Belden (BDC) Earns Buy Rating from Canaccord Genuity
Canaccord Genuity reaffirmed their buy rating on shares of Belden (NYSE:BDC) in a research report report published on Wednesday morning. The brokerage currently has a $88.00 price target on the industrial products company’s stock.
“We recently hosted investor meetings with management and come away with increased confidence in both the growth outlook for H2/18 (backlog + $30M y/y entering Q3, much easier comps) and positioning for longer-term secular drivers (industrial automation, smart buildings, rising bandwidth needs, etc.). Short interest remains elevated (we believe a potential positive catalyst), as we maintain our BUY recommendation. Broadcast at the bottom. Clearly a source of much investor consternation in recent periods (outsized vs. overall platform contribution, in our view), we believe GV has likely troughed, as big projects have largely dried up (Q1/18 faced a particularly tough comp) and current demand is much more run-rate” (while cost structure is greatly optimized for eventual upturn).”,” the firm’s analyst commented.
A number of other research analysts also recently commented on BDC. Zacks Investment Research raised Belden from a hold rating to a buy rating and set a $79.00 price target for the company in a report on Friday, August 3rd. ValuEngine raised Belden from a sell rating to a hold rating in a research note on Thursday, August 2nd. Finally, Guggenheim reissued a buy rating and set a $90.00 price objective on shares of Belden in a research note on Wednesday, August 1st. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $86.75.
Belden (NYSE:BDC) last issued its quarterly earnings results on Wednesday, August 1st. The industrial products company reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.06. The firm had revenue of $668.64 million during the quarter, compared to the consensus estimate of $661.83 million. Belden had a return on equity of 20.50% and a net margin of 2.52%. Belden’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.29 earnings per share. research analysts anticipate that Belden will post 6.39 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 4th. Stockholders of record on Tuesday, September 18th will be given a $0.05 dividend. The ex-dividend date of this dividend is Monday, September 17th. This represents a $0.20 annualized dividend and a dividend yield of 0.27%. Belden’s dividend payout ratio (DPR) is presently 3.74%.
A number of institutional investors have recently modified their holdings of the business. US Bancorp DE raised its stake in shares of Belden by 83.0% during the second quarter. US Bancorp DE now owns 2,628 shares of the industrial products company’s stock valued at $161,000 after acquiring an additional 1,192 shares during the last quarter. Howe & Rusling Inc. raised its stake in shares of Belden by 14,270.0% during the second quarter. Howe & Rusling Inc. now owns 2,874 shares of the industrial products company’s stock valued at $176,000 after acquiring an additional 2,854 shares during the last quarter. Balter Liquid Alternatives LLC bought a new position in shares of Belden during the second quarter valued at $210,000. Campbell & CO Investment Adviser LLC bought a new position in shares of Belden during the second quarter valued at $225,000. Finally, Palouse Capital Management Inc. bought a new position in shares of Belden during the second quarter valued at $227,000.
Belden Inc designs, manufactures, and markets signal transmission solutions worldwide. It operates through Broadcast Solutions, Enterprise Solutions, Industrial Solutions, and Network Solutions segments. The Broadcast Solutions segment offers camera solutions, production switchers, server and storage systems for instant replay applications, interfaces and routers, monitoring systems, in-home network systems, playout systems, outside plant connectivity products, and other cable, and connectivity products.
Further Reading: Understanding Price to Earnings Ratio (PE)
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