Rubric Capital Management LP purchased a new position in shares of BGC Partners, Inc. (NASDAQ:BGCP) during the third quarter, Holdings Channel reports. The firm purchased 1,600,000 shares of the financial services provider’s stock, valued at approximately $18,912,000. BGC Partners makes up about 2.0% of Rubric Capital Management LP’s portfolio, making the stock its 19th biggest holding.
Several other institutional investors have also recently bought and sold shares of BGCP. Raymond James & Associates grew its position in shares of BGC Partners by 149.8% in the second quarter. Raymond James & Associates now owns 5,583,444 shares of the financial services provider’s stock valued at $63,205,000 after purchasing an additional 3,348,709 shares during the last quarter. Federated Investors Inc. PA grew its position in shares of BGC Partners by 1,279.1% in the second quarter. Federated Investors Inc. PA now owns 1,031,330 shares of the financial services provider’s stock valued at $11,674,000 after purchasing an additional 956,547 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of BGC Partners by 15.0% in the second quarter. Renaissance Technologies LLC now owns 6,754,148 shares of the financial services provider’s stock valued at $76,457,000 after purchasing an additional 882,400 shares during the last quarter. BlackRock Inc. grew its position in BGC Partners by 6.4% during the second quarter. BlackRock Inc. now owns 12,366,022 shares of the financial services provider’s stock worth $139,983,000 after buying an additional 740,051 shares in the last quarter. Finally, American Century Companies Inc. grew its position in BGC Partners by 5,991.1% during the second quarter. American Century Companies Inc. now owns 641,086 shares of the financial services provider’s stock worth $7,257,000 after buying an additional 630,561 shares in the last quarter. 50.08% of the stock is currently owned by institutional investors.
Several research firms have weighed in on BGCP. Zacks Investment Research upgraded BGC Partners from a “sell” rating to a “hold” rating and set a $12.00 target price for the company in a research note on Monday, October 29th. Raymond James dropped their price target on BGC Partners from $17.00 to $16.00 and set a “strong-buy” rating for the company in a research note on Friday, October 26th. BidaskClub cut BGC Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, September 25th. Finally, ValuEngine cut BGC Partners from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 22nd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. BGC Partners has a consensus rating of “Hold” and an average price target of $14.00.
In related news, insider Sean Galvin acquired 20,000 shares of the firm’s stock in a transaction that occurred on Monday, October 29th. The stock was acquired at an average cost of $11.08 per share, for a total transaction of $221,600.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 32.80% of the company’s stock.
Shares of BGCP opened at $10.50 on Monday. BGC Partners, Inc. has a 52 week low of $10.06 and a 52 week high of $16.97. The firm has a market capitalization of $3.42 billion, a PE ratio of 8.75 and a beta of 1.19. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.14 and a quick ratio of 1.14.
BGC Partners (NASDAQ:BGCP) last announced its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.42 EPS for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.03). BGC Partners had a net margin of 2.49% and a return on equity of 43.44%. The firm had revenue of $977.25 million during the quarter, compared to the consensus estimate of $969.00 million. As a group, analysts expect that BGC Partners, Inc. will post 1.41 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 28th. Investors of record on Wednesday, November 7th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, November 6th. This represents a $0.72 dividend on an annualized basis and a yield of 6.86%. BGC Partners’s payout ratio is 60.00%.
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About BGC Partners
BGC Partners, Inc operates as a brokerage company servicing the financial and real estate markets worldwide. It operates in two segments, Financial Services and Real Estate Services. The Financial Services segment provides brokerage services for fixed income, interest rate derivatives, spot foreign exchange, foreign exchange derivatives, government bonds, corporate bonds, credit derivatives, insurance and money market products, energy, metals, equity derivatives, and structured market data products and services.
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