Assenagon Asset Management S.A. Grows Stake in Belden Inc (NYSE:BDC)

Assenagon Asset Management S.A. lifted its position in Belden Inc (NYSE:BDC - Free Report) by 118.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,911 shares of the industrial products company's stock after purchasing an additional 22,211 shares during the quarter. Assenagon Asset Management S.A. owned about 0.10% of Belden worth $4,101,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd bought a new position in Belden during the fourth quarter valued at $26,000. Quarry LP boosted its position in shares of Belden by 208.7% during the fourth quarter. Quarry LP now owns 392 shares of the industrial products company's stock valued at $44,000 after buying an additional 265 shares during the period. GAMMA Investing LLC boosted its position in shares of Belden by 34.7% during the first quarter. GAMMA Investing LLC now owns 446 shares of the industrial products company's stock valued at $45,000 after buying an additional 115 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Belden during the fourth quarter valued at approximately $61,000. Finally, First Horizon Advisors Inc. lifted its stake in shares of Belden by 49.9% during the 4th quarter. First Horizon Advisors Inc. now owns 634 shares of the industrial products company's stock worth $71,000 after acquiring an additional 211 shares during the last quarter. 98.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Leah Tate sold 231 shares of the firm's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $113.64, for a total transaction of $26,250.84. Following the sale, the senior vice president now owns 30,170 shares of the company's stock, valued at $3,428,518.80. This trade represents a 0.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.48% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Benchmark increased their target price on Belden from $120.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday. Wall Street Zen lowered shares of Belden from a "strong-buy" rating to a "buy" rating in a report on Wednesday, May 14th. Finally, The Goldman Sachs Group dropped their target price on shares of Belden from $139.00 to $120.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $128.20.

Belden Stock Down 0.7%

Shares of BDC stock traded down $0.73 during mid-day trading on Tuesday, hitting $108.83. The stock had a trading volume of 211,513 shares, compared to its average volume of 274,017. Belden Inc has a 12-month low of $83.18 and a 12-month high of $131.82. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.93 and a quick ratio of 1.29. The firm's 50-day moving average is $104.71 and its two-hundred day moving average is $109.11. The firm has a market capitalization of $4.30 billion, a P/E ratio of 16.28 and a beta of 1.23.

Belden (NYSE:BDC - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $1.60 earnings per share for the quarter, topping analysts' consensus estimates of $1.48 by $0.12. Belden had a net margin of 8.35% and a return on equity of 22.28%. The company had revenue of $624.86 million during the quarter, compared to analyst estimates of $615.81 million. During the same period in the prior year, the firm earned $1.24 earnings per share. The firm's revenue for the quarter was up 16.6% compared to the same quarter last year. On average, analysts predict that Belden Inc will post 7.07 earnings per share for the current fiscal year.

Belden Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 9th. Investors of record on Thursday, June 12th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.18%. The ex-dividend date of this dividend is Thursday, June 12th. Belden's payout ratio is 3.86%.

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.