Bank of New York Mellon Corp Decreases Position in Belden Inc (NYSE:BDC)

Bank of New York Mellon Corp trimmed its position in Belden Inc (NYSE:BDC - Free Report) by 14.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund 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 about 1.48% of Belden worth $59,131,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. 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 worth $530,418,000 after purchasing an additional 223,887 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Belden by 0.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,043,510 shares of the industrial products company's stock worth $105,478,000 after purchasing an additional 7,683 shares during the last quarter. Lord Abbett & CO. LLC increased its holdings in shares of Belden by 0.5% in the fourth quarter. Lord Abbett & CO. LLC now owns 711,784 shares of the industrial products company's stock worth $80,154,000 after purchasing an additional 3,692 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Belden by 2.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 695,396 shares of the industrial products company's stock worth $78,309,000 after purchasing an additional 18,825 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Belden by 10.2% in the fourth quarter. Northern Trust Corp now owns 633,204 shares of the industrial products company's stock worth $71,305,000 after purchasing an additional 58,508 shares during the last quarter. 98.75% of the stock is owned by institutional investors.

Belden Trading Down 0.7%

Shares of BDC traded down $0.89 during mid-day trading on Friday, reaching $122.69. 263,623 shares of the company's stock traded hands, compared to its average volume of 272,315. The stock has a market cap of $4.85 billion, a P/E ratio of 23.68 and a beta of 1.24. The stock's 50-day moving average is $111.96 and its two-hundred day moving average is $108.86. 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.

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

Belden Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Stockholders of record on Thursday, June 12th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.16%. Belden's dividend payout ratio is 3.86%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BDC. Wall Street Zen cut Belden from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 21st. The Goldman Sachs Group reduced their price objective on Belden from $139.00 to $120.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Finally, Benchmark boosted their price objective on Belden from $120.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Six analysts have rated the stock with a buy rating, According to MarketBeat, Belden currently has an average rating of "Buy" and an average target price of $128.20.

Insider Activity

In related news, SVP Leah Tate sold 231 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $113.64, for a total value of $26,250.84. Following the completion of the sale, the senior vice president owned 30,170 shares in the company, valued at approximately $3,428,518.80. The trade was 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 accessible through the SEC website. Insiders own 1.48% of the company's stock.

Belden Company 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.