Belden (NYSE:BDC) Shares Gap Up After Better-Than-Expected Earnings

Belden Inc. (NYSE:BDCGet Free Report) shares gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $74.50, but opened at $79.80. Belden shares last traded at $80.80, with a volume of 23,448 shares changing hands.

The industrial products company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.34. The firm had revenue of $551.24 million during the quarter, compared to analyst estimates of $522.06 million. Belden had a net margin of 10.16% and a return on equity of 26.52%. The company’s quarterly revenue was down 16.4% on a year-over-year basis. During the same quarter last year, the business earned $1.75 earnings per share.

Belden Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 9th. Shareholders of record on Thursday, December 14th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Wednesday, December 13th. This represents a $0.20 dividend on an annualized basis and a yield of 0.24%. Belden’s dividend payout ratio is presently 3.24%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group cut their target price on shares of Belden from $106.00 to $91.00 and set a “buy” rating for the company in a research report on Friday, November 3rd. Fox Advisors lowered shares of Belden from an “overweight” rating to an “equal weight” rating in a research report on Friday, October 13th. StockNews.com upgraded shares of Belden from a “hold” rating to a “buy” rating in a research report on Wednesday, December 13th. Truist Financial raised their price objective on shares of Belden from $89.00 to $98.00 and gave the company a “buy” rating in a research report on Friday. Finally, Loop Capital cut their price objective on shares of Belden from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Monday, October 16th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $103.40.

View Our Latest Stock Analysis on Belden

Insider Buying and Selling at Belden

In related news, SVP Leah Tate bought 1,550 shares of the company’s stock in a transaction on Monday, November 13th. The stock was acquired at an average cost of $64.53 per share, for a total transaction of $100,021.50. Following the completion of the transaction, the senior vice president now directly owns 3,360 shares in the company, valued at approximately $216,820.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.42% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Belden

A number of hedge funds have recently made changes to their positions in BDC. IFP Advisors Inc bought a new stake in Belden during the 2nd quarter valued at $36,000. State of Wyoming grew its position in Belden by 403.4% during the 2nd quarter. State of Wyoming now owns 438 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 351 shares during the last quarter. NewEdge Advisors LLC grew its position in Belden by 287.2% during the 1st quarter. NewEdge Advisors LLC now owns 453 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 336 shares during the last quarter. Quarry LP grew its position in Belden by 153.6% during the 1st quarter. Quarry LP now owns 459 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 278 shares during the last quarter. Finally, Point72 Hong Kong Ltd boosted its holdings in shares of Belden by 88.0% during the 1st quarter. Point72 Hong Kong Ltd now owns 515 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 241 shares during the last quarter. 99.16% of the stock is currently owned by institutional investors.

Belden Stock Performance

The business’s fifty day moving average price is $74.90 and its 200-day moving average price is $80.58. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.95 and a current ratio of 2.55. The stock has a market cap of $3.47 billion, a PE ratio of 13.48 and a beta of 1.02.

Belden Company Profile

(Get Free Report)

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 Automation 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.

Further Reading

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