Belden (BDC) Boosted by Longbow Research to Purchase

Belden (BDC) Boosted  by Longbow Research to Purchase

Longbow Research upgraded shares of Belden (NYSE:BDC) from a neutral rating to a buy rating in a report released on Thursday, January 3rd, MarketBeat.com reports. The firm currently has $41.92 price target on the industrial products company’s stock.

A number of other analysts have also weighed in on BDC. SunTrust Banks lowered Belden from a buy rating to a hold rating and set a $56.00 price objective for the company. in a research note on Thursday, November 1st. Goldman Sachs Group lowered Belden from a buy rating to a neutral rating and set a $55.78 price objective for the company. in a research note on Sunday, December 9th. Guggenheim reissued a buy rating and set a $77.00 price objective on shares of Belden in a research note on Wednesday, October 31st. Cross Research lowered Belden from a buy rating to a hold rating in a research note on Thursday, November 1st. Finally, TheStreet lowered Belden from a b- rating to a c+ rating in a research note on Thursday, November 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $66.39.

Shares of BDC stock traded up $1.00 during trading on Thursday, hitting $50.79. The company had a trading volume of 6,289 shares, compared to its average volume of 490,972. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 9.47 and a beta of 2.45. The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 1.08. Belden has a 52 week low of $37.79 and a 52 week high of $87.14.

Belden (NYSE:BDC) last issued its earnings results on Wednesday, October 31st. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.71 by $0.01. The business had revenue of $659.00 million during the quarter, compared to analyst estimates of $679.15 million. Belden had a return on equity of 21.28% and a net margin of 5.83%. Belden’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.49 earnings per share. As a group, sell-side analysts forecast that Belden will post 6.09 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 8th. Shareholders of record on Monday, December 17th were issued a $0.05 dividend. The ex-dividend date of this dividend was Friday, December 14th. This represents a $0.20 dividend on an annualized basis and a yield of 0.39%. Belden’s dividend payout ratio (DPR) is 3.74%.

Belden declared that its board has initiated a share repurchase program on Thursday, November 29th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the industrial products company to reacquire up to 13.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

In related news, SVP Henk Derksen purchased 1,431 shares of Belden stock in a transaction dated Friday, November 2nd. The stock was purchased at an average cost of $53.65 per share, for a total transaction of $76,773.15. Following the completion of the acquisition, the senior vice president now directly owns 38,857 shares of the company’s stock, valued at $2,084,678.05. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Roel Vestjens purchased 447 shares of Belden stock in a transaction dated Wednesday, November 14th. The shares were bought at an average price of $55.94 per share, with a total value of $25,005.18. Following the completion of the acquisition, the senior vice president now directly owns 22,778 shares of the company’s stock, valued at $1,274,201.32. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 11,128 shares of company stock valued at $596,098. 1.34% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of the company. BlackRock Inc. increased its holdings in shares of Belden by 0.8% during the third quarter. BlackRock Inc. now owns 4,564,363 shares of the industrial products company’s stock valued at $325,941,000 after acquiring an additional 35,567 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Belden by 1.8% during the third quarter. Vanguard Group Inc. now owns 3,751,468 shares of the industrial products company’s stock valued at $267,893,000 after buying an additional 66,745 shares during the last quarter. Vanguard Group Inc boosted its position in shares of Belden by 1.8% during the third quarter. Vanguard Group Inc now owns 3,751,468 shares of the industrial products company’s stock valued at $267,893,000 after buying an additional 66,745 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Belden by 6.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,517,560 shares of the industrial products company’s stock valued at $108,365,000 after buying an additional 88,044 shares during the last quarter. Finally, Macquarie Group Ltd. boosted its position in shares of Belden by 22.8% during the third quarter. Macquarie Group Ltd. now owns 811,496 shares of the industrial products company’s stock valued at $57,949,000 after buying an additional 150,937 shares during the last quarter.

Belden Company Profile

Belden Inc designs, manufactures, and markets signal transmission solutions worldwide. It operates through Broadcast Solutions, Enterprise Solutions, Industrial Solutions, and Network Solutions segments. The Broadcast Solutions segment offers camera solutions, production switchers, server and storage systems for instant replay applications, interfaces and routers, monitoring systems, in-home network systems, playout systems, outside plant connectivity products, and other cable, and connectivity products.

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