Belden Inc (BDC) Shares Bought by Public Employees Retirement System of Ohio
Public Employees Retirement System of Ohio raised its position in shares of Belden Inc (NYSE:BDC) by 0.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,042 shares of the industrial products company’s stock after buying an additional 49 shares during the period. Public Employees Retirement System of Ohio owned about 0.06% of Belden worth $1,802,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Envestnet Asset Management Inc. purchased a new stake in Belden during the fourth quarter worth about $105,000. James Investment Research Inc. bought a new stake in shares of Belden during the first quarter valued at $130,000. Point72 Asia Hong Kong Ltd increased its stake in shares of 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 valued at $143,000 after buying an additional 1,831 shares during the last quarter. Greenwood Capital Associates LLC increased its stake in shares of Belden by 5.3% in the first quarter. Greenwood Capital Associates LLC now owns 2,975 shares of the industrial products company’s stock valued at $206,000 after buying an additional 149 shares during the last quarter. Finally, Oakbrook Investments LLC bought a new stake in shares of Belden during the first quarter valued at $208,000.
Shares of Belden Inc (NYSE:BDC) traded down 0.53% during mid-day trading on Friday, reaching $70.95. The company’s stock had a trading volume of 156,217 shares. The stock has a market capitalization of $3.00 billion, a P/E ratio of 30.85 and a beta of 2.28. Belden Inc has a 12 month low of $60.06 and a 12 month high of $81.33. The company has a 50 day moving average price of $74.01 and a 200 day moving average price of $72.21.
Belden (NYSE:BDC) last announced its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.08. The firm had revenue of $610.63 million during the quarter, compared to analysts’ expectations of $608.16 million. Belden had a net margin of 5.53% and a return on equity of 16.31%. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.54 earnings per share. On average, equities research analysts anticipate that Belden Inc will post $5.44 earnings per share for the current fiscal year.
Belden declared that its Board of Directors has approved a share repurchase program on Thursday, May 25th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the industrial products company to buy up to 6.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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Several equities research analysts have recently weighed in on the company. ValuEngine downgraded Belden from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. Deutsche Bank AG upped their target price on Belden from $85.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, August 3rd. BidaskClub downgraded Belden from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Canaccord Genuity reiterated a “buy” rating and issued a $83.00 price target on shares of Belden in a research note on Friday, August 4th. Finally, Zacks Investment Research upgraded Belden from a “hold” rating to a “strong-buy” rating and set a $86.00 price target on the stock in a research note on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $84.56.
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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