Optical Cable (NASDAQ:OCC) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Optical Cable to a “hold” rating, while other analysts maintained or downgraded the stock; the consensus rating remains “Reduce.”
• Optical Cable reported quarterly earnings of $0.12 per share on $22.21 million in revenue, compared with a loss of $0.09 per share in the prior-year period.
• The stock opened at $13.84, with a market capitalization of about $122.2 million; CFO Tracy G. Smith recently sold 16,453 shares, while insiders collectively own 22.4% of the company.

Optical Cable (NASDAQ:OCC - Get Free Report) was upgraded by investment analysts at Zacks Research to a "hold" rating in a research note issued on Wednesday,Zacks.com reports.

Other analysts also recently issued research reports about the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Optical Cable in a research report on Friday, July 17th. Wall Street Zen lowered shares of Optical Cable from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Reduce".

Optical Cable Trading Up 5.4%

OCC opened at $13.84 on Wednesday. The firm has a market cap of $122.21 million, a price-to-earnings ratio of 115.34 and a beta of 0.55. Optical Cable has a 52 week low of $4.02 and a 52 week high of $27.98. The business's 50 day moving average is $16.09 and its two-hundred day moving average is $12.55. The company has a quick ratio of 0.74, a current ratio of 2.08 and a debt-to-equity ratio of 0.17.

Optical Cable (NASDAQ:OCC - Get Free Report) last posted its quarterly earnings data on Monday, June 8th. The communications equipment provider reported $0.12 earnings per share for the quarter. The business had revenue of $22.21 million during the quarter. Optical Cable had a return on equity of 5.92% and a net margin of 1.29%.During the same period in the previous year, the company posted ($0.09) earnings per share. On average, research analysts predict that Optical Cable will post 0.49 EPS for the current year.

Insider Buying and Selling at Optical Cable

In other news, CFO Tracy G. Smith sold 16,453 shares of the business's stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $17.23, for a total value of $283,485.19. Following the transaction, the chief financial officer owned 329,826 shares of the company's stock, valued at approximately $5,682,901.98. The trade was a 4.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 22.40% of the company's stock.

Hedge Funds Weigh In On Optical Cable

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Gendell Jeffrey L raised its position in Optical Cable by 47.4% during the 4th quarter. Gendell Jeffrey L now owns 415,340 shares of the communications equipment provider's stock worth $1,848,000 after buying an additional 133,510 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Optical Cable by 1.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 268,932 shares of the communications equipment provider's stock valued at $1,197,000 after acquiring an additional 4,497 shares in the last quarter. Royal Bank of Canada boosted its holdings in shares of Optical Cable by 8.3% in the first quarter. Royal Bank of Canada now owns 124,769 shares of the communications equipment provider's stock valued at $348,000 after acquiring an additional 9,535 shares in the last quarter. Sei Investments Co. acquired a new position in shares of Optical Cable during the first quarter worth about $754,000. Finally, Two Sigma Investments LP acquired a new position in shares of Optical Cable during the third quarter worth about $487,000. 13.61% of the stock is currently owned by hedge funds and other institutional investors.

About Optical Cable

Optical Cable Corporation NASDAQ: OCC is a publicly traded designer and manufacturer of optical fiber and copper communications cable solutions. Headquartered in Roanoke, Virginia, the company develops a broad range of standard and custom cable assemblies, connectors, hardware and accessories. Its product portfolio addresses data transmission requirements in demanding environments, including long-haul telecommunications, industrial automation, defense systems and submersible applications.

The company's offerings are organized across multiple product lines, encompassing outside-plant fiber optic cable for aerial and underground installations, indoor/outdoor copper connectivity and specialty engineered cable assemblies.

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