Belden (NYSE:BDC) Given New $145.00 Price Target at Benchmark

Key Points

• Benchmark has raised the price target for Belden (NYSE:BDC) from $130.00 to $145.00, indicating a potential upside of 21.13% from its current price.
• Belden's recent quarterly earnings showed $1.89 earnings per share, surpassing estimates by $0.17, with a revenue of $671.99 million, reflecting an 11.2% year-over-year increase.
• Overall, Belden holds a strong market presence with multiple analysts rating the stock as a "buy" or "strong-buy," contributing to a general positive outlook in the investment community.

Belden (NYSE:BDC - Get Free Report) had its target price increased by equities research analysts at Benchmark from $130.00 to $145.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the industrial products company's stock. Benchmark's price objective suggests a potential upside of 21.13% from the company's current price.

Several other research analysts have also recently issued reports on BDC. The Goldman Sachs Group reissued a "buy" rating on shares of Belden in a research report on Friday, July 11th. Wall Street Zen raised Belden from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 26th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $136.50.

Belden Stock Down 3.2%

NYSE:BDC traded down $3.94 during trading hours on Friday, hitting $119.71. 81,571 shares of the company traded hands, compared to its average volume of 281,497. The company has a quick ratio of 1.29, a current ratio of 1.93 and a debt-to-equity ratio of 0.96. The firm's 50-day simple moving average is $116.93 and its 200-day simple moving average is $110.11. Belden has a one year low of $83.18 and a one year high of $132.99. The company has a market cap of $4.73 billion, a PE ratio of 23.11 and a beta of 1.24.

Belden (NYSE:BDC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The industrial products company reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.17. Belden had a return on equity of 22.28% and a net margin of 8.35%. The business had revenue of $671.99 million for the quarter, compared to analysts' expectations of $654.82 million. During the same period last year, the business earned $1.51 EPS. The business's revenue was up 11.2% on a year-over-year basis. Equities analysts predict that Belden will post 7.07 earnings per share for the current year.

Insider Activity at Belden

In related news, SVP Leah Tate sold 231 shares of the company's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $113.64, for a total transaction of $26,250.84. Following the completion of the sale, the senior vice president directly owned 30,170 shares in the company, valued at $3,428,518.80. This represents a 0.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Brian Edward Anderson sold 7,158 shares of the company's stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $130.51, for a total value of $934,190.58. Following the sale, the senior vice president owned 39,574 shares of the company's stock, valued at $5,164,802.74. This trade represents a 15.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Belden

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Belden in the fourth quarter valued at about $54,167,000. Invesco Ltd. increased its holdings in shares of Belden by 37.2% in the first quarter. Invesco Ltd. now owns 1,024,497 shares of the industrial products company's stock valued at $102,706,000 after purchasing an additional 277,782 shares during the period. FMR LLC increased its holdings in shares of Belden by 5.0% in the fourth quarter. FMR LLC now owns 4,710,224 shares of the industrial products company's stock valued at $530,418,000 after purchasing an additional 223,887 shares during the period. Leigh Baldwin & CO. LLC acquired a new position in shares of Belden in the fourth quarter valued at about $2,511,000. Finally, Bank of America Corp DE increased its holdings in shares of Belden by 234.7% in the fourth quarter. Bank of America Corp DE now owns 224,363 shares of the industrial products company's stock valued at $25,266,000 after purchasing an additional 157,335 shares during the period. 98.75% of the stock is currently owned by hedge funds and other institutional investors.

About Belden

Belden Inc designs, manufactures, and markets a portfolio of signal transmission solutions for mission critical applications in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It operates in two segments, Enterprise Solutions and Industrial Automation Solutions. The Enterprise Solutions segment offers copper cable and connectivity solutions, fiber cable and connectivity solutions, interconnect panels, racks and enclosures, and signal extension and matrix switching systems for use in applications, such as local area networks, data centers, access control, 5G, fiber to the home, and building automation.

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