Belden Inc. (NYSE:BDC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to 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. “
BDC has been the subject of a number of other reports. SunTrust Banks Inc. cut Belden from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $84.00 to $79.00 in a research note on Wednesday, September 7th. Canaccord Genuity reiterated a “buy” rating on shares of Belden in a report on Monday, June 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $77.00.
Belden (NYSE:BDC) opened at 65.14 on Tuesday. The stock’s 50 day moving average price is $70.51 and its 200-day moving average price is $64.96. Belden has a one year low of $36.51 and a one year high of $75.91. The firm has a market cap of $2.74 billion, a price-to-earnings ratio of 22.67 and a beta of 2.25.
Belden (NYSE:BDC) last announced its quarterly earnings data on Tuesday, July 19th. The company reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.28. Belden had a return on equity of 27.25% and a net margin of 5.29%. The business earned $601.60 million during the quarter, compared to analysts’ expectations of $582.25 million. During the same period in the previous year, the firm earned $1.21 earnings per share. Analysts forecast that Belden will post $5.42 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 5th. Shareholders of record on Thursday, September 15th will be issued a dividend of $0.05 per share. The ex-dividend date is Tuesday, September 13th. This represents a $0.20 annualized dividend and a yield of 0.31%. Belden’s dividend payout ratio is presently 6.94%.
In other news, SVP Ross Rosenberg sold 2,274 shares of the business’s stock in a transaction dated 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 directly owns 7,603 shares in the company, valued at $562,622. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.37% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Panagora Asset Management Inc. raised its stake in shares of Belden by 176.6% in the second quarter. Panagora Asset Management Inc. now owns 2,365 shares of the company’s stock worth $143,000 after buying an additional 1,510 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Belden by 14.1% in the second quarter. Public Employees Retirement System of Ohio now owns 2,411 shares of the company’s stock worth $146,000 after buying an additional 298 shares during the period. LS Investment Advisors LLC raised its stake in shares of Belden by 72.2% in the second quarter. LS Investment Advisors LLC now owns 2,522 shares of the company’s stock worth $152,000 after buying an additional 1,057 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Belden by 4.5% in the second quarter. PNC Financial Services Group Inc. now owns 3,153 shares of the company’s stock worth $190,000 after buying an additional 136 shares during the period. Finally, Nomura Holdings Inc. purchased a new stake in shares of Belden during the second quarter worth approximately $227,000.
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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