Belden Inc $BDC Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies reduced its Belden stake by 21.8% in the first quarter, selling 52,800 shares and retaining 189,455 shares worth approximately $21.8 million. Institutional investors collectively own 98.75% of the company.
• Belden reported quarterly EPS of $1.77, beating estimates of $1.70, while revenue rose 11.4% year over year to $696.38 million. Shares opened at $102.07, down 2.7%, and remain well below their 52-week high of $159.99.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $158.75. Belden also declared a quarterly dividend of $0.05 per share, representing a 0.2% annualized yield.

Renaissance Technologies LLC cut its position in Belden Inc (NYSE:BDC - Free Report) by 21.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 189,455 shares of the industrial products company's stock after selling 52,800 shares during the quarter. Renaissance Technologies LLC owned 0.49% of Belden worth $21,755,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of BDC. Millennium Management LLC boosted its holdings in Belden by 9.6% during the 1st quarter. Millennium Management LLC now owns 78,865 shares of the industrial products company's stock valued at $7,906,000 after acquiring an additional 6,894 shares during the period. United Services Automobile Association acquired a new position in Belden in the 1st quarter valued at about $264,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Belden by 8.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 131,807 shares of the industrial products company's stock worth $13,214,000 after purchasing an additional 10,077 shares during the period. Jane Street Group LLC increased its stake in Belden by 18.3% during the first quarter. Jane Street Group LLC now owns 58,028 shares of the industrial products company's stock worth $5,817,000 after purchasing an additional 8,961 shares during the period. Finally, Acadian Asset Management LLC lifted its position in shares of Belden by 273.7% during the first quarter. Acadian Asset Management LLC now owns 3,984 shares of the industrial products company's stock worth $399,000 after purchasing an additional 2,918 shares in the last quarter. Hedge funds and other institutional investors own 98.75% of the company's stock.

Belden Trading Down 2.7%

Shares of NYSE:BDC opened at $102.07 on Thursday. Belden Inc has a 52 week low of $98.00 and a 52 week high of $159.99. The company's 50 day moving average is $109.96 and its two-hundred day moving average is $119.30. The company has a current ratio of 2.09, a quick ratio of 1.40 and a debt-to-equity ratio of 0.98. The company has a market cap of $3.97 billion, a PE ratio of 17.18 and a beta of 1.12.

Belden (NYSE:BDC - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The industrial products company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.07. The business had revenue of $696.38 million during the quarter, compared to analysts' expectations of $677.03 million. Belden had a net margin of 8.49% and a return on equity of 24.47%. The company's revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.60 EPS. Equities analysts predict that Belden Inc will post 8.22 earnings per share for the current fiscal year.

Belden Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Tuesday, June 16th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Tuesday, June 16th. Belden's payout ratio is 3.37%.

Analyst Upgrades and Downgrades

BDC has been the subject of a number of research reports. Citigroup began coverage on shares of Belden in a report on Friday, June 26th. They issued a "buy" rating and a $150.00 price objective for the company. DA Davidson initiated coverage on shares of Belden in a research report on Tuesday, June 16th. They issued a "buy" rating and a $155.00 price target for the company. Truist Financial boosted their price target on shares of Belden from $150.00 to $155.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. Weiss Ratings raised Belden from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, July 14th. Finally, Fox Advisors upgraded Belden from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Belden has an average rating of "Buy" and a consensus target price of $158.75.

Belden Company Profile

Belden, formerly Belden Inc NYSE: BDC, was a global provider of signal transmission solutions for demanding applications. The company produced a wide range of copper and fiber optic cables, connectors, patch panels, cable assemblies, and surge protection devices. Its portfolio extended into networking and security hardware, including managed switches, industrial routers, and software tools for remote monitoring and network management.

Founded in 1902 and headquartered in St. Louis, Missouri, Belden built its reputation on delivering high‐performance, reliable products for harsh environments.

Want to see what other hedge funds are holding BDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Belden Inc (NYSE:BDC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.