Belden Inc (BDC) Stock Rating Reaffirmed by Canaccord Genuity
Belden Inc (NYSE:BDC)‘s stock had its “buy” rating reiterated by analysts at Canaccord Genuity in a report issued on Wednesday. They currently have a $88.00 target price on the industrial products company’s stock, up from their previous target price of $83.00. Canaccord Genuity’s target price would suggest a potential upside of 11.29% from the stock’s current price.
BDC has been the topic of a number of other reports. BidaskClub downgraded Belden from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Goldman Sachs Group, Inc. (The) began coverage on Belden in a report on Friday, June 23rd. They issued a “buy” rating and a $93.00 price target on the stock. ValuEngine upgraded Belden from a “hold” rating to a “buy” rating in a report on Monday. Guggenheim began coverage on Belden in a report on Tuesday, July 11th. They issued a “buy” rating and a $90.00 price target on the stock. Finally, CL King began coverage on Belden in a report on Wednesday, June 21st. They issued a “neutral” rating on the stock. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Belden has an average rating of “Buy” and a consensus price target of $85.88.
Belden (NYSE BDC) opened at 79.07 on Wednesday. Belden has a 52 week low of $60.06 and a 52 week high of $81.33. The stock has a market capitalization of $3.34 billion, a PE ratio of 34.38 and a beta of 2.27. The firm has a 50-day moving average price of $74.27 and a 200-day moving average price of $72.36.
Belden (NYSE:BDC) last issued its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.08. Belden had a return on equity of 16.31% and a net margin of 5.53%. The business 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 quarterly revenue was up 1.5% compared to the same quarter last year. Equities research analysts predict that Belden will post $5.44 EPS 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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Hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Belden by 10.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,744 shares of the industrial products company’s stock worth $132,000 after purchasing an additional 160 shares in the last quarter. Point72 Asia Hong Kong Ltd grew its stake in Belden by 799.6% in the first quarter. Point72 Asia Hong Kong Ltd now owns 2,060 shares of the industrial products company’s stock worth $143,000 after purchasing an additional 1,831 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Belden by 60.4% in the first quarter. Envestnet Asset Management Inc. now owns 2,234 shares of the industrial products company’s stock worth $155,000 after purchasing an additional 841 shares in the last quarter. World Asset Management Inc bought a new position in Belden in the second quarter worth approximately $201,000. Finally, Greenwood Capital Associates LLC grew its stake in Belden by 5.3% in the first quarter. Greenwood Capital Associates LLC now owns 2,975 shares of the industrial products company’s stock worth $206,000 after purchasing an additional 149 shares in the last quarter.
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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