Belden Inc. (BDC) Trading 4.9% Higher
Shares of Belden Inc. (NYSE:BDC) traded up 4.9% on Friday . The stock traded as high as $63.95 and last traded at $63.55, with a volume of 165,724 shares changing hands. The stock had previously closed at $60.61.
Several analysts recently weighed in on the company. Zacks Investment Research downgraded Belden from a “buy” rating to a “hold” rating in a research note on Friday. Canaccord Genuity restated a “buy” rating and set a $70.00 target price (up previously from $60.00) on shares of Belden in a research note on Thursday, March 31st. TheStreet upgraded Belden from a “hold” rating to a “buy” rating in a research report on Monday, March 21st. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $72.00 price objective on shares of Belden in a research report on Monday, April 4th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $70.00.
The stock has a market capitalization of $2.68 billion and a P/E ratio of 26.68. The company has a 50 day moving average price of $62.37 and a 200 day moving average price of $55.81.
Belden (NYSE:BDC) last released its earnings results on Wednesday, May 4th. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.05. The company earned $541.50 million during the quarter, compared to analyst estimates of $541.55 million. During the same period in the prior year, the firm posted $1.00 EPS. Belden’s revenue was down 1.0% compared to the same quarter last year. Analysts expect that Belden Inc. will post $5.32 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 6th. Investors of record on Thursday, June 16th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date of this dividend was Tuesday, June 14th.
Other hedge funds recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System increased its stake in Belden by 5.6% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 21,730 shares of the company’s stock worth $1,036,000 after buying an additional 1,143 shares in the last quarter. I.G. Investment Management LTD. increased its stake in Belden by 7.6% in the fourth quarter. I.G. Investment Management LTD. now owns 24,588 shares of the company’s stock worth $1,172,000 after buying an additional 1,727 shares in the last quarter. Stevens Capital Management LP increased its stake in Belden by 280.4% in the fourth quarter. Stevens Capital Management LP now owns 25,932 shares of the company’s stock worth $1,236,000 after buying an additional 19,115 shares in the last quarter. Trexquant Investment LP increased its stake in Belden by 62.0% in the fourth quarter. Trexquant Investment LP now owns 45,871 shares of the company’s stock worth $2,187,000 after buying an additional 17,556 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in Belden by 1.2% in the fourth quarter. Rhumbline Advisers now owns 78,015 shares of the company’s stock worth $3,720,000 after buying an additional 895 shares in the last quarter.
Belden Inc is a signal transmission solutions provider. The Company’s portfolio of signal transmission solutions provides industry secure and reliable transmission of data, sound, and video for mission critical applications. The Company operates in four segments: Broadcast Solutions, which provides production, distribution, and connectivity systems for television broadcast, cable, satellite and IPTV industries; Enterprise Connectivity Solutions, which provides network infrastructure solutions for enterprise customers; Industrial Connectivity Solutions, which provides infrastructure components and connectivity systems for a range of industrial automation applications and Industrial IT Solutions, which provides mission-critical networking systems.
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