Zacks Investment Research Lowers 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 research note issued 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. “
Several other brokerages have also recently weighed in on BDC. Canaccord Genuity reiterated a “buy” rating and issued a $70.00 target price on shares of Belden in a report on Tuesday, June 28th. SunTrust Banks Inc. cut Belden from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $84.00 to $79.00 in a report on Wednesday, September 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $77.00.
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Belden (NYSE:BDC) traded down 0.73% during midday trading on Tuesday, reaching $63.84. The company 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. The firm has a 50-day moving average of $70.89 and a 200 day moving average of $64.93. Belden has a 1-year low of $36.51 and a 1-year high of $75.91.
Belden (NYSE:BDC) last issued its earnings results on Tuesday, July 19th. The company reported $1.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.26 by $0.28. Belden had a return on equity of 27.25% and a net margin of 5.29%. The business earned $601.60 million during the quarter, compared to analysts’ expectations of $582.25 million. During the same period in the prior year, the business earned $1.21 EPS. On average, equities research analysts forecast that Belden will post $5.42 EPS for the current year.
The business 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. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date is Tuesday, September 13th. Belden’s dividend payout ratio (DPR) is currently 6.94%.
In related news, SVP Ross Rosenberg sold 713 shares of the company’s stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $69.00, for a total transaction of $49,197.00. Following the completion of the sale, the senior vice president now directly owns 9,877 shares in the company, valued at approximately $681,513. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.37% of the company’s stock.
Several large investors have recently modified their holdings of BDC. Panagora Asset Management Inc. boosted its stake in shares of Belden by 176.6% in the second quarter. Panagora Asset Management Inc. now owns 2,365 shares of the company’s stock worth $143,000 after buying an additional 1,510 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of Belden by 14.1% in the second quarter. Public Employees Retirement System of Ohio now owns 2,411 shares of the company’s stock worth $146,000 after buying an additional 298 shares during the period. LS Investment Advisors LLC boosted its stake in shares of Belden by 72.2% in the second quarter. LS Investment Advisors LLC now owns 2,522 shares of the company’s stock worth $152,000 after buying an additional 1,057 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Belden by 4.5% in the second quarter. PNC Financial Services Group Inc. now owns 3,153 shares of the company’s stock worth $190,000 after buying an additional 136 shares during the period. Finally, Nomura Holdings Inc. bought a new stake in shares of Belden during the second quarter worth $227,000.
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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