Belden (NYSE:BDC) Rating Lowered to Sell at Zacks Investment Research

Belden (NYSE:BDCGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

According to Zacks, “Belden Inc is engaged in the design, manufacture and retail of cable, connectivity, and networking products in markets including industrial automation, enterprise, transportation, infrastructure, and consumer electronics. The Company’s products find its application in the industrial automation, enterprise, education, healthcare, entertainment and broadcast, sound and security, transportation, infrastructure, consumer electronics and other industries. Belden has manufacturing capabilities in North America, Europe, and Asia, and a market presence in nearly every region of the world. Belden Inc is based in St. Louis, Missouri. “

BDC has been the subject of several other research reports. StockNews.com cut Belden from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. TheStreet cut Belden from a “b” rating to a “c+” rating in a research note on Thursday, February 10th. Finally, Truist Financial dropped their target price on Belden from $86.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, April 8th. Two research analysts have rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $65.00.

NYSE BDC traded up $1.43 on Wednesday, reaching $49.91. The stock had a trading volume of 245,615 shares, compared to its average volume of 304,628. The company has a market cap of $2.21 billion, a P/E ratio of 35.40 and a beta of 1.38. Belden has a 1-year low of $41.38 and a 1-year high of $68.87. The company has a debt-to-equity ratio of 1.53, a current ratio of 2.04 and a quick ratio of 1.56. The firm has a fifty day moving average of $55.47 and a two-hundred day moving average of $59.71.

Belden (NYSE:BDCGet Rating) last announced its quarterly earnings data on Wednesday, February 9th. The industrial products company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.04. The business had revenue of $638.91 million during the quarter, compared to the consensus estimate of $622.90 million. Belden had a return on equity of 23.96% and a net margin of 2.65%. During the same period in the prior year, the company earned $0.90 EPS. Research analysts predict that Belden will post 5.18 EPS for the current fiscal year.

In other Belden news, Director Jonathan C. Klein sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, February 18th. The stock was sold at an average price of $54.77, for a total transaction of $219,080.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.52% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Pinebridge Investments L.P. purchased a new position in Belden in the fourth quarter worth about $59,000. C M Bidwell & Associates Ltd. raised its stake in Belden by 68.9% in the third quarter. C M Bidwell & Associates Ltd. now owns 1,469 shares of the industrial products company’s stock worth $86,000 after buying an additional 599 shares in the last quarter. Industrial Alliance Investment Management Inc. bought a new position in Belden in the fourth quarter worth approximately $102,000. USA Financial Portformulas Corp acquired a new position in shares of Belden during the fourth quarter worth $124,000. Finally, Lazard Asset Management LLC increased its position in shares of Belden by 201.3% during the fourth quarter. Lazard Asset Management LLC now owns 2,389 shares of the industrial products company’s stock worth $157,000 after purchasing an additional 1,596 shares in the last quarter. 98.82% of the stock is currently owned by institutional investors.

About Belden (Get Rating)

Belden Inc provides portfolio of signal transmission solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It operates in two segments, Enterprise Solutions and Industrial 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, and home and building automation.

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