Zacks Investment Research Upgrades BGC Partners (BGCP) to “Hold”

BGC Partners (NASDAQ:BGCP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.

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. “

Several other research firms have also recently weighed in on BGCP. BidaskClub upgraded BGC Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, August 14th. Raymond James decreased their target price on BGC Partners from $17.00 to $16.00 and set a “strong-buy” rating for the company in a research note on Friday. Finally, ValuEngine cut BGC Partners from a “sell” rating to a “strong sell” rating in a research note on Monday, July 2nd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. BGC Partners presently has a consensus rating of “Hold” and a consensus price target of $14.50.

Shares of BGC Partners stock traded down $0.51 on Monday, reaching $10.52. 2,193,699 shares of the company were exchanged, compared to its average volume of 2,209,045. BGC Partners has a 1-year low of $10.08 and a 1-year high of $16.97. The company has a market cap of $3.61 billion, a PE ratio of 8.77 and a beta of 1.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.14 and a current ratio of 1.16.

BGC Partners (NASDAQ:BGCP) last announced its quarterly earnings data 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 return on equity of 47.08% and a net margin of 2.49%. The company had revenue of $977.25 million for the quarter, compared to analyst estimates of $969.00 million. On average, sell-side analysts predict that BGC Partners will post 1.41 earnings per share for the current fiscal year.

In other BGC Partners news, Director William J. Moran bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The stock was purchased at an average price of $11.09 per share, for a total transaction of $110,900.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 32.80% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of BGCP. Sei Investments Co. lifted its stake in BGC Partners by 39.3% in the first quarter. Sei Investments Co. now owns 36,078 shares of the financial services provider’s stock valued at $485,000 after buying an additional 10,170 shares during the last quarter. Guggenheim Capital LLC lifted its stake in BGC Partners by 13.0% in the first quarter. Guggenheim Capital LLC now owns 206,375 shares of the financial services provider’s stock valued at $2,775,000 after buying an additional 23,699 shares during the last quarter. Xact Kapitalforvaltning AB lifted its stake in BGC Partners by 55.1% in the first quarter. Xact Kapitalforvaltning AB now owns 30,678 shares of the financial services provider’s stock valued at $413,000 after buying an additional 10,900 shares during the last quarter. CIBC World Markets Inc. purchased a new stake in BGC Partners in the first quarter valued at approximately $380,000. Finally, Principal Financial Group Inc. lifted its stake in BGC Partners by 19.4% in the first quarter. Principal Financial Group Inc. now owns 10,797,309 shares of the financial services provider’s stock valued at $145,224,000 after buying an additional 1,755,694 shares during the last quarter. Institutional investors own 51.46% of the company’s stock.

BGC Partners Company Profile

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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