Belden (BDC) Downgraded by Goldman Sachs Group

Belden (NYSE:BDC) was downgraded by equities research analysts at Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research report issued on Sunday, MarketBeat.com reports. They presently have a $55.00 price objective on the industrial products company’s stock. Goldman Sachs Group’s price target would indicate a potential upside of 9.02% from the company’s previous close.

Several other brokerages have also recently issued reports on BDC. TheStreet raised Belden from a “c” rating to a “b-” rating in a research report on Tuesday, August 21st. Canaccord Genuity reissued a “buy” rating and issued a $88.00 target price on shares of Belden in a research report on Wednesday, August 22nd. Zacks Investment Research cut Belden from a “buy” rating to a “hold” rating in a research report on Tuesday, October 23rd. Longbow Research cut Belden from a “buy” rating to a “neutral” rating in a research report on Thursday, November 1st. Finally, ValuEngine cut Belden from a “sell” rating to a “strong sell” rating in a research report on Thursday, November 1st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. Belden currently has a consensus rating of “Hold” and an average target price of $70.46.

Shares of Belden stock traded down $5.43 during trading on Friday, hitting $50.45. 1,331,984 shares of the company’s stock traded hands, compared to its average volume of 572,403. The stock has a market capitalization of $2.25 billion, a PE ratio of 9.43 and a beta of 2.42. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.90 and a quick ratio of 1.38. Belden has a 1 year low of $50.06 and a 1 year high of $87.14.

Belden (NYSE:BDC) last announced its earnings results on Wednesday, October 31st. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.01. The business had revenue of $659.00 million for the quarter, compared to analysts’ expectations of $679.15 million. Belden had a return on equity of 21.28% and a net margin of 5.83%. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period last year, the firm posted $1.49 earnings per share. As a group, sell-side analysts expect that Belden will post 6.09 EPS for the current fiscal year.

Belden declared that its Board of Directors has initiated a stock repurchase program on Thursday, November 29th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the industrial products company to repurchase up to 13.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

In related news, SVP Henk Derksen acquired 1,431 shares of the firm’s stock in a transaction dated Friday, November 2nd. The shares were purchased at an average price of $53.65 per share, with a total value of $76,773.15. Following the completion of the purchase, the senior vice president now directly owns 38,857 shares of the company’s stock, valued at $2,084,678.05. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman John S. Stroup acquired 9,250 shares of the firm’s stock in a transaction dated Thursday, November 1st. The stock was bought at an average cost of $53.44 per share, for a total transaction of $494,320.00. Following the purchase, the chairman now directly owns 21,713 shares of the company’s stock, valued at $1,160,342.72. The disclosure for this purchase can be found here. Insiders bought 11,128 shares of company stock worth $596,098 in the last ninety days. Corporate insiders own 1.34% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of BDC. Victory Capital Management Inc. raised its stake in shares of Belden by 392.0% in the second quarter. Victory Capital Management Inc. now owns 1,303,568 shares of the industrial products company’s stock worth $79,673,000 after buying an additional 1,038,628 shares during the period. Boston Partners raised its stake in shares of Belden by 22.0% in the second quarter. Boston Partners now owns 3,933,211 shares of the industrial products company’s stock worth $240,398,000 after buying an additional 709,076 shares during the period. Wells Fargo & Company MN raised its stake in shares of Belden by 28.2% in the second quarter. Wells Fargo & Company MN now owns 1,098,575 shares of the industrial products company’s stock worth $67,145,000 after buying an additional 241,889 shares during the period. Investment Counselors of Maryland LLC raised its stake in shares of Belden by 103.0% in the second quarter. Investment Counselors of Maryland LLC now owns 459,161 shares of the industrial products company’s stock worth $28,064,000 after buying an additional 232,960 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Belden by 19.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,429,516 shares of the industrial products company’s stock worth $87,372,000 after buying an additional 231,559 shares during the period.

About Belden

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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