Optical Cable (NASDAQ:OCC) Announces Quarterly Earnings Results

Optical Cable (NASDAQ:OCC) announced its earnings results on Thursday. The communications equipment provider reported $0.01 earnings per share (EPS) for the quarter, Zacks reports. Optical Cable had a negative return on equity of 5.80% and a negative net margin of 1.55%.During the same period in the previous year, the firm posted $0.05 earnings per share.

Optical Cable Trading Down 34.3%

Shares of NASDAQ OCC traded down $2.87 during trading on Thursday, reaching $5.51. The company had a trading volume of 192,407 shares, compared to its average volume of 117,372. The stock has a 50-day moving average price of $8.17 and a two-hundred day moving average price of $6.46. The stock has a market capitalization of $48.84 million, a PE ratio of -39.03 and a beta of 0.52. Optical Cable has a twelve month low of $2.08 and a twelve month high of $11.50.

Hedge Funds Weigh In On Optical Cable

Hedge funds have recently made changes to their positions in the stock. Two Sigma Investments LP acquired a new position in Optical Cable during the 3rd quarter worth $487,000. Bridgeway Capital Management LLC lifted its stake in Optical Cable by 162.0% in the third quarter. Bridgeway Capital Management LLC now owns 33,013 shares of the communications equipment provider’s stock valued at $268,000 after buying an additional 20,413 shares during the last quarter. Citadel Advisors LLC acquired a new position in Optical Cable during the 3rd quarter valued at about $102,000. Finally, Royal Bank of Canada grew its holdings in Optical Cable by 8.3% in the 1st quarter. Royal Bank of Canada now owns 124,769 shares of the communications equipment provider’s stock worth $348,000 after buying an additional 9,535 shares in the last quarter. Institutional investors and hedge funds own 13.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Wall Street Zen cut shares of Optical Cable from a “buy” rating to a “hold” rating in a report on Saturday, September 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Optical Cable in a report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company has a consensus rating of “Sell”.

Optical Cable Company Profile

Optical Cable Corporation, together with its subsidiaries, engages in the manufacture and sale of fiber optic and copper data communications cabling and connectivity solutions primarily for the enterprise market in the United States and internationally. The company provides fiber optic and hybrid cables for high bandwidth transmission of data, video, and voice communications; and copper datacom cables, including unshielded and shielded twisted pair constructions.