Belden Inc. (BDC) Stake Lessened by Commonwealth of Pennsylvania Public School Empls Retrmt SYS
Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its position in Belden Inc. (NYSE:BDC) by 24.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 8,256 shares of the industrial products company’s stock after selling 2,716 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Belden were worth $590,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. PNC Financial Services Group Inc. grew its stake in shares of Belden by 27.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,812 shares of the industrial products company’s stock worth $232,000 after acquiring an additional 811 shares in the last quarter. Strs Ohio grew its stake in shares of Belden by 1.4% in the 3rd quarter. Strs Ohio now owns 72,200 shares of the industrial products company’s stock worth $5,155,000 after acquiring an additional 1,000 shares in the last quarter. US Bancorp DE grew its stake in shares of Belden by 83.0% in the 2nd quarter. US Bancorp DE now owns 2,628 shares of the industrial products company’s stock worth $161,000 after acquiring an additional 1,192 shares in the last quarter. HGK Asset Management Inc. grew its stake in shares of Belden by 14.7% in the 2nd quarter. HGK Asset Management Inc. now owns 10,587 shares of the industrial products company’s stock worth $647,000 after acquiring an additional 1,359 shares in the last quarter. Finally, Robotti Robert grew its stake in shares of Belden by 20.0% in the 2nd quarter. Robotti Robert now owns 9,000 shares of the industrial products company’s stock worth $550,000 after acquiring an additional 1,500 shares in the last quarter.
BDC opened at $47.28 on Friday. The stock has a market cap of $2.03 billion, a P/E ratio of 8.84 and a beta of 2.42. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.90 and a quick ratio of 1.38. Belden Inc. has a fifty-two week low of $46.88 and a fifty-two week high of $87.14.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 8th. Investors of record on Monday, December 17th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, December 14th. This represents a $0.20 annualized dividend and a yield of 0.42%. Belden’s payout ratio is currently 3.74%.
Belden declared that its Board of Directors has authorized a share repurchase program on Thursday, November 29th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the industrial products company to buy up to 13.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Several analysts have recently issued reports on the stock. TheStreet upgraded shares of Belden from a “c” rating to a “b-” rating in a research note on Tuesday, August 21st. Zacks Investment Research lowered shares of Belden from a “hold” rating to a “sell” rating in a research note on Friday, November 2nd. ValuEngine lowered shares of Belden from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 1st. Canaccord Genuity reduced their price target on shares of Belden from $88.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, November 1st. Finally, Longbow Research lowered shares of Belden from a “buy” rating to a “neutral” rating in a research report on Thursday, November 1st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. Belden currently has a consensus rating of “Hold” and a consensus target price of $70.33.
In related news, Chairman John S. Stroup purchased 9,250 shares of Belden stock in a transaction that occurred on Thursday, November 1st. The stock was bought at an average price of $53.44 per share, for a total transaction of $494,320.00. Following the completion of the transaction, the chairman now owns 21,713 shares in the company, valued at $1,160,342.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Roel Vestjens purchased 447 shares of Belden stock in a transaction that occurred on Wednesday, November 14th. The shares were bought at an average price of $55.94 per share, with a total value of $25,005.18. Following the transaction, the senior vice president now owns 22,778 shares of the company’s stock, valued at approximately $1,274,201.32. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 11,128 shares of company stock valued at $596,098. 1.34% of the stock is owned by company insiders.
Belden Inc designs, manufactures, and markets signal transmission solutions worldwide. It operates through Broadcast Solutions, Enterprise Solutions, Industrial Solutions, and Network Solutions segments. The Broadcast Solutions segment offers camera solutions, production switchers, server and storage systems for instant replay applications, interfaces and routers, monitoring systems, in-home network systems, playout systems, outside plant connectivity products, and other cable, and connectivity products.
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