Catalyst Capital Advisors LLC Purchases New Position in Belden Inc (BDC)
Catalyst Capital Advisors LLC purchased a new position in shares of Belden Inc (NYSE:BDC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,100 shares of the industrial products company’s stock, valued at approximately $309,000.
Several other institutional investors also recently made changes to their positions in BDC. James Investment Research Inc. bought a new position in shares of Belden during the first quarter worth about $130,000. Point72 Asia Hong Kong Ltd increased 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 worth $143,000 after buying an additional 1,831 shares in the last quarter. Envestnet Asset Management Inc. increased 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 worth $155,000 after buying an additional 841 shares in the last quarter. World Asset Management Inc bought a new position in shares of Belden during the second quarter worth about $201,000. Finally, Greenwood Capital Associates LLC increased its position in shares of Belden by 5.3% in the first quarter. Greenwood Capital Associates LLC now owns 2,975 shares of the industrial products company’s stock worth $206,000 after buying an additional 149 shares in the last quarter.
Belden Inc (BDC) opened at 72.31 on Tuesday. The firm’s 50-day moving average is $74.45 and its 200 day moving average is $72.29. Belden Inc has a 12-month low of $60.06 and a 12-month high of $81.33. The stock has a market capitalization of $3.06 billion, a P/E ratio of 31.44 and a beta of 2.28.
Belden (NYSE:BDC) last issued its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $1.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.08. Belden had a net margin of 5.53% and a return on equity of 16.31%. The company had revenue of $610.63 million during the quarter, compared to the consensus estimate of $608.16 million. During the same period in the prior year, the company earned $1.54 EPS. Belden’s revenue was up 1.5% on a year-over-year basis. Equities research analysts anticipate that Belden Inc will post $5.44 earnings per share for the current year.
Belden announced that its Board of Directors has authorized a share buyback plan on Thursday, May 25th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the industrial products company to repurchase up to 6.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
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A number of brokerages have recently issued reports on BDC. Canaccord Genuity reiterated a “buy” rating and issued a $83.00 price target on shares of Belden in a report on Friday, August 4th. Deutsche Bank AG raised their target price on shares of Belden from $85.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, August 3rd. BidaskClub downgraded shares of Belden from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Zacks Investment Research upgraded shares of Belden from a “hold” rating to a “strong-buy” rating and set a $86.00 target price for the company in a report on Tuesday, July 11th. Finally, CL King started coverage on shares of Belden in a report on Wednesday, June 21st. They set a “neutral” rating for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $84.56.
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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