Belden (NYSE:BDC) had its price target reduced by Canaccord Genuity from $88.00 to $65.00 in a research report released on Thursday morning, The Fly reports. Canaccord Genuity currently has a buy rating on the industrial products company’s stock.
Other analysts also recently issued research reports about the stock. Guggenheim reissued a buy rating and set a $90.00 price target on shares of Belden in a research report on Wednesday, August 1st. SunTrust Banks downgraded shares of Belden from a buy rating to a hold rating and set a $56.00 price target for the company. in a research report on Thursday. Zacks Investment Research downgraded shares of Belden from a buy rating to a hold rating in a research report on Wednesday, July 25th. TheStreet raised shares of Belden from a c rating to a b- rating in a research report on Tuesday, August 21st. Finally, ValuEngine raised shares of Belden from a sell rating to a hold rating in a research report on Thursday, August 2nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $73.40.
Shares of BDC traded up $2.64 during mid-day trading on Thursday, reaching $54.94. 1,429,002 shares of the stock traded hands, compared to its average volume of 449,551. The firm has a market capitalization of $2.31 billion, a P/E ratio of 10.27 and a beta of 2.28. Belden has a 12-month low of $50.71 and a 12-month high of $87.14. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 1.10.
Belden (NYSE:BDC) last posted its quarterly earnings data on Wednesday, October 31st. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.71 by $0.01. The company had revenue of $659.00 million for the quarter, compared to analyst estimates of $679.15 million. Belden had a net margin of 2.52% and a return on equity of 20.50%. The business’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.49 earnings per share. Equities analysts expect that Belden will post 6.05 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, October 4th. Stockholders of record on Tuesday, September 18th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date was Monday, September 17th. Belden’s payout ratio is currently 3.74%.
In related news, Chairman John S. Stroup purchased 9,250 shares of the firm’s stock in a transaction dated Thursday, November 1st. The stock was acquired at an average price of $53.44 per share, with a total value of $494,320.00. Following the completion of the transaction, the chairman now owns 21,713 shares of the company’s stock, valued at $1,160,342.72. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.34% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Bbva Compass Bancshares Inc. boosted its holdings in Belden by 46.9% in the third quarter. Bbva Compass Bancshares Inc. now owns 9,848 shares of the industrial products company’s stock worth $704,000 after purchasing an additional 3,144 shares during the period. WBI Investments Inc. acquired a new position in Belden in the third quarter worth $379,000. James Investment Research Inc. acquired a new position in Belden in the third quarter worth $2,107,000. Strs Ohio boosted its holdings in Belden by 1.4% in the third quarter. Strs Ohio now owns 72,200 shares of the industrial products company’s stock worth $5,155,000 after purchasing an additional 1,000 shares during the period. Finally, Foundry Partners LLC boosted its holdings in Belden by 2.5% in the third quarter. Foundry Partners LLC now owns 99,601 shares of the industrial products company’s stock worth $7,113,000 after purchasing an additional 2,407 shares during the period.
Belden Inc designs, manufactures, and markets signal transmission solutions worldwide. It operates through Broadcast Solutions, Enterprise Solutions, Industrial Solutions, and Network Solutions segments. The Broadcast Solutions segment offers camera solutions, production switchers, server and storage systems for instant replay applications, interfaces and routers, monitoring systems, in-home network systems, playout systems, outside plant connectivity products, and other cable, and connectivity products.
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