of BGC Partners from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. Zacks Investment Research upgraded BGC Partners from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a report on Friday, June 30th.
Shares of BGC Partners (NASDAQ BGCP) opened at 15.29 on Monday. The stock has a market cap of $4.32 billion, a P/E ratio of 42.01 and a beta of 1.31. BGC Partners has a 12-month low of $8.36 and a 12-month high of $15.30. The company has a 50 day moving average price of $13.25 and a 200 day moving average price of $12.26.
BGC Partners (NASDAQ:BGCP) last issued its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.24 EPS for the quarter, hitting the consensus estimate of $0.24. BGC Partners had a net margin of 4.23% and a return on equity of 35.60%. The firm had revenue of $737.80 million during the quarter, compared to analyst estimates of $716.00 million. During the same quarter in the prior year, the business posted $0.21 earnings per share. BGC Partners’s revenue for the quarter was up 12.8% compared to the same quarter last year. Analysts anticipate that BGC Partners will post $0.99 earnings per share for the current fiscal year.
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In other news, Director Linda A. Bell sold 13,650 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $14.70, for a total value of $200,655.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 37.40% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BGCP. Teacher Retirement System of Texas grew its holdings in shares of BGC Partners by 2.3% during the 2nd quarter. Teacher Retirement System of Texas now owns 16,668 shares of the financial services provider’s stock worth $211,000 after purchasing an additional 375 shares during the period. Airain ltd acquired a new stake in BGC Partners during the 2nd quarter worth approximately $1,943,000. Principal Financial Group Inc. increased its position in BGC Partners by 247.8% during the 2nd quarter. Principal Financial Group Inc. now owns 7,921,620 shares of the financial services provider’s stock worth $100,129,000 after purchasing an additional 5,643,875 shares in the last quarter. Engineers Gate Manager LP increased its position in BGC Partners by 755.1% during the 2nd quarter. Engineers Gate Manager LP now owns 191,541 shares of the financial services provider’s stock worth $2,421,000 after purchasing an additional 169,142 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in BGC Partners during the 1st quarter worth approximately $164,000. 42.25% of the stock is currently owned by institutional investors and hedge funds.
About BGC Partners
BGC Partners, Inc (BGC) is a global brokerage company servicing the financial and real estate markets. The Company operates through two segments: Financial Services and Real Estate Services. It provides a range of services, including trade execution, broker-dealer services clearing, trade compression, post trade, information, and other back-office services to a range of financial and non-financial institutions.
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