Belden (BDC) Receives “Buy” Rating from Guggenheim
Belden (NYSE:BDC)‘s stock had its “buy” rating reaffirmed by equities research analysts at Guggenheim in a research report issued to clients and investors on Wednesday. They presently have a $90.00 price target on the industrial products company’s stock. Guggenheim’s target price would suggest a potential upside of 9.37% from the company’s current price.
The analysts wrote, “We continue to forecast Q4E showing relatively even ~6%Y/Y growth across each business but its strongest +8%Y/Y growth from Industrial networking (which we continue to consider Belden’s biggest swing-factor from -3%Y/Y in FY16 and -12%Y/Y back in FY15). CFO, Henk Derksen, outlined Belden’s 3yr FY17-20E financial goals including a Revenue CAGR of 5-7%, EBITDA margin of 20-22% (up from previous 18-20% targets), FCF CAGR of 13-15% and ROIC of 13-15%. Capital allocation priorities include a slightly increased 20% for organic investments (e.g., currently spending $15mil capex to expand its manufacturing footprint in India), 25% for share repurchases + dividends, and a slightly decreased 55% for M&A. Belden says it continues to have “excess cash” of $475mil and is pursuing a number of M&A opportunities, with the dry powder for inorganic growth.””
A number of other equities research analysts have also issued reports on the company. ValuEngine raised Belden from a “hold” rating to a “buy” rating in a research report on Monday, September 11th. BidaskClub raised Belden from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. Zacks Investment Research lowered Belden from a “buy” rating to a “hold” rating in a research report on Monday, November 6th. Canaccord Genuity reaffirmed a “buy” rating and set a $88.00 target price (up from $83.00) on shares of Belden in a research report on Wednesday, September 13th. Finally, TheStreet lowered Belden from a “b” rating to a “c+” rating in a research report on Wednesday, November 1st. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $89.50.
Belden (NYSE:BDC) last posted its quarterly earnings data on Wednesday, November 1st. The industrial products company reported $1.49 EPS for the quarter, topping the Zacks’ consensus estimate of $1.41 by $0.08. Belden had a return on equity of 17.52% and a net margin of 4.03%. The company had revenue of $621.74 million for the quarter, compared to the consensus estimate of $626.05 million. During the same quarter in the previous year, the business earned $1.29 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. research analysts expect that Belden will post 5.52 earnings per share for the current fiscal year.
In related news, SVP Paul Keith Turner sold 3,709 shares of the company’s stock in a transaction 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 transaction, the senior vice president now directly owns 4,967 shares of the company’s stock, valued at $391,945.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman John S. Stroup sold 17,227 shares of the company’s stock in a transaction on Monday, October 9th. The shares were sold at an average price of $84.75, for a total value of $1,459,988.25. The disclosure for this sale can be found here. Insiders have sold 21,230 shares of company stock worth $1,775,189 over the last three months. 1.31% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the stock. 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 buying an additional 160 shares during the period. World Asset Management Inc acquired a new position in Belden during the second quarter valued at $201,000. Ladenburg Thalmann Financial Services Inc. raised its position in Belden by 550.4% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,634 shares of the industrial products company’s stock valued at $212,000 after buying an additional 2,229 shares during the period. Riverhead Capital Management LLC raised its position in Belden by 70.4% during the second quarter. Riverhead Capital Management LLC now owns 2,897 shares of the industrial products company’s stock valued at $218,000 after buying an additional 1,197 shares during the period. Finally, OxFORD Asset Management LLP acquired a new position in Belden during the third quarter valued at $224,000.
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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