Belden Inc (BDC) Upgraded at BidaskClub
BidaskClub upgraded shares of Belden Inc (NYSE:BDC) from a sell rating to a hold rating in a report issued on Saturday.
BDC has been the subject of a number of other research reports. Goldman Sachs Group, Inc. (The) began coverage on Belden in a report on Friday, June 23rd. They issued a buy rating and a $93.00 target price for the company. Guggenheim began coverage on Belden in a report on Tuesday, July 11th. They issued a buy rating and a $90.00 target price for the company. Canaccord Genuity restated a buy rating and issued a $83.00 target price on shares of Belden in a report on Friday, August 4th. CL King began coverage on Belden in a report on Wednesday, June 21st. They issued a neutral rating for the company. Finally, ValuEngine lowered Belden from a buy rating to a hold rating in a report on Thursday, July 20th. Six analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $84.56.
Shares of Belden (NYSE:BDC) opened at 74.92 on Friday. The stock has a market capitalization of $3.17 billion, a PE ratio of 32.57 and a beta of 2.28. The company’s 50 day moving average price is $73.74 and its 200 day moving average price is $72.08. Belden has a 12 month low of $60.06 and a 12 month high of $81.33.
Belden (NYSE:BDC) last released its earnings results on Wednesday, August 2nd. The industrial products company reported $1.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.08. The company had revenue of $610.63 million during the quarter, compared to analyst estimates of $608.16 million. Belden had a return on equity of 16.31% and a net margin of 5.53%. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.54 earnings per share. Equities analysts anticipate that Belden will post $5.44 earnings per share for the current fiscal year.
Belden declared that its board has authorized a share buyback program on Thursday, May 25th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to purchase up to 6.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Friday, September 15th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date of this dividend is Thursday, September 14th. Belden’s dividend payout ratio (DPR) is presently 8.66%.
Institutional investors have recently bought and sold shares of the company. James Investment Research Inc. acquired a new position in Belden during the first quarter valued at approximately $130,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Belden by 10.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,744 shares of the industrial products company’s stock valued at $132,000 after buying an additional 160 shares during the last quarter. Point72 Asia Hong Kong Ltd increased its position in Belden by 799.6% in the first quarter. Point72 Asia Hong Kong Ltd now owns 2,060 shares of the industrial products company’s stock valued at $143,000 after buying an additional 1,831 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Belden by 60.4% in the first quarter. Envestnet Asset Management Inc. now owns 2,234 shares of the industrial products company’s stock valued at $155,000 after buying an additional 841 shares during the last quarter. Finally, World Asset Management Inc acquired a new position in Belden during the second quarter valued at approximately $201,000.
Belden Inc is a signal transmission solutions provider company. The Company operates through five segment: Broadcast Solutions (Broadcast), Enterprise Connectivity Solutions (Enterprise), Industrial Connectivity Solutions (Industrial Connectivity), Industrial IT Solutions (Industrial IT), and Network Security Solutions (Network Security).
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