Belden Inc (BDC) Given “Buy” Rating at Canaccord Genuity
Belden Inc (NYSE:BDC)‘s stock had its “buy” rating reiterated by research analysts at Canaccord Genuity in a research report issued on Wednesday. They presently have a $88.00 target price on the industrial products company’s stock, up from their prior target price of $83.00. Canaccord Genuity’s price target points to a potential upside of 11.36% from the stock’s previous close.
A number of other research firms have also recently commented on BDC. Deutsche Bank AG lifted their price target on Belden from $85.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. 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. ValuEngine cut Belden from a “buy” rating to a “hold” rating in a report on Thursday, July 20th. CL King began coverage on Belden in a report on Wednesday, June 21st. They set a “neutral” rating for the company. Finally, Guggenheim began coverage on Belden in a report on Tuesday, July 11th. They set a “buy” rating and a $90.00 price objective for the company. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $85.88.
Belden (BDC) traded down 0.03% during mid-day trading on Wednesday, hitting $78.95. The stock had a trading volume of 34,414 shares. The stock’s 50-day moving average is $74.09 and its 200 day moving average is $72.26. Belden has a 52 week low of $60.06 and a 52 week high of $81.33. The company has a market capitalization of $3.34 billion, a P/E ratio of 34.33 and a beta of 2.27.
Belden (NYSE:BDC) last released its earnings results 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 return on equity of 16.31% and a net margin of 5.53%. The business had revenue of $610.63 million for the quarter, compared to the consensus estimate of $608.16 million. During the same quarter in the previous year, the business earned $1.54 earnings per share. Belden’s quarterly revenue was up 1.5% on a year-over-year basis. Equities analysts forecast that Belden will post $5.44 earnings per share for the current fiscal year.
Belden declared that its Board of Directors has approved a stock repurchase plan on Thursday, May 25th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the industrial products company to repurchase up to 6.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
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Institutional investors and hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Belden by 10.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,744 shares of the industrial products company’s stock valued at $132,000 after purchasing an additional 160 shares in the last quarter. Point72 Asia Hong Kong Ltd increased its holdings in shares of Belden by 799.6% during the first quarter. Point72 Asia Hong Kong Ltd now owns 2,060 shares of the industrial products company’s stock worth $143,000 after buying an additional 1,831 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Belden by 60.4% during the first quarter. Envestnet Asset Management Inc. now owns 2,234 shares of the industrial products company’s stock worth $155,000 after buying an additional 841 shares in the last quarter. World Asset Management Inc acquired a new position in shares of Belden during the second quarter worth $201,000. Finally, Greenwood Capital Associates LLC increased its holdings in shares of Belden by 5.3% during the first quarter. Greenwood Capital Associates LLC now owns 2,975 shares of the industrial products company’s stock worth $206,000 after buying an additional 149 shares in the last quarter.
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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