Belden (NYSE:BDC) Price Target Raised to $124.00

Belden (NYSE:BDC) had its target price raised by Truist Financial from $123.00 to $124.00 in a report published on Friday morning, Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

BDC has been the subject of several other reports. Benchmark reiterated a buy rating and issued a $100.00 price objective on shares of Belden in a report on Monday, May 6th. Vertical Research initiated coverage on Belden in a research report on Tuesday, July 23rd. They issued a buy rating and a $110.00 target price on the stock. StockNews.com raised Belden from a hold rating to a buy rating in a research report on Monday, June 17th. Finally, Loop Capital lifted their price objective on Belden from $100.00 to $115.00 and gave the company a buy rating in a research report on Friday, May 17th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $111.67.

Belden Price Performance

Shares of NYSE:BDC opened at $96.32 on Friday. Belden has a 1-year low of $60.54 and a 1-year high of $102.47. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.70 and a quick ratio of 1.83. The business has a fifty day moving average price of $94.37 and a 200-day moving average price of $88.85. The company has a market capitalization of $3.92 billion, a PE ratio of 18.85 and a beta of 1.06.

Belden (NYSE:BDC) last issued its quarterly earnings results on Thursday, August 1st. The industrial products company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.14. Belden had a return on equity of 21.13% and a net margin of 8.51%. The firm had revenue of $604.34 million during the quarter, compared to the consensus estimate of $574.32 million. During the same period last year, the company earned $1.91 earnings per share. The company’s revenue was down 12.7% on a year-over-year basis. As a group, equities analysts expect that Belden will post 5.85 EPS for the current fiscal year.

Belden Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 9th. Stockholders of record on Thursday, June 13th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.21%. The ex-dividend date was Thursday, June 13th. Belden’s dividend payout ratio is currently 3.91%.

Insider Activity

In other Belden news, Director Jonathan C. Klein sold 1,607 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $97.29, for a total value of $156,345.03. Following the transaction, the director now owns 12,097 shares of the company’s stock, valued at approximately $1,176,917.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Belden news, Director Jonathan C. Klein sold 1,607 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $97.29, for a total value of $156,345.03. Following the transaction, the director now owns 12,097 shares of the company’s stock, valued at approximately $1,176,917.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Brian Lieser sold 819 shares of the company’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $91.26, for a total value of $74,741.94. Following the completion of the transaction, the executive vice president now directly owns 21,031 shares in the company, valued at approximately $1,919,289.06. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,219 shares of company stock valued at $986,641. 1.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Belden

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its position in shares of Belden by 2.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,383,742 shares of the industrial products company’s stock worth $128,148,000 after buying an additional 30,268 shares in the last quarter. Wellington Management Group LLP boosted its position in Belden by 17.9% during the fourth quarter. Wellington Management Group LLP now owns 985,282 shares of the industrial products company’s stock valued at $76,113,000 after purchasing an additional 149,263 shares in the last quarter. Channing Capital Management LLC boosted its position in Belden by 29.4% during the fourth quarter. Channing Capital Management LLC now owns 919,066 shares of the industrial products company’s stock valued at $70,998,000 after purchasing an additional 209,052 shares in the last quarter. Pzena Investment Management LLC boosted its position in Belden by 32.5% during the fourth quarter. Pzena Investment Management LLC now owns 914,924 shares of the industrial products company’s stock valued at $70,678,000 after purchasing an additional 224,486 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its position in Belden by 13.5% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 611,585 shares of the industrial products company’s stock valued at $47,245,000 after purchasing an additional 72,775 shares in the last quarter. Institutional investors own 98.75% of the company’s stock.

About Belden

Belden Inc designs, manufactures, and markets a portfolio of signal transmission solutions for mission critical applications in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It operates in two segments, Enterprise Solutions and Industrial Automation Solutions. The Enterprise Solutions segment offers copper cable and connectivity solutions, fiber cable and connectivity solutions, interconnect panels, racks and enclosures, and signal extension and matrix switching systems for use in applications, such as local area networks, data centers, access control, 5G, fiber to the home, and building automation.