New York State Teachers Retirement System lessened its stake in shares of Belden Inc (NYSE:BDC - Free Report) by 10.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 56,523 shares of the industrial products company's stock after selling 6,800 shares during the period. New York State Teachers Retirement System owned 0.14% of Belden worth $5,666,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in BDC. Norges Bank bought a new position in Belden during the 4th quarter worth $54,167,000. FMR LLC increased its stake in Belden by 5.0% during the 4th quarter. FMR LLC now owns 4,710,224 shares of the industrial products company's stock worth $530,418,000 after acquiring an additional 223,887 shares during the period. Leigh Baldwin & CO. LLC bought a new position in Belden during the 4th quarter worth $2,511,000. Bank of America Corp DE increased its stake in Belden by 234.7% during the 4th quarter. Bank of America Corp DE now owns 224,363 shares of the industrial products company's stock worth $25,266,000 after acquiring an additional 157,335 shares during the period. Finally, Janus Henderson Group PLC increased its stake in Belden by 380.3% during the 4th quarter. Janus Henderson Group PLC now owns 166,354 shares of the industrial products company's stock worth $18,726,000 after acquiring an additional 131,719 shares during the period. Institutional investors own 98.75% of the company's stock.
Insider Transactions at Belden
In other news, SVP Leah Tate sold 231 shares of Belden 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 completion of the transaction, the senior vice president directly owned 30,170 shares of the company's stock, valued at approximately $3,428,518.80. This trade represents a 0.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.48% of the stock is currently owned by corporate insiders.
Belden Price Performance
Shares of NYSE BDC traded up $0.77 during mid-day trading on Tuesday, hitting $120.36. 299,379 shares of the stock traded hands, compared to its average volume of 271,433. 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 Inc has a twelve month low of $83.18 and a twelve month high of $131.82. The company has a market cap of $4.75 billion, a PE ratio of 23.24 and a beta of 1.24. The firm has a 50 day simple moving average of $110.78 and a two-hundred day simple moving average of $108.64.
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, beating the consensus estimate of $1.48 by $0.12. The company had revenue of $624.86 million for 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%. Belden's revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter last year, the business posted $1.24 EPS. As a group, equities research analysts forecast that Belden Inc will post 7.07 EPS for the current fiscal year.
Belden Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 9th. Investors of record on Thursday, June 12th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.17%. The ex-dividend date is Thursday, June 12th. Belden's dividend payout ratio is currently 3.86%.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on BDC shares. Benchmark raised their target price on Belden from $120.00 to $130.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. The Goldman Sachs Group reduced their target price on Belden from $139.00 to $120.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Finally, Wall Street Zen downgraded Belden from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 21st. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $128.20.
View Our Latest Stock Analysis on BDC
Belden Profile
(
Free Report)
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.
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