Belden Inc (BDC) Downgraded by Zacks Investment Research to Hold
Belden Inc (NYSE:BDC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors 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. “
A number of other equities research analysts also recently weighed in on BDC. Guggenheim reiterated a “buy” rating and issued a $90.00 target price on shares of Belden in a report on Monday, September 25th. Canaccord Genuity restated a “buy” rating and set a $88.00 price target (up from $83.00) on shares of Belden in a report on Wednesday, September 13th. ValuEngine upgraded Belden from a “hold” rating to a “buy” rating in a report on Monday, September 11th. BidaskClub raised shares of Belden from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. Finally, Deutsche Bank AG raised their price objective on shares of Belden from $85.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, August 3rd. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Belden has an average rating of “Buy” and an average price target of $85.88.
Shares of Belden (NYSE:BDC) traded up 1.00% on Tuesday, reaching $83.58. 458,922 shares of the company’s stock were exchanged. Belden has a 52-week low of $60.06 and a 52-week high of $83.69. The company’s 50 day moving average price is $76.79 and its 200-day moving average price is $73.18. The stock has a market cap of $3.54 billion, a P/E ratio of 36.34 and a beta of 2.26.
Belden (NYSE:BDC) last announced its quarterly earnings data 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 company had revenue of $610.63 million for the quarter, compared to the consensus estimate of $608.16 million. During the same period in the previous year, the business earned $1.54 EPS. The firm’s revenue was up 1.5% compared to the same quarter last year. Equities analysts forecast that Belden will post $5.44 EPS for the current fiscal year.
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In other news, SVP Paul Keith Turner sold 3,709 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $78.91, for a total transaction of $292,677.19. Following the completion of the sale, the senior vice president now owns 4,967 shares in the company, valued at $391,945.97. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.31% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Lazard Asset Management LLC grew its position in Belden by 223.2% in the 2nd quarter. Lazard Asset Management LLC now owns 474,831 shares of the industrial products company’s stock valued at $35,816,000 after purchasing an additional 327,914 shares during the period. American Century Companies Inc. increased its stake in Belden by 1,189.7% during the 2nd quarter. American Century Companies Inc. now owns 246,663 shares of the industrial products company’s stock valued at $18,606,000 after purchasing an additional 227,538 shares in the last quarter. William Blair Investment Management LLC increased its stake in Belden by 8.3% during the 2nd quarter. William Blair Investment Management LLC now owns 338,909 shares of the industrial products company’s stock valued at $25,564,000 after purchasing an additional 26,047 shares in the last quarter. Great West Life Assurance Co. Can increased its stake in Belden by 4.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 24,788 shares of the industrial products company’s stock valued at $1,715,000 after purchasing an additional 1,115 shares in the last quarter. Finally, Liberty Mutual Group Asset Management Inc. increased its stake in Belden by 1.0% during the 1st quarter. Liberty Mutual Group Asset Management Inc. now owns 19,132 shares of the industrial products company’s stock valued at $1,324,000 after purchasing an additional 181 shares in the last quarter.
Belden Company Profile
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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