Belden (NYSE:BDC) Downgraded by Wall Street Zen to "Buy"

Key Points

• Wall Street Zen has downgraded Belden's stock from a "strong-buy" rating to a "buy" rating, reflecting a shift in analysts' sentiment.
• Despite the downgrade, Belden's average rating remains a "Buy" with a consensus price target of $136.50, and five analysts have rated it with a buy.
• Belden reported quarterly earnings of $1.89 per share, exceeding analysts' expectations, with revenue increasing by 11.2% year-over-year to $671.99 million.

Wall Street Zen downgraded shares of Belden (NYSE:BDC - Free Report) from a strong-buy rating to a buy rating in a research report report published on Sunday morning.

A number of other equities research analysts have also recently commented on the stock. Benchmark raised their price objective on shares of Belden from $130.00 to $145.00 and gave the stock a "buy" rating in a research note on Friday. The Goldman Sachs Group restated a "buy" rating on shares of Belden in a research report on Friday, July 11th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $136.50.

Belden Stock Performance

NYSE BDC traded down $0.22 on Friday, hitting $118.65. 168,758 shares of the company's stock traded hands, compared to its average volume of 284,309. The firm's 50-day moving average price is $117.40 and its two-hundred day moving average price is $110.02. The firm has a market capitalization of $4.70 billion, a PE ratio of 21.49 and a beta of 1.28. The company has a current ratio of 1.99, a quick ratio of 1.35 and a debt-to-equity ratio of 1.03. Belden has a 1-year low of $83.18 and a 1-year high of $132.99.

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

Belden Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Stockholders of record on Thursday, June 12th were issued 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 0.2%. Belden's dividend payout ratio is presently 3.62%.

Insider Transactions at Belden

In other Belden news, SVP Leah Tate sold 231 shares of the firm's stock in a transaction that occurred 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 transaction, the senior vice president directly owned 30,170 shares of the company's stock, valued at $3,428,518.80. This trade represents a 0.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Brian Edward Anderson sold 7,158 shares of the stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $130.51, for a total value of $934,190.58. Following the completion of the sale, the senior vice president directly owned 39,574 shares of the company's stock, valued at approximately $5,164,802.74. This represents a 15.32% decrease in their position. The disclosure for this sale can be found here. 1.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Belden

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Maseco LLP acquired a new stake in shares of Belden during the second quarter valued at about $25,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Belden during the 4th quarter worth approximately $26,000. Opal Wealth Advisors LLC acquired a new stake in Belden in the 1st quarter valued at approximately $35,000. Quarry LP raised its position in Belden by 208.7% in the fourth quarter. Quarry LP now owns 392 shares of the industrial products company's stock valued at $44,000 after purchasing an additional 265 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of 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 buying an additional 115 shares during the period. Hedge funds and other institutional investors own 98.75% 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.