Bank of New York Mellon Corp Sells 96,330 Shares of Belden Inc (NYSE:BDC)

Bank of New York Mellon Corp lessened its position in Belden Inc (NYSE:BDC - Free Report) by 14.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 589,837 shares of the industrial products company's stock after selling 96,330 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.48% of Belden worth $59,131,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Aster Capital Management DIFC Ltd purchased a new position in Belden in the 4th quarter valued at approximately $26,000. Opal Wealth Advisors LLC purchased a new position in Belden during the first quarter worth $35,000. Quarry LP grew its position in shares of Belden by 208.7% in the fourth quarter. Quarry LP now owns 392 shares of the industrial products company's stock valued at $44,000 after purchasing an additional 265 shares during the period. GAMMA Investing LLC grew its position in shares of Belden by 34.7% in the first quarter. GAMMA Investing LLC now owns 446 shares of the industrial products company's stock valued at $45,000 after purchasing an additional 115 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in Belden during the fourth quarter valued at about $61,000. 98.75% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Belden

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

Belden Trading Down 1.3%

BDC traded down $1.57 during mid-day trading on Tuesday, reaching $120.66. The stock had a trading volume of 185,650 shares, compared to its average volume of 272,369. The stock has a market capitalization of $4.77 billion, a P/E ratio of 23.29 and a beta of 1.24. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.29 and a current ratio of 1.93. The firm's fifty day simple moving average is $111.96 and its two-hundred day simple moving average is $108.78. Belden Inc has a 52 week low of $83.18 and a 52 week high of $131.82.

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

Belden Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Thursday, June 12th were given a $0.05 dividend. The ex-dividend date was Thursday, June 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.17%. Belden's dividend payout ratio (DPR) is presently 3.86%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BDC. Benchmark upped their target price on Belden from $120.00 to $130.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. The Goldman Sachs Group reissued a "buy" rating on shares of Belden in a report on Friday. Finally, Wall Street Zen downgraded Belden from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 21st. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Belden has a consensus rating of "Buy" and an average price target of $128.20.

Belden Profile

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.