Mackenzie Financial Corp Sells 5,940 Shares of Belden Inc (NYSE:BDC)

Key Points

• Mackenzie Financial Corp reduced its ownership in Belden Inc by 67.5%, selling 5,940 shares and retaining 2,854 shares valued at approximately $286,000.
• Belden's stock achieved a 52-week high of $132.99 and reported a quarterly revenue increase of 11.2% year-over-year, totaling $671.99 million.
• Analyst ratings for Belden have shown mixed signals, with Wall Street Zen downgrading to a "buy" rating, while Benchmark raised the target price from $130 to $145, maintaining a "buy" stance.

Mackenzie Financial Corp lessened its stake in Belden Inc (NYSE:BDC - Free Report) by 67.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,854 shares of the industrial products company's stock after selling 5,940 shares during the quarter. Mackenzie Financial Corp's holdings in Belden were worth $286,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Aster Capital Management DIFC Ltd acquired a new position in Belden during the fourth quarter worth about $26,000. Opal Wealth Advisors LLC acquired a new position in Belden during the first quarter worth about $35,000. Quarry LP raised its stake in Belden by 208.7% during the fourth quarter. Quarry LP now owns 392 shares of the industrial products company's stock worth $44,000 after acquiring an additional 265 shares in the last quarter. GAMMA Investing LLC raised its stake in Belden by 34.7% during the first quarter. GAMMA Investing LLC now owns 446 shares of the industrial products company's stock worth $45,000 after acquiring an additional 115 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Belden during the fourth quarter worth about $61,000. Institutional investors and hedge funds own 98.75% of the company's stock.

Belden Stock Performance

NYSE:BDC opened at $119.04 on Friday. The company has a market capitalization of $4.72 billion, a PE ratio of 21.56 and a beta of 1.28. Belden Inc has a fifty-two week low of $83.18 and a fifty-two week high of $132.99. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.35 and a current ratio of 1.99. The company has a 50 day simple moving average of $118.17 and a two-hundred day simple moving average of $110.10.

Belden (NYSE:BDC - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The industrial products company reported $1.89 EPS for the quarter, topping the consensus estimate of $1.72 by $0.17. Belden had a net margin of 8.60% and a return on equity of 23.29%. The company had revenue of $671.99 million during the quarter, compared to the consensus estimate of $654.82 million. During the same quarter last year, the firm posted $1.51 EPS. The company's quarterly revenue was up 11.2% on a year-over-year basis. Research analysts anticipate that Belden Inc will post 7.07 earnings per share for the current year.

Belden Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Thursday, June 12th were issued a dividend of $0.05 per share. The ex-dividend date was Thursday, June 12th. This represents a $0.20 annualized dividend and a yield of 0.2%. Belden's dividend payout ratio is presently 3.62%.

Analyst Ratings Changes

BDC has been the subject of a number of recent analyst reports. Wall Street Zen downgraded shares of Belden from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 3rd. The Goldman Sachs Group reissued a "buy" rating on shares of Belden in a research report on Friday, July 11th. Finally, Benchmark increased their target price on shares of Belden from $130.00 to $145.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Belden presently has an average rating of "Buy" and a consensus target price of $136.50.

Insider Buying and Selling at Belden

In other Belden news, SVP Brian Edward Anderson sold 7,158 shares of Belden stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $130.51, for a total transaction of $934,190.58. Following the transaction, the senior vice president directly owned 39,574 shares of the company's stock, valued at $5,164,802.74. The trade was a 15.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Leah Tate sold 231 shares of Belden 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.48% of the company's stock.

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.