RS Investment Management Co. LLC increased its stake in shares of Belden Inc. (NYSE:BDC) by 159.7% during the second quarter, Holdings Channel reports. The firm owned 249,545 shares of the company’s stock after buying an additional 153,470 shares during the period. RS Investment Management Co. LLC’s holdings in Belden were worth $15,065,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in BDC. Norges Bank bought a new stake in shares of Belden during the fourth quarter valued at about $14,153,000. Teachers Advisors Inc. boosted its stake in shares of Belden by 340.6% in the first quarter. Teachers Advisors Inc. now owns 286,554 shares of the company’s stock valued at $17,589,000 after buying an additional 221,519 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Belden by 363.1% in the first quarter. Renaissance Technologies LLC now owns 199,600 shares of the company’s stock valued at $12,251,000 after buying an additional 156,500 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in shares of Belden during the first quarter valued at about $4,121,000. Finally, Cupps Capital Management LLC bought a new stake in shares of Belden during the first quarter valued at about $3,299,000.
Shares of Belden Inc. (NYSE:BDC) traded down 1.69% during mid-day trading on Friday, hitting $66.18. The stock had a trading volume of 143,841 shares. Belden Inc. has a 12 month low of $36.51 and a 12 month high of $75.91. The firm has a market cap of $2.79 billion, a PE ratio of 23.03 and a beta of 2.25. The stock’s 50-day moving average is $70.28 and its 200 day moving average is $65.03.
Belden (NYSE:BDC) last released its quarterly earnings results on Tuesday, July 19th. The company reported $1.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.26 by $0.28. The firm had revenue of $601.60 million for the quarter, compared to analyst estimates of $582.25 million. Belden had a net margin of 5.29% and a return on equity of 27.25%. During the same quarter in the previous year, the company earned $1.21 EPS. Equities research analysts predict that Belden Inc. will post $5.42 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 5th. Stockholders of record on Thursday, September 15th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.30%. The ex-dividend date of this dividend is Tuesday, September 13th. Belden’s payout ratio is presently 6.94%.
Several analysts have issued reports on BDC shares. SunTrust Banks Inc. cut Belden from a “buy” rating to a “neutral” rating and dropped their target price for the company from $84.00 to $79.00 in a research report on Wednesday, September 7th. Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 target price on shares of Belden in a research report on Tuesday, June 28th. Finally, Zacks Investment Research cut Belden from a “buy” rating to a “hold” rating in a research report on Friday, September 9th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Belden presently has a consensus rating of “Hold” and an average target price of $77.00.
In other Belden news, SVP Ross Rosenberg sold 2,274 shares of the business’s stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $74.00, for a total value of $168,276.00. Following the sale, the senior vice president now owns 7,603 shares of the company’s stock, valued at $562,622. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.37% of the company’s stock.
Belden Inc (Belden) is a signal transmission solutions provider. The Company’s portfolio of signal transmission solutions provides transmission of data, sound and video for mission critical applications. The Company’s segments include Broadcast Solutions, Enterprise Connectivity Solutions, Industrial Connectivity Solutions, Industrial IT Solutions and Network Security Solutions.
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