Truist Financial Increases Belden (NYSE:BDC) Price Target to $77.00

Belden (NYSE:BDCGet Rating) had its price target raised by Truist Financial from $67.00 to $77.00 in a report released on Thursday, The Fly reports. Truist Financial’s price target suggests a potential upside of 15.27% from the company’s previous close.

BDC has been the topic of a number of other reports. Canaccord Genuity Group upped their target price on shares of Belden from $82.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, May 5th. TheStreet upgraded shares of Belden from a “c+” rating to a “b-” rating in a research report on Thursday, May 26th. StockNews.com upgraded shares of Belden from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 21st. Finally, The Goldman Sachs Group increased their price objective on shares of Belden from $59.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $78.50.

Belden Price Performance

Shares of Belden stock opened at $66.80 on Thursday. Belden has a 1-year low of $47.89 and a 1-year high of $68.87. The firm’s 50-day moving average price is $57.43 and its two-hundred day moving average price is $55.78. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of 35.16 and a beta of 1.35. The company has a current ratio of 2.39, a quick ratio of 1.71 and a debt-to-equity ratio of 1.08.

Belden (NYSE:BDCGet Rating) last announced its earnings results on Wednesday, August 3rd. The industrial products company reported $1.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.17. Belden had a net margin of 3.37% and a return on equity of 25.73%. The company had revenue of $666.60 million for the quarter, compared to analyst estimates of $633.68 million. During the same period in the prior year, the business earned $1.21 earnings per share. Belden’s quarterly revenue was up 15.7% on a year-over-year basis. On average, equities analysts predict that Belden will post 6 earnings per share for the current fiscal year.

Insider Buying and Selling at Belden

In other news, EVP Ashish Chand bought 9,949 shares of the stock in a transaction on Friday, June 17th. The stock was purchased at an average price of $50.36 per share, with a total value of $501,031.64. Following the completion of the purchase, the executive vice president now owns 55,772 shares of the company’s stock, valued at $2,808,677.92. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.06% of the company’s stock.

Institutional Investors Weigh In On Belden

Large investors have recently bought and sold shares of the company. Point72 Hong Kong Ltd increased its stake in Belden by 88.0% in the first quarter. Point72 Hong Kong Ltd now owns 515 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 241 shares in the last quarter. Pinebridge Investments L.P. increased its position in shares of Belden by 483.0% during the second quarter. Pinebridge Investments L.P. now owns 583 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 483 shares in the last quarter. Atlas Capital Advisors LLC bought a new stake in shares of Belden during the first quarter worth $99,000. USA Financial Portformulas Corp bought a new stake in shares of Belden during the fourth quarter worth $124,000. Finally, Lazard Asset Management LLC increased its position in shares of Belden by 201.3% during the fourth quarter. Lazard Asset Management LLC now owns 2,389 shares of the industrial products company’s stock worth $157,000 after acquiring an additional 1,596 shares in the last quarter. Institutional investors own 99.58% of the company’s stock.

Belden Company Profile

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Belden Inc provides portfolio of signal transmission solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It operates in two segments, Enterprise Solutions and Industrial Solutions. The Enterprise Solutions segment offers copper cable and connectivity solutions, fiber cable and connectivity solutions, interconnect panels, racks and enclosures, and signal extension and matrix switching systems for use in applications, such as local area networks, data centers, access control, 5G, fiber, and home and building automation.

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