Belden Inc (NYSE:BDC) Expected to Post Quarterly Sales of $626.27 Million
Wall Street brokerages expect Belden Inc (NYSE:BDC) to announce sales of $626.27 million for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Belden’s earnings. The lowest sales estimate is $625.00 million and the highest is $628.08 million. Belden reported sales of $601.11 million in the same quarter last year, which would suggest a positive year over year growth rate of 4.2%. The business is scheduled to announce its next earnings results on Wednesday, November 1st.
According to Zacks, analysts expect that Belden will report full-year sales of $626.27 million for the current year. For the next year, analysts forecast that the business will report sales of $2.51 billion per share, with estimates ranging from $2.47 billion to $2.55 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Belden.
Belden (NYSE:BDC) last released its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.08. The firm had revenue of $610.63 million for the quarter, compared to the consensus estimate of $608.16 million. Belden had a net margin of 5.53% and a return on equity of 16.31%. The firm’s revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.54 earnings per share.
BDC has been the subject of several research reports. Guggenheim initiated coverage on shares of Belden in a research report on Tuesday, July 11th. They set a “buy” rating and a $90.00 price objective for the company. CL King initiated coverage on shares of Belden in a research report on Wednesday, June 21st. They set a “neutral” rating for the company. Goldman Sachs Group, Inc. (The) initiated coverage on shares of Belden in a research report on Friday, June 23rd. They set a “buy” rating and a $93.00 price objective for the company. Zacks Investment Research upgraded shares of Belden from a “hold” rating to a “strong-buy” rating and set a $86.00 price objective for the company in a research report on Tuesday, July 11th. Finally, Deutsche Bank AG raised their price objective on shares of Belden from $85.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $84.56.
Belden (BDC) traded down 1.53% during mid-day trading on Thursday, reaching $71.01. 24,513 shares of the company were exchanged. The stock has a market capitalization of $3.00 billion, a P/E ratio of 30.87 and a beta of 2.28. Belden has a 12 month low of $60.06 and a 12 month high of $81.33. The company’s 50 day moving average price is $74.75 and its 200-day moving average price is $72.48.
Belden declared that its Board of Directors has approved a stock repurchase program on Thursday, May 25th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the industrial products company to purchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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Several hedge funds and other institutional investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of 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. James Investment Research Inc. purchased a new position in shares of Belden during the first quarter valued at approximately $130,000. Point72 Asia Hong Kong Ltd boosted its position in shares of 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. boosted its position in shares of 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 purchased a new position in shares of Belden during the second quarter valued at approximately $201,000.
Belden Company Profile
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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