Texas Permanent School Fund Purchases 322 Shares of Belden Inc (BDC)
Texas Permanent School Fund boosted its position in Belden Inc (NYSE:BDC) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,863 shares of the industrial products company’s stock after buying an additional 322 shares during the period. Texas Permanent School Fund’s holdings in Belden were worth $2,328,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in BDC. BlackRock Inc. increased its stake in Belden by 22,743.7% in the first quarter. BlackRock Inc. now owns 4,264,460 shares of the industrial products company’s stock worth $295,057,000 after buying an additional 4,245,792 shares during the last quarter. Vanguard Group Inc. increased its stake in Belden by 5.6% in the first quarter. Vanguard Group Inc. now owns 3,554,054 shares of the industrial products company’s stock worth $245,905,000 after buying an additional 189,152 shares during the last quarter. State Street Corp increased its stake in Belden by 1.7% in the first quarter. State Street Corp now owns 1,370,863 shares of the industrial products company’s stock worth $94,858,000 after buying an additional 22,968 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Belden by 17.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,131,832 shares of the industrial products company’s stock worth $78,312,000 after buying an additional 170,458 shares during the last quarter. Finally, Channing Capital Management LLC increased its stake in Belden by 6.6% in the first quarter. Channing Capital Management LLC now owns 1,019,589 shares of the industrial products company’s stock worth $70,545,000 after buying an additional 63,365 shares during the last quarter.
Belden Inc (NYSE BDC) opened at 72.11 on Thursday. The stock has a market capitalization of $3.05 billion, a PE ratio of 31.35 and a beta of 2.28. The stock’s 50 day moving average price is $74.75 and its 200 day moving average price is $72.48. Belden Inc has a 1-year low of $60.06 and a 1-year high of $81.33.
Belden (NYSE:BDC) last issued its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.08. Belden had a return on equity of 16.31% and a net margin of 5.53%. The firm had revenue of $610.63 million for the quarter, compared to the consensus estimate of $608.16 million. During the same period in the prior year, the business posted $1.54 earnings per share. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, equities research analysts predict that Belden Inc will post $5.44 earnings per share for the current fiscal year.
Belden announced that its Board of Directors has authorized a stock repurchase program on Thursday, May 25th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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BDC has been the subject of a number of recent research reports. Deutsche Bank AG boosted their target price on Belden from $85.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, August 3rd. Zacks Investment Research raised Belden from a “hold” rating to a “strong-buy” rating and set a $86.00 price target on the stock in a research note on Tuesday, July 11th. ValuEngine cut Belden from a “buy” rating to a “hold” rating in a research note on Thursday, July 20th. CL King started coverage on Belden in a research note on Wednesday, June 21st. They issued a “neutral” rating on the stock. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $83.00 price target on shares of Belden in a research note on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $84.56.
Belden Company Profile
Belden Inc is a signal transmission solutions provider company. The Company operates through five segment: Broadcast Solutions (Broadcast), Enterprise Connectivity Solutions (Enterprise), Industrial Connectivity Solutions (Industrial Connectivity), Industrial IT Solutions (Industrial IT), and Network Security Solutions (Network Security).
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