Canaccord Genuity restated their buy rating on shares of Belden Inc (NYSE:BDC) in a research note released on Friday, August 4th. They currently have a $83.00 price target on the industrial products company’s stock.
BDC has been the topic of several other reports. Guggenheim initiated coverage on Belden in a research note on Tuesday, July 11th. They set a buy rating and a $90.00 price objective on the stock. CL King initiated coverage on Belden in a research note on Wednesday, June 21st. They set a neutral rating on the stock. Goldman Sachs Group, Inc. (The) initiated coverage on Belden in a research note on Friday, June 23rd. They set a buy rating and a $93.00 price objective on the stock. Zacks Investment Research upgraded Belden from a hold rating to a strong-buy rating and set a $86.00 price objective on the stock in a research note on Tuesday, July 11th. Finally, Deutsche Bank AG raised their price objective on Belden from $85.00 to $92.00 and gave the stock a buy rating in a research note on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Belden has a consensus rating of Buy and an average target price of $84.56.
Shares of Belden (NYSE:BDC) traded down 0.53% on Friday, reaching $70.95. 156,217 shares of the company were exchanged. The company has a 50-day moving average price of $74.01 and a 200 day moving average price of $72.21. Belden has a 1-year low of $60.06 and a 1-year high of $81.33. The stock has a market capitalization of $3.00 billion, a PE ratio of 30.85 and a beta of 2.28.
Belden (NYSE:BDC) last announced its quarterly earnings data 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 return on equity of 16.31% and a net margin of 5.53%. The firm had revenue of $610.63 million for the quarter, compared to analysts’ expectations of $608.16 million. During the same period last year, the business posted $1.54 earnings per share. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, analysts forecast that Belden will post $5.44 EPS for the current fiscal year.
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Belden announced that its board has initiated a share repurchase plan 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 repurchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC acquired a new position in shares of Belden during the second quarter worth approximately $369,478,000. BlackRock Inc. raised its position in shares of Belden by 22,743.7% in the first quarter. BlackRock Inc. now owns 4,264,460 shares of the industrial products company’s stock worth $295,057,000 after buying an additional 4,245,792 shares during the period. Lazard Asset Management LLC raised its position in shares of Belden by 223.2% in the second quarter. Lazard Asset Management LLC now owns 474,831 shares of the industrial products company’s stock worth $35,816,000 after buying an additional 327,914 shares during the period. Macquarie Group Ltd. acquired a new position in shares of Belden during the second quarter worth approximately $23,082,000. Finally, Royal Bank of Canada raised its position in shares of Belden by 3,024.6% in the second quarter. Royal Bank of Canada now owns 236,942 shares of the industrial products company’s stock worth $17,873,000 after buying an additional 229,359 shares during the period.
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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