StockNews.com downgraded shares of Belden (NYSE:BDC – Free Report) from a strong-buy rating to a buy rating in a research note released on Sunday.
A number of other research analysts also recently weighed in on the company. Truist Financial upped their target price on Belden from $124.00 to $136.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Benchmark reiterated a “buy” rating and set a $130.00 target price on shares of Belden in a report on Friday, January 24th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $122.75.
Read Our Latest Research Report on BDC
Belden Stock Down 1.0 %
Belden (NYSE:BDC – Get Free Report) last posted its earnings results on Thursday, October 31st. The industrial products company reported $1.70 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.09. Belden had a return on equity of 20.55% and a net margin of 7.61%. The firm had revenue of $654.90 million for the quarter, compared to the consensus estimate of $643.63 million. During the same quarter in the prior year, the business earned $1.78 EPS. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, analysts forecast that Belden will post 6.12 earnings per share for the current fiscal year.
Belden Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Thursday, December 12th were paid a $0.05 dividend. The ex-dividend date of this dividend was Thursday, December 12th. This represents a $0.20 annualized dividend and a dividend yield of 0.17%. Belden’s payout ratio is currently 4.65%.
Insider Buying and Selling
In related news, CAO Doug Zink sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $128.82, for a total value of $386,460.00. Following the transaction, the chief accounting officer now directly owns 6,643 shares of the company’s stock, valued at approximately $855,751.26. This represents a 31.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.59% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Belden
Several hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC lifted its holdings in shares of Belden by 14.8% during the 3rd quarter. FMR LLC now owns 4,486,337 shares of the industrial products company’s stock valued at $525,485,000 after buying an additional 576,768 shares during the period. State Street Corp lifted its holdings in shares of Belden by 6.8% during the 3rd quarter. State Street Corp now owns 1,574,784 shares of the industrial products company’s stock valued at $184,532,000 after buying an additional 100,145 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Belden by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 960,974 shares of the industrial products company’s stock valued at $112,580,000 after buying an additional 5,727 shares during the period. Lord Abbett & CO. LLC lifted its holdings in shares of Belden by 10.6% during the 3rd quarter. Lord Abbett & CO. LLC now owns 708,092 shares of the industrial products company’s stock valued at $82,939,000 after buying an additional 68,151 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Belden by 15.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 182,973 shares of the industrial products company’s stock valued at $21,432,000 after buying an additional 23,936 shares during the period. 98.75% of the stock is owned by institutional investors.
Belden Company Profile
Belden Inc designs, manufactures, and markets a portfolio of signal transmission solutions for mission critical applications 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 to the home, and building automation.
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