Retirement Systems of Alabama raised its stake in Belden Inc (NYSE:BDC - Free Report) by 14.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,940 shares of the industrial products company's stock after purchasing an additional 25,677 shares during the period. Retirement Systems of Alabama owned about 0.51% of Belden worth $20,445,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also made changes to their positions in BDC. Bank of America Corp DE increased its position in shares of Belden by 234.7% in the 4th quarter. Bank of America Corp DE now owns 224,363 shares of the industrial products company's stock valued at $25,266,000 after purchasing an additional 157,335 shares during the last quarter. Norges Bank purchased a new position in Belden in the fourth quarter valued at $54,167,000. Polen Capital Management LLC acquired a new stake in Belden in the fourth quarter valued at $2,723,000. Lighthouse Investment Partners LLC acquired a new position in shares of Belden during the 4th quarter worth about $1,126,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Belden in the 4th quarter valued at about $443,000. Hedge funds and other institutional investors own 98.75% of the company's stock.
Insider Buying and Selling
In other Belden news, SVP Leah Tate sold 231 shares of the firm's 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 completion of the transaction, the senior vice president now owns 30,170 shares of the company's stock, valued at approximately $3,428,518.80. This trade represents a 0.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.48% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on BDC shares. The Goldman Sachs Group cut their price objective on shares of Belden from $139.00 to $120.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Benchmark lifted their price objective on shares of Belden from $120.00 to $130.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Finally, Wall Street Zen downgraded Belden from a "strong-buy" rating to a "buy" rating in a report on Saturday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $128.20.
View Our Latest Research Report on Belden
Belden Price Performance
Belden stock traded up $0.71 during midday trading on Wednesday, reaching $114.59. The company's stock had a trading volume of 244,342 shares, compared to its average volume of 269,707. The firm has a market capitalization of $4.53 billion, a PE ratio of 22.12 and a beta of 1.23. Belden Inc has a fifty-two week low of $83.18 and a fifty-two week high of $131.82. The stock's 50 day simple moving average is $106.56 and its 200 day simple moving average is $108.70. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.29 and a current ratio of 1.93.
Belden (NYSE:BDC - Get Free Report) last issued its earnings results on Thursday, May 1st. The industrial products company reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.12. The company had revenue of $624.86 million for the quarter, compared to analyst estimates of $615.81 million. Belden had a net margin of 8.35% and a return on equity of 22.28%. The firm's revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.24 earnings per share. On average, equities research analysts forecast that Belden Inc will post 7.07 earnings per share for the current year.
Belden Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Stockholders of record on Thursday, June 12th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.17%. The ex-dividend date is Thursday, June 12th. Belden's dividend payout ratio (DPR) is presently 3.86%.
About Belden
(
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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