Belden Inc (BDC) Position Raised by Principal Financial Group Inc.
Principal Financial Group Inc. increased its position in shares of Belden Inc (NYSE:BDC) by 3.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 180,794 shares of the industrial products company’s stock after purchasing an additional 6,391 shares during the quarter. Principal Financial Group Inc. owned 0.43% of Belden worth $13,637,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Belden by 10.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,744 shares of the industrial products company’s stock worth $132,000 after purchasing an additional 160 shares during the period. Point72 Asia Hong Kong Ltd lifted its position in Belden by 799.6% during the first quarter. Point72 Asia Hong Kong Ltd now owns 2,060 shares of the industrial products company’s stock worth $143,000 after purchasing an additional 1,831 shares during the period. Envestnet Asset Management Inc. lifted its position in Belden by 60.4% during the first quarter. Envestnet Asset Management Inc. now owns 2,234 shares of the industrial products company’s stock worth $155,000 after purchasing an additional 841 shares during the period. World Asset Management Inc bought a new stake in Belden during the second quarter worth about $201,000. Finally, Advisors Asset Management Inc. lifted its position in Belden by 9.6% during the first quarter. Advisors Asset Management Inc. now owns 3,093 shares of the industrial products company’s stock worth $214,000 after purchasing an additional 272 shares during the period.
Belden Inc (NYSE:BDC) opened at 79.28 on Thursday. The company has a market cap of $3.35 billion, a PE ratio of 34.47 and a beta of 2.27. The stock has a 50 day moving average of $74.86 and a 200-day moving average of $72.51. Belden Inc has a 12-month low of $60.06 and a 12-month high of $81.33.
Belden (NYSE:BDC) last issued its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $1.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.08. The firm 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%. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter last year, the company posted $1.54 EPS. On average, equities research analysts anticipate that Belden Inc will post $5.44 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.25%. Belden’s dividend payout ratio (DPR) is presently 8.66%.
Belden announced that its Board of Directors has initiated a share buyback plan on Thursday, May 25th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the industrial products company to reacquire up to 6.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
Several research firms recently weighed in on BDC. ValuEngine cut shares of Belden from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. Canaccord Genuity reissued a “buy” rating and issued a $88.00 target price (up previously from $83.00) on shares of Belden in a report on Wednesday, September 13th. Deutsche Bank AG increased their target price on shares of Belden from $85.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. BidaskClub cut shares of Belden from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Finally, Zacks Investment Research raised shares of Belden from a “hold” rating to a “strong-buy” rating and set a $86.00 target price for the company in a report on Tuesday, July 11th. Four equities research 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 company currently has a consensus rating of “Buy” and an average price target of $85.88.
In other news, SVP Paul Keith Turner sold 3,709 shares of Belden stock in a transaction dated 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 sale, the senior vice president now owns 4,967 shares in the company, valued at approximately $391,945.97. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.31% of the company’s stock.
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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