South Dakota Investment Council Buys New Position in Belden Inc (BDC)
South Dakota Investment Council bought a new position in Belden Inc (NYSE:BDC) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 17,700 shares of the industrial products company’s stock, valued at approximately $1,335,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Belden by 10.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,744 shares of the industrial products company’s stock worth $132,000 after buying an additional 160 shares during the last quarter. Point72 Asia Hong Kong Ltd boosted its stake in shares of Belden by 799.6% in the 1st 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 during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Belden by 60.4% in the 1st 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 during the last quarter. World Asset Management Inc purchased a new position in shares of Belden in the 2nd quarter worth approximately $201,000. Finally, Greenwood Capital Associates LLC boosted its stake in shares of Belden by 5.3% in the 1st 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 during the last quarter.
A number of equities analysts have recently weighed in on BDC shares. Guggenheim started coverage on Belden in a research note on Tuesday, July 11th. They issued a “buy” rating and a $90.00 target price on the stock. CL King started coverage on Belden in a research note on Wednesday, June 21st. They issued a “neutral” rating on the stock. Goldman Sachs Group, Inc. (The) started coverage on Belden in a research note on Friday, June 23rd. They issued a “buy” rating and a $93.00 target price on the stock. BidaskClub upgraded Belden from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. Finally, Canaccord Genuity restated a “buy” rating and issued a $83.00 target price on shares of Belden in a research note on Friday, August 4th. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Belden currently has an average rating of “Buy” and a consensus target price of $85.25.
Shares of Belden Inc (NYSE:BDC) opened at 78.93 on Wednesday. The company has a 50 day moving average of $74.02 and a 200-day moving average of $72.23. The company has a market cap of $3.34 billion, a PE ratio of 34.32 and a beta of 2.27. Belden Inc has a 12-month low of $60.06 and a 12-month high of $81.33.
Belden (NYSE:BDC) last issued its earnings results on Wednesday, August 2nd. The industrial products company reported $1.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $608.16 million. During the same quarter last year, the company posted $1.54 earnings per share. The firm’s quarterly 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 initiated a stock 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 buy up to 6.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Friday, September 15th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.25%. The ex-dividend date of this dividend is Thursday, September 14th. Belden’s dividend payout ratio is currently 8.66%.
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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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