ING Groep NV purchased a new stake in Belden Inc (NYSE:BDC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 5,142 shares of the industrial products company’s stock, valued at approximately $388,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. RMB Capital Management LLC increased its position in shares of Belden by 0.3% in the first quarter. RMB Capital Management LLC now owns 17,234 shares of the industrial products company’s stock valued at $1,192,000 after buying an additional 60 shares during the period. State Treasurer State of Michigan increased its position in shares of Belden by 0.6% in the first quarter. State Treasurer State of Michigan now owns 17,100 shares of the industrial products company’s stock valued at $1,183,000 after buying an additional 100 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Belden by 0.4% in the second quarter. Nisa Investment Advisors LLC now owns 24,210 shares of the industrial products company’s stock valued at $1,803,000 after buying an additional 100 shares during the period. Capstone Asset Management Co. increased its position in shares of Belden by 4.2% in the second quarter. Capstone Asset Management Co. now owns 3,469 shares of the industrial products company’s stock valued at $262,000 after buying an additional 140 shares during the period. Finally, Greenwood Capital Associates LLC increased its position in shares of Belden by 5.3% in the first quarter. Greenwood Capital Associates LLC now owns 2,975 shares of the industrial products company’s stock valued at $206,000 after buying an additional 149 shares during the period.
Shares of Belden Inc (BDC) traded down 0.53% during mid-day trading on Friday, reaching $70.95. 156,217 shares of the company’s stock were exchanged. Belden Inc has a one year low of $60.06 and a one year high of $81.33. The company has a 50 day moving average price of $74.01 and a 200-day moving average price of $72.21. The stock has a market cap of $3.00 billion, a PE ratio of 30.85 and a beta of 2.28.
Belden (NYSE:BDC) last released its quarterly earnings data 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 net margin of 5.53% and a return on equity of 16.31%. The firm had revenue of $610.63 million for the quarter, compared to analysts’ expectations of $608.16 million. During the same quarter in the previous year, the company earned $1.54 earnings per share. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. On average, analysts predict that Belden Inc will post $5.44 EPS for the current year.
Belden announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 25th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
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Several research analysts have recently issued reports on the stock. ValuEngine downgraded shares of Belden from a “buy” rating to a “hold” rating in a report on Thursday, July 20th. Deutsche Bank AG increased their price objective on Belden from $85.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, August 3rd. BidaskClub downgraded Belden from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Canaccord Genuity restated a “buy” rating and issued a $83.00 price objective on shares of Belden in a report on Friday, August 4th. Finally, Zacks Investment Research upgraded Belden from a “hold” rating to a “strong-buy” rating and set a $86.00 price objective for the company in a report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Belden currently has a consensus rating of “Buy” and a consensus price target of $84.56.
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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