Zacks Investment Research Downgrades Belden Inc (BDC) to Hold
Belden Inc (NYSE:BDC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Belden Inc is engaged in the design, manufacture and retail of cable, connectivity, and networking products in markets including industrial automation, enterprise, transportation, infrastructure, and consumer electronics. The Company’s products find its application in the industrial automation, enterprise, education, healthcare, entertainment and broadcast, sound and security, transportation, infrastructure, consumer electronics and other industries. Belden has manufacturing capabilities in North America, Europe, and Asia, and a market presence in nearly every region of the world. Belden Inc is based in St. Louis, Missouri. “
A number of other research analysts also recently issued reports on BDC. CL King started coverage on Belden in a report on Wednesday, June 21st. They set a “neutral” rating on the stock. Goldman Sachs Group, Inc. (The) started coverage on Belden in a report on Friday, June 23rd. They set a “buy” rating and a $93.00 price target on the stock. Guggenheim started coverage on Belden in a report on Tuesday, July 11th. They set a “buy” rating and a $90.00 price target on the stock. ValuEngine downgraded Belden from a “buy” rating to a “hold” rating in a report on Thursday, July 20th. Finally, BidaskClub downgraded Belden from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $85.88.
Shares of Belden (NYSE BDC) opened at 83.61 on Tuesday. The company’s 50-day moving average price is $77.44 and its 200 day moving average price is $73.35. Belden has a 1-year low of $60.06 and a 1-year high of $83.90. The firm has a market cap of $3.54 billion, a PE ratio of 36.35 and a beta of 2.26.
Belden (NYSE:BDC) last announced its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.08. Belden had a return on equity of 16.31% and a net margin of 5.53%. The company had revenue of $610.63 million for the quarter, compared to the consensus estimate of $608.16 million. During the same quarter in the previous year, the business earned $1.54 EPS. Belden’s revenue was up 1.5% compared to the same quarter last year. On average, analysts predict that Belden will post $5.44 EPS for the current year.
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In other Belden news, SVP Paul Keith Turner sold 3,709 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $78.91, for a total transaction of $292,677.19. Following the transaction, the senior vice president now owns 4,967 shares in the company, valued at approximately $391,945.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.31% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of BDC. Wells Fargo & Company MN grew its holdings in shares of Belden by 22.9% during the 1st quarter. Wells Fargo & Company MN now owns 84,682 shares of the industrial products company’s stock worth $5,859,000 after acquiring an additional 15,757 shares during the period. Great West Life Assurance Co. Can grew its holdings in shares of Belden by 4.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 24,788 shares of the industrial products company’s stock worth $1,715,000 after acquiring an additional 1,115 shares during the period. First Trust Advisors LP grew its holdings in shares of Belden by 5.4% during the 1st quarter. First Trust Advisors LP now owns 39,641 shares of the industrial products company’s stock worth $2,743,000 after acquiring an additional 2,021 shares during the period. UBS Asset Management Americas Inc. grew its holdings in shares of Belden by 21.0% during the 1st quarter. UBS Asset Management Americas Inc. now owns 25,877 shares of the industrial products company’s stock worth $1,790,000 after acquiring an additional 4,492 shares during the period. Finally, Karp Capital Management Corp purchased a new position in shares of Belden during the 1st quarter worth approximately $750,000.
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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