Wedge Capital Management L L P NC Sells 6,774 Shares of Belden Inc. (NYSE:BDC)

Wedge Capital Management L L P NC reduced its holdings in shares of Belden Inc. (NYSE:BDC - Free Report) by 23.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,270 shares of the industrial products company's stock after selling 6,774 shares during the quarter. Wedge Capital Management L L P NC owned 0.06% of Belden worth $2,233,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Bank of America Corp DE lifted its holdings in shares of Belden by 234.7% in the fourth 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 last quarter. Norges Bank bought a new position in Belden in the 4th quarter valued at approximately $54,167,000. Polen Capital Management LLC bought a new position in Belden in the 4th quarter valued at approximately $2,723,000. Lighthouse Investment Partners LLC bought a new stake in shares of Belden during the fourth quarter worth $1,126,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Belden during the fourth quarter worth $443,000. 98.75% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Leah Tate sold 231 shares of Belden stock in a transaction on Wednesday, May 14th. The shares were 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 now owns 30,170 shares in the company, valued at $3,428,518.80. The trade was a 0.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.48% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

BDC has been the topic of several recent research reports. Loop Capital cut their price objective on Belden from $155.00 to $145.00 and set a "buy" rating on the stock in a report on Tuesday, February 11th. Benchmark reissued a "buy" rating and set a $120.00 price target on shares of Belden in a research note on Monday, May 5th. The Goldman Sachs Group reduced their price target 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 lowered shares of Belden from a "strong-buy" rating to a "buy" rating in a report on Wednesday, May 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $126.20.

Belden Trading Down 0.8%

Shares of BDC traded down $0.91 during mid-day trading on Tuesday, reaching $111.38. 163,467 shares of the company were exchanged, compared to its average volume of 274,588. The business has a 50 day simple moving average of $102.60 and a two-hundred day simple moving average of $109.57. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.37 and a current ratio of 1.92. The stock has a market capitalization of $4.40 billion, a PE ratio of 23.16 and a beta of 1.23. 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 released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.12. The firm had revenue of $624.86 million during the quarter, compared to analyst estimates of $615.81 million. Belden had a net margin of 8.06% and a return on equity of 21.42%. The company's revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.24 EPS. On average, analysts predict that Belden Inc. will post 7.07 earnings per share for the current fiscal year.

Belden Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 9th. Stockholders of record on Thursday, June 12th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.18%. The ex-dividend date is Thursday, June 12th. Belden's dividend payout ratio (DPR) is presently 3.86%.

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.