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

Belden Inc. (NYSE:BDCGet Free Report)’s stock price gapped up before the market opened on Thursday following a better than expected earnings announcement. 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 traded.

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

Belden Dividend Announcement

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

Analysts Set New Price Targets

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

Read Our Latest Research Report on BDC

Insider Transactions at Belden

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. BlackRock Inc. raised its position in Belden by 8.0% during the first quarter. BlackRock Inc. now owns 5,317,303 shares of the industrial products company’s stock valued at $461,382,000 after buying an additional 392,689 shares during the period. Vanguard Group Inc. raised its position in Belden by 2.0% during the third quarter. Vanguard Group Inc. now owns 4,714,202 shares of the industrial products company’s stock valued at $455,156,000 after buying an additional 92,544 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Belden by 4.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,555,571 shares of the industrial products company’s stock valued at $148,790,000 after purchasing an additional 67,942 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Belden by 0.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,504,292 shares of the industrial products company’s stock valued at $143,886,000 after purchasing an additional 14,137 shares in the last quarter. Finally, State Street Corp grew its stake in Belden by 1.6% in the first quarter. State Street Corp now owns 1,458,980 shares of the industrial products company’s stock valued at $126,668,000 after purchasing an additional 23,151 shares in the last quarter. 99.16% of the stock is owned by institutional investors and hedge funds.

Belden Stock Down 1.2 %

The business has a 50 day simple moving average of $74.90 and a 200 day simple moving average of $80.58. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.55 and a quick ratio of 1.95. 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.

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