Belden Inc (NYSE:BDC) Lifted to “Strong-Buy” at Zacks Investment Research
Belden Inc (NYSE:BDC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday. The firm currently has a $86.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 14.39% from the company’s previous close.
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. “
A number of other equities analysts have also issued reports on BDC. Guggenheim started coverage on Belden in a report on Tuesday. They issued a “buy” rating and a $90.00 price objective for the company. CL King started coverage on Belden in a research note on Wednesday, June 21st. They set a “neutral” rating for the company. Finally, Goldman Sachs Group, Inc. (The) started coverage on Belden in a research note on Friday, June 23rd. They set a “buy” rating and a $93.00 price target for the company. Four research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $83.78.
Belden (NYSE BDC) traded up 0.19% during mid-day trading on Tuesday, hitting $75.18. The stock had a trading volume of 245,402 shares. The company has a 50-day moving average of $73.25 and a 200-day moving average of $72.93. The stock has a market cap of $3.18 billion, a price-to-earnings ratio of 28.28 and a beta of 2.30. Belden has a 12-month low of $60.06 and a 12-month high of $81.33.
Belden (NYSE:BDC) last issued its quarterly earnings data on Wednesday, May 3rd. The industrial products company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.03. Belden had a return on equity of 18.25% and a net margin of 5.80%. The business had revenue of $551.40 million during the quarter, compared to analyst estimates of $551.14 million. During the same period in the prior year, the company posted $1.01 EPS. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, analysts anticipate that Belden will post $5.20 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, July 6th. Shareholders of record on Thursday, June 15th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date was Tuesday, June 13th. Belden’s payout ratio is currently 7.55%.
Several large investors have recently made changes to their positions in BDC. Foundry Partners LLC increased its stake in shares of Belden by 129.9% in the first quarter. Foundry Partners LLC now owns 136,531 shares of the industrial products company’s stock worth $9,447,000 after buying an additional 77,136 shares during the period. Adams Diversified Equity Fund Inc. increased its stake in shares of Belden by 23.3% in the first quarter. Adams Diversified Equity Fund Inc. now owns 16,400 shares of the industrial products company’s stock worth $1,135,000 after buying an additional 3,100 shares during the period. Highbridge Capital Management LLC bought a new stake in shares of Belden during the fourth quarter worth approximately $1,798,000. Norges Bank bought a new stake in shares of Belden during the fourth quarter worth approximately $32,808,000. Finally, Comerica Bank increased its stake in shares of Belden by 5.5% in the first quarter. Comerica Bank now owns 82,954 shares of the industrial products company’s stock worth $5,909,000 after buying an additional 4,341 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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Belden Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Belden Inc and related companies with MarketBeat.com's FREE daily email newsletter.