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

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

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

Belden Stock Down 1.2 %

BDC stock traded down $1.17 during trading on Friday, hitting $99.35. 625,746 shares of the stock traded hands, compared to its average volume of 272,832. Belden has a 1 year low of $60.54 and a 1 year high of $102.47. The firm’s 50 day moving average is $94.40 and its two-hundred day moving average is $88.46. The stock has a market cap of $4.04 billion, a price-to-earnings ratio of 19.46 and a beta of 1.06. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.70 and a quick ratio of 1.83.

Belden (NYSE:BDC) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.14. The firm had revenue of $604.34 million for the quarter, compared to the consensus estimate of $574.32 million. Belden had a net margin of 8.51% and a return on equity of 21.13%. The business’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.91 EPS. On average, sell-side analysts anticipate that Belden will post 5.85 EPS for the current year.

Belden Dividend Announcement

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

Insiders Place Their Bets

In other Belden news, EVP Brian Lieser sold 819 shares of Belden stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $91.26, for a total transaction of $74,741.94. Following the completion of the transaction, the executive vice president now directly owns 21,031 shares of the company’s stock, valued at $1,919,289.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Jonathan C. Klein sold 1,093 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $95.50, for a total transaction of $104,381.50. Following the completion of the sale, the director now directly owns 13,704 shares of the company’s stock, valued at $1,308,732. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Brian Lieser sold 819 shares of the business’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $91.26, for a total transaction of $74,741.94. Following the sale, the executive vice president now directly owns 21,031 shares of the company’s stock, valued at $1,919,289.06. The disclosure for this sale can be found here. Insiders sold 10,219 shares of company stock valued at $986,641 over the last three months. 1.59% of the stock is owned by company insiders.

Institutional Trading of Belden

Large investors have recently made changes to their positions in the stock. South Dakota Investment Council boosted its stake in shares of Belden by 20.5% during the fourth quarter. South Dakota Investment Council now owns 64,634 shares of the industrial products company’s stock valued at $4,993,000 after purchasing an additional 11,000 shares during the period. State of Alaska Department of Revenue raised its holdings in shares of Belden by 588.5% in the fourth quarter. State of Alaska Department of Revenue now owns 34,612 shares of the industrial products company’s stock valued at $2,673,000 after acquiring an additional 29,585 shares in the last quarter. Duality Advisers LP bought a new stake in shares of Belden in the fourth quarter valued at about $1,733,000. State of New Jersey Common Pension Fund D raised its holdings in shares of Belden by 41.1% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 37,671 shares of the industrial products company’s stock valued at $2,910,000 after acquiring an additional 10,975 shares in the last quarter. Finally, Gendell Jeffrey L raised its holdings in shares of Belden by 59.0% in the fourth quarter. Gendell Jeffrey L now owns 53,882 shares of the industrial products company’s stock valued at $4,162,000 after acquiring an additional 20,000 shares in the last quarter. 98.75% of the stock is owned by hedge funds and other institutional investors.

Belden Company Profile

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.