Short Interest in Optical Cable Co. (NASDAQ:OCC) Drops By 42.3%
Optical Cable Co. (NASDAQ:OCC) was the target of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 8,600 shares, a decrease of 42.3% from the July 31st total of 14,900 shares. Based on an average daily volume of 11,600 shares, the short-interest ratio is presently 0.7 days. Approximately 0.2% of the company’s shares are sold short.
Several hedge funds and other institutional investors have recently made changes to their positions in OCC. BlackRock Inc. raised its position in Optical Cable by 104.8% during the second quarter. BlackRock Inc. now owns 17,987 shares of the communications equipment provider’s stock valued at $75,000 after buying an additional 9,205 shares during the period. Wilbanks Smith & Thomas Asset Management LLC raised its position in Optical Cable by 6.6% during the second quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 111,901 shares of the communications equipment provider’s stock valued at $461,000 after buying an additional 6,901 shares during the period. Finally, Vanguard Group Inc. raised its position in Optical Cable by 4.1% during the second quarter. Vanguard Group Inc. now owns 164,123 shares of the communications equipment provider’s stock valued at $676,000 after buying an additional 6,440 shares during the period. 14.24% of the stock is owned by institutional investors and hedge funds.
Separately, TheStreet downgraded Optical Cable from a “c” rating to a “d+” rating in a report on Wednesday, June 5th.
Optical Cable (NASDAQ:OCC) last announced its earnings results on Tuesday, June 11th. The communications equipment provider reported ($0.08) EPS for the quarter. Optical Cable had a negative net margin of 4.85% and a negative return on equity of 15.43%. The company had revenue of $18.96 million for the quarter.
About Optical Cable
Optical Cable Corporation, together with its subsidiaries, manufactures and sells 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 cables for high bandwidth transmission of data, video, and voice communications; and copper datacom cables, including unshielded and shielded twisted pair.
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