BGC Partners Inc. (BGCP) Lowered to “Sell” at Zacks Investment Research
BGC Partners Inc. (NASDAQ:BGCP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
According to Zacks, “BGC PARTNERS, INC. is a leading global full-service inter-dealer broker, specializing in the trading of financial instruments and related derivatives products. BGC Partners provides integrated voice, hybrid, and fully electronic execution and other brokerage services to some of the world’s largest and most credit worthy banks, broker-dealers, investment banks and investment firms for a broad range of global financial products, including fixed income securities, foreign exchange, equity derivatives, credit derivatives, futures, structured products and other instruments. Through its eSpeed and BGCantor Market Data brands, BGC also offers financial technology solutions and market data and analytics related to selected financial instruments and markets. Named after fixed income trading innovator B. Gerald Cantor, BGC Partners has offices in New York and London, as well as in Beijing, Chicago, Copenhagen, Hong Kong, Istanbul, Mexico City, Nyon, Paris, Seoul, Singapore, Sydney, Tokyo and Toronto. “
Shares of BGC Partners (NASDAQ:BGCP) traded down 1.38% during mid-day trading on Tuesday, reaching $8.56. The company’s stock had a trading volume of 1,077,600 shares. BGC Partners has a 12 month low of $8.12 and a 12 month high of $9.90. The company has a 50 day moving average price of $8.85 and a 200 day moving average price of $8.96. The stock has a market capitalization of $2.37 billion, a P/E ratio of 17.72 and a beta of 1.33.
BGC Partners (NASDAQ:BGCP) last posted its earnings results on Thursday, July 28th. The company reported $0.19 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.19. The firm had revenue of $652 million for the quarter, compared to the consensus estimate of $665.70 million. BGC Partners had a net margin of 5.01% and a return on equity of 24.31%. The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 earnings per share. On average, equities research analysts anticipate that BGC Partners will post $0.84 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. increased its position in BGC Partners by 5.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 819,924 shares of the company’s stock valued at $7,142,000 after buying an additional 39,690 shares during the last quarter. Amalgamated Bank increased its position in BGC Partners by 19.2% in the second quarter. Amalgamated Bank now owns 23,004 shares of the company’s stock valued at $209,000 after buying an additional 3,712 shares during the last quarter. Legal & General Group Plc increased its position in BGC Partners by 11.5% in the second quarter. Legal & General Group Plc now owns 45,198 shares of the company’s stock valued at $388,000 after buying an additional 4,652 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its position in BGC Partners by 24.5% in the second quarter. Metropolitan Life Insurance Co. NY now owns 157,640 shares of the company’s stock valued at $1,373,000 after buying an additional 31,046 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its position in BGC Partners by 72.8% in the second quarter. Cubist Systematic Strategies LLC now owns 14,806 shares of the company’s stock valued at $129,000 after buying an additional 6,237 shares during the last quarter. 38.79% of the stock is currently owned by hedge funds and other institutional investors.
BGC Partners Company Profile
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. The Company provides a range of services, including trade execution, broker-dealer services, clearing, processing, information, and other back-office services to a range of financial and non-financial institutions.
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