Belden Inc (BDC) Stake Lessened by Pacad Investment Ltd.
Pacad Investment Ltd. trimmed its holdings in Belden Inc (NYSE:BDC) by 31.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,200 shares of the industrial products company’s stock after selling 1,007 shares during the period. Pacad Investment Ltd.’s holdings in Belden were worth $166,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Great West Life Assurance Co. Can lifted its holdings in Belden by 4.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 24,788 shares of the industrial products company’s stock worth $1,715,000 after purchasing an additional 1,115 shares during the last quarter. William Blair Investment Management LLC lifted its holdings in Belden by 8.3% during the 2nd quarter. William Blair Investment Management LLC now owns 338,909 shares of the industrial products company’s stock worth $25,564,000 after purchasing an additional 26,047 shares during the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in Belden by 18.5% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 12,134 shares of the industrial products company’s stock worth $840,000 after purchasing an additional 1,898 shares during the last quarter. Liberty Mutual Group Asset Management Inc. lifted its holdings in Belden by 1.0% during the 1st quarter. Liberty Mutual Group Asset Management Inc. now owns 19,132 shares of the industrial products company’s stock worth $1,324,000 after purchasing an additional 181 shares during the last quarter. Finally, Bank of Nova Scotia acquired a new stake in Belden during the 1st quarter worth approximately $7,265,000.
Belden Inc (NYSE:BDC) opened at 79.07 on Friday. Belden Inc has a 52 week low of $60.06 and a 52 week high of $81.33. The firm has a market capitalization of $3.34 billion, a P/E ratio of 34.38 and a beta of 2.27. The stock has a 50 day moving average price of $74.27 and a 200-day moving average price of $72.36.
Belden (NYSE:BDC) last posted its earnings results on Wednesday, August 2nd. The industrial products company reported $1.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.08. The company had revenue of $610.63 million during the quarter, compared to analyst estimates of $608.16 million. Belden had a net margin of 5.53% and a return on equity of 16.31%. Belden’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.54 earnings per share. Analysts anticipate that Belden Inc will post $5.44 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.25%. Belden’s dividend payout ratio is currently 8.66%.
Belden announced that its board has authorized a share buyback program on Thursday, May 25th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the industrial products company to purchase up to 6.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
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BDC has been the subject of several research reports. Guggenheim initiated coverage on Belden in a report on Tuesday, July 11th. They set a “buy” rating and a $90.00 price target for the company. Goldman Sachs Group, Inc. (The) initiated coverage on Belden in a report on Friday, June 23rd. They set a “buy” rating and a $93.00 price target for the company. ValuEngine cut Belden from a “buy” rating to a “hold” rating in a report on Thursday, July 20th. CL King initiated coverage on Belden in a report on Wednesday, June 21st. They set a “neutral” rating for the company. Finally, BidaskClub raised Belden from a “sell” rating to a “hold” rating in a report on Saturday, August 26th. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $85.88.
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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