Mutual of America Capital Management LLC Boosts Position in Belden Inc (BDC)
Mutual of America Capital Management LLC lifted its position in shares of Belden Inc (NYSE:BDC) by 18.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 70,075 shares of the industrial products company’s stock after acquiring an additional 10,720 shares during the period. Mutual of America Capital Management LLC owned about 0.17% of Belden worth $5,286,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Belden by 10.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,744 shares of the industrial products company’s stock worth $132,000 after buying an additional 160 shares during the last quarter. Point72 Asia Hong Kong Ltd grew its stake in Belden by 799.6% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 2,060 shares of the industrial products company’s stock worth $143,000 after buying an additional 1,831 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in Belden by 60.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 2,234 shares of the industrial products company’s stock worth $155,000 after buying an additional 841 shares during the last quarter. World Asset Management Inc bought a new position in Belden during the 2nd quarter worth $201,000. Finally, Advisors Asset Management Inc. grew its stake in Belden by 9.6% during the 1st quarter. Advisors Asset Management Inc. now owns 3,093 shares of the industrial products company’s stock worth $214,000 after buying an additional 272 shares during the last quarter.
In related news, SVP Paul Keith Turner sold 3,709 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $78.91, for a total transaction of $292,677.19. Following the completion of the transaction, the senior vice president now owns 4,967 shares in the company, valued at approximately $391,945.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.31% of the stock is owned by company insiders.
A number of brokerages recently commented on BDC. Canaccord Genuity restated a “buy” rating and set a $88.00 price objective (up from $83.00) on shares of Belden in a research note on Wednesday, September 13th. ValuEngine upgraded Belden from a “hold” rating to a “buy” rating in a research note on Monday, September 11th. BidaskClub upgraded Belden from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. Deutsche Bank AG upped their price objective on Belden from $85.00 to $92.00 and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Finally, Zacks Investment Research upgraded Belden from a “hold” rating to a “strong-buy” rating and set a $86.00 price objective for the company in a research note on Tuesday, July 11th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $85.88.
Belden Inc (BDC) opened at 79.10 on Friday. The company has a market capitalization of $3.35 billion, a P/E ratio of 34.39 and a beta of 2.27. The company’s 50-day moving average price is $74.86 and its 200-day moving average price is $72.51. Belden Inc has a 52 week low of $60.06 and a 52 week high of $81.33.
Belden (NYSE:BDC) last posted its earnings results on Wednesday, August 2nd. The industrial products company reported $1.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.08. The business had revenue of $610.63 million during the quarter, compared to the consensus estimate of $608.16 million. Belden had a return on equity of 16.31% and a net margin of 5.53%. Belden’s revenue was up 1.5% on a year-over-year basis. During the same quarter last year, the company earned $1.54 EPS. On average, equities analysts forecast that Belden Inc will post $5.44 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Friday, September 15th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.20 annualized dividend and a dividend yield of 0.25%. Belden’s dividend payout ratio (DPR) is presently 8.66%.
Belden declared that its board has approved a stock buyback program on Thursday, May 25th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the industrial products company to reacquire up to 6.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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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