Teachers Retirement System of The State of Kentucky reduced its holdings in Belden Inc. (NYSE:BDC) by 10.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 8,241 shares of the industrial products company’s stock after selling 1,000 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Belden were worth $588,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of BDC. First Hawaiian Bank acquired a new stake in Belden in the third quarter valued at approximately $159,000. US Bancorp DE grew its holdings in Belden by 83.0% in the second quarter. US Bancorp DE now owns 2,628 shares of the industrial products company’s stock valued at $161,000 after purchasing an additional 1,192 shares during the period. Balter Liquid Alternatives LLC acquired a new stake in Belden in the second quarter valued at approximately $210,000. PNC Financial Services Group Inc. grew its holdings in Belden by 27.0% in the second quarter. PNC Financial Services Group Inc. now owns 3,812 shares of the industrial products company’s stock valued at $232,000 after purchasing an additional 811 shares during the period. Finally, Princeton Portfolio Strategies Group LLC acquired a new stake in Belden in the third quarter valued at approximately $260,000.
In related news, SVP Henk Derksen acquired 1,431 shares of Belden stock in a transaction that occurred on Friday, November 2nd. The shares were purchased at an average price of $53.65 per share, for a total transaction of $76,773.15. Following the completion of the transaction, the senior vice president now owns 38,857 shares in the company, valued at approximately $2,084,678.05. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Roel Vestjens acquired 447 shares of Belden stock in a transaction that occurred on Wednesday, November 14th. The shares were bought at an average price of $55.94 per share, for a total transaction of $25,005.18. Following the transaction, the senior vice president now owns 22,778 shares of the company’s stock, valued at approximately $1,274,201.32. The disclosure for this purchase can be found here. Insiders bought 11,128 shares of company stock worth $596,098 over the last ninety days. Corporate insiders own 1.34% of the company’s stock.
BDC has been the topic of several research analyst reports. Canaccord Genuity reissued a “buy” rating and issued a $88.00 price objective on shares of Belden in a report on Wednesday, August 22nd. TheStreet raised Belden from a “c” rating to a “b-” rating in a research note on Tuesday, August 21st. Zacks Investment Research lowered Belden from a “buy” rating to a “hold” rating in a research note on Tuesday, October 23rd. Guggenheim reaffirmed a “buy” rating and issued a $77.00 price target on shares of Belden in a research note on Wednesday, October 31st. Finally, ValuEngine lowered Belden from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 1st. Two investment 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. The stock presently has an average rating of “Hold” and an average price target of $70.33.
Shares of NYSE:BDC opened at $50.45 on Thursday. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 1.08. The company has a market capitalization of $2.03 billion, a PE ratio of 9.43 and a beta of 2.42. Belden Inc. has a 1 year low of $50.06 and a 1 year high of $87.14.
Belden (NYSE:BDC) last issued its quarterly earnings results on Wednesday, October 31st. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.71 by $0.01. The firm had revenue of $659.00 million for the quarter, compared to analyst estimates of $679.15 million. Belden had a return on equity of 21.28% and a net margin of 5.83%. The business’s revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.49 earnings per share. Research analysts anticipate that Belden Inc. will post 6.09 EPS for the current fiscal year.
Belden declared that its Board of Directors has approved a share buyback program on Thursday, November 29th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to reacquire up to 13.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 8th. Stockholders of record on Monday, December 17th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend is Friday, December 14th. Belden’s dividend payout ratio is presently 3.74%.
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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.
See Also: Diversification
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