Guggenheim Initiates Coverage on Belden Inc (BDC)
Guggenheim started coverage on shares of Belden Inc (NYSE:BDC) in a research report issued on Tuesday, July 11th, Marketbeat reports. The firm set a “buy” rating and a $90.00 price target on the industrial products company’s stock. Guggenheim’s target price indicates a potential upside of 23.61% from the company’s previous close.
Several other research analysts also recently commented on the stock. Zacks Investment Research upgraded shares of Belden from a “sell” rating to a “hold” rating in a research report on Tuesday, March 28th. Goldman Sachs Group, Inc. (The) initiated coverage on shares of Belden in a research report on Friday, June 23rd. They set a “buy” rating and a $93.00 price objective for the company. Finally, CL King initiated coverage on shares of Belden in a research report on Wednesday, June 21st. They set a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Belden has a consensus rating of “Buy” and an average target price of $84.56.
Belden (NYSE:BDC) traded down 0.36% during midday trading on Tuesday, reaching $72.81. The company had a trading volume of 192,226 shares. The company has a market capitalization of $3.08 billion, a PE ratio of 31.66 and a beta of 2.28. Belden has a one year low of $60.06 and a one year high of $81.33. The stock’s 50 day moving average is $75.05 and its 200 day moving average is $72.59.
Belden (NYSE:BDC) last announced its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.21 by $0.08. Belden had a net margin of 5.53% and a return on equity of 16.31%. The business had revenue of $610.63 million during the quarter, compared to the consensus estimate of $608.16 million. During the same period in the previous year, the business earned $1.54 earnings per share. The company’s revenue was up 1.5% on a year-over-year basis. Equities research analysts forecast that Belden will post $5.44 earnings per share for the current fiscal year.
Belden announced that its board has authorized a share repurchase program on Thursday, May 25th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to buy up to 6.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
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Several hedge funds have recently bought and sold shares of BDC. Foundry Partners LLC boosted its stake in Belden by 129.9% in the first quarter. Foundry Partners LLC now owns 136,531 shares of the industrial products company’s stock worth $9,447,000 after buying an additional 77,136 shares during the last quarter. Adams Diversified Equity Fund Inc. boosted its stake in shares of Belden by 23.3% in the first quarter. Adams Diversified Equity Fund Inc. now owns 16,400 shares of the industrial products company’s stock valued at $1,135,000 after buying an additional 3,100 shares in the last quarter. Highbridge Capital Management LLC acquired a new stake in shares of Belden during the fourth quarter valued at $1,798,000. Norges Bank acquired a new stake in shares of Belden during the fourth quarter valued at $32,808,000. Finally, Great West Life Assurance Co. Can boosted its stake in shares of Belden by 4.7% in the first quarter. Great West Life Assurance Co. Can now owns 24,788 shares of the industrial products company’s stock valued at $1,715,000 after buying an additional 1,115 shares in the last quarter.
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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