Zacks Investment Research Downgrades Belden Inc. (BDC) to Strong Sell
Belden Inc. (NYSE:BDC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday.
According to Zacks, “Belden Inc is engaged in the design, manufacture and retail of cable, connectivity, and networking products in markets including industrial automation, enterprise, transportation, infrastructure, and consumer electronics. The Company’s products find its application in the industrial automation, enterprise, education, healthcare, entertainment and broadcast, sound and security, transportation, infrastructure, consumer electronics and other industries. Belden has manufacturing capabilities in North America, Europe, and Asia, and a market presence in nearly every region of the world. Belden Inc is based in St. Louis, Missouri. “
BDC has been the topic of several other research reports. SunTrust Banks Inc. cut shares of Belden from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $84.00 to $79.00 in a research report on Wednesday, September 7th. Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 price target on shares of Belden in a research report on Tuesday, June 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. Belden has a consensus rating of “Hold” and a consensus price target of $77.00.
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Shares of Belden (NYSE:BDC) traded down 0.73% during midday trading on Tuesday, reaching $63.84. The company’s stock had a trading volume of 281,475 shares. The company has a market capitalization of $2.69 billion, a P/E ratio of 22.21 and a beta of 2.25. Belden has a 1-year low of $36.51 and a 1-year high of $75.91. The stock has a 50 day moving average of $70.89 and a 200-day moving average of $64.93.
Belden (NYSE:BDC) last posted its quarterly earnings data on Tuesday, July 19th. The company reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.28. The company earned $601.60 million during the quarter, compared to analysts’ expectations of $582.25 million. Belden had a net margin of 5.29% and a return on equity of 27.25%. During the same period in the prior year, the company posted $1.21 EPS. On average, equities research analysts anticipate that Belden will post $5.42 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 5th. Investors of record on Thursday, September 15th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.20 annualized dividend and a yield of 0.31%. Belden’s dividend payout ratio (DPR) is 6.94%.
In related news, SVP Ross Rosenberg sold 2,274 shares of the stock in a transaction dated Wednesday, July 20th. The shares were sold at an average price of $74.00, for a total transaction of $168,276.00. Following the sale, the senior vice president now owns 7,603 shares in the company, valued at $562,622. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.37% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. Quadrature Capital Ltd acquired a new stake in Belden during the first quarter valued at $371,000. State Street Corp raised its stake in shares of Belden by 0.8% in the first quarter. State Street Corp now owns 1,310,743 shares of the company’s stock valued at $80,458,000 after buying an additional 10,970 shares during the last quarter. Cupps Capital Management LLC purchased a new stake in shares of Belden during the first quarter valued at approximately $3,299,000. Acrospire Investment Management LLC purchased a new stake in shares of Belden during the first quarter valued at approximately $279,000. Finally, BlackRock Group LTD raised its stake in shares of Belden by 20.8% in the first quarter. BlackRock Group LTD now owns 31,088 shares of the company’s stock valued at $1,908,000 after buying an additional 5,350 shares during the last quarter.
Belden Inc (Belden) is a signal transmission solutions provider. The Company’s portfolio of signal transmission solutions provides transmission of data, sound and video for mission critical applications. The Company’s segments include Broadcast Solutions, Enterprise Connectivity Solutions, Industrial Connectivity Solutions, Industrial IT Solutions and Network Security Solutions.
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