Benchmark Boosts Belden (NYSE:BDC) Price Target to $120.00

Belden (NYSE:BDC) had its target price lifted by Benchmark from $115.00 to $120.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

A number of other research analysts have also issued reports on the company. Truist Financial increased their target price on Belden from $123.00 to $124.00 and gave the company a buy rating in a research report on Friday, August 2nd. Vertical Research assumed coverage on Belden in a research report on Tuesday, July 23rd. They set a buy rating and a $110.00 target price on the stock. Finally, StockNews.com upgraded Belden from a hold rating to a buy rating in a research report on Monday, June 17th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $112.50.

Belden Price Performance

Shares of NYSE BDC opened at $112.43 on Wednesday. The company has a quick ratio of 1.25, a current ratio of 1.70 and a debt-to-equity ratio of 0.95. Belden has a 52 week low of $60.54 and a 52 week high of $112.87. The business’s 50 day moving average price is $99.62 and its 200 day moving average price is $93.87. The firm has a market cap of $4.57 billion, a P/E ratio of 21.66 and a beta of 1.07.

Belden (NYSE:BDC) last released its quarterly earnings data on Thursday, August 1st. The industrial products company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.37 by $0.14. Belden had a return on equity of 21.13% and a net margin of 8.51%. The business had revenue of $604.34 million for the quarter, compared to analyst estimates of $574.32 million. During the same quarter in the prior year, the firm posted $1.91 EPS. The business’s quarterly revenue was down 12.7% compared to the same quarter last year. On average, sell-side analysts expect that Belden will post 6.04 earnings per share for the current year.

Belden Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Thursday, September 12th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.18%. The ex-dividend date is Thursday, September 12th. Belden’s dividend payout ratio is currently 3.91%.

Insider Activity at Belden

In related news, SVP Brian Edward Anderson sold 1,262 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $96.79, for a total value of $122,148.98. Following the completion of the transaction, the senior vice president now directly owns 39,385 shares of the company’s stock, valued at approximately $3,812,074.15. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Belden news, EVP Brian Lieser sold 819 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $91.26, for a total value of $74,741.94. Following the completion of the sale, the executive vice president now directly owns 21,031 shares of the company’s stock, valued at approximately $1,919,289.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Brian Edward Anderson sold 1,262 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $96.79, for a total value of $122,148.98. Following the completion of the sale, the senior vice president now directly owns 39,385 shares of the company’s stock, valued at $3,812,074.15. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,137 shares of company stock valued at $1,095,457. 1.59% of the stock is owned by insiders.

Institutional Trading of Belden

A number of hedge funds and other institutional investors have recently modified their holdings of BDC. Russell Investments Group Ltd. increased its stake in shares of Belden by 6.5% in the 4th quarter. Russell Investments Group Ltd. now owns 7,096 shares of the industrial products company’s stock worth $548,000 after acquiring an additional 435 shares during the last quarter. Principal Securities Inc. purchased a new position in shares of Belden during the 4th quarter worth $72,000. Principal Financial Group Inc. grew its holdings in shares of Belden by 0.6% during the 4th quarter. Principal Financial Group Inc. now owns 168,098 shares of the industrial products company’s stock worth $12,986,000 after purchasing an additional 977 shares during the period. Quadrant Capital Group LLC grew its holdings in shares of Belden by 41.7% during the 4th quarter. Quadrant Capital Group LLC now owns 829 shares of the industrial products company’s stock worth $64,000 after purchasing an additional 244 shares during the period. Finally, Norges Bank purchased a new position in shares of Belden during the 4th quarter worth $35,403,000. 98.75% of the stock is owned by institutional investors and hedge funds.

About Belden

Belden Inc designs, manufactures, and markets a portfolio of signal transmission solutions for mission critical applications in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It operates in two segments, Enterprise Solutions and Industrial Automation Solutions. The Enterprise Solutions segment offers copper cable and connectivity solutions, fiber cable and connectivity solutions, interconnect panels, racks and enclosures, and signal extension and matrix switching systems for use in applications, such as local area networks, data centers, access control, 5G, fiber to the home, and building automation.