Belden Inc. (BDC) Shares Gap Up to $72.89
Shares of Belden Inc. (NYSE:BDC) gapped up prior to trading on Tuesday . The stock had previously closed at $72.86, but opened at $72.89. Belden shares last traded at $73.35, with a volume of 248,997 shares.
BDC has been the subject of a number of analyst reports. Canaccord Genuity reaffirmed a “buy” rating and issued a $70.00 price target on shares of Belden in a research report on Tuesday, June 28th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $72.00 price target on shares of Belden in a research report on Monday, April 4th. Finally, Zacks Investment Research raised Belden from a “hold” rating to a “buy” rating and set a $69.00 price target for the company in a research report on Friday, May 6th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $74.50.
The firm has a market cap of $3.11 billion and a price-to-earnings ratio of 25.71. The company has a 50-day moving average price of $64.68 and a 200-day moving average price of $57.98.
Belden (NYSE:BDC) last issued its quarterly earnings results on Tuesday, July 19th. The company reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.28. The business had revenue of $601.60 million for the quarter, compared to analysts’ expectations of $582.25 million. During the same period last year, the business earned $1.21 earnings per share. Equities research analysts predict that Belden Inc. will post $5.60 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 6th. Investors of record on Thursday, June 16th were given a dividend of $0.05 per share. The ex-dividend date was Tuesday, June 14th. This represents a $0.20 dividend on an annualized basis and a yield of 0.27%.
In related news, SVP Ross Rosenberg sold 713 shares of Belden stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $69.00, for a total transaction of $49,197.00. Following the completion of the transaction, the senior vice president now directly owns 9,877 shares of the company’s stock, valued at approximately $681,513. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.
A number of hedge funds and institutional investors have modified their holdings of BDC. Janus Capital Management boosted its position in shares of Belden by 64.2% in the third quarter. Janus Capital Management now owns 3,846,462 shares of the company’s stock worth $179,591,000 after buying an additional 1,504,197 shares during the period. Boston Partners boosted its position in shares of Belden by 5.6% in the fourth quarter. Boston Partners now owns 540,193 shares of the company’s stock worth $25,756,000 after buying an additional 28,798 shares during the period. Wells Fargo & Company MN boosted its position in shares of Belden by 42.8% in the fourth quarter. Wells Fargo & Company MN now owns 467,278 shares of the company’s stock worth $22,280,000 after buying an additional 140,047 shares during the period. Lapides Asset Management LLC boosted its position in shares of Belden by 71.8% in the fourth quarter. Lapides Asset Management LLC now owns 409,200 shares of the company’s stock worth $19,511,000 after buying an additional 171,000 shares during the period. Finally, Morgan Stanley boosted its position in shares of Belden by 253.8% in the fourth quarter. Morgan Stanley now owns 172,055 shares of the company’s stock worth $8,203,000 after buying an additional 123,423 shares during the period.
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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