Canaccord Genuity Group Increases Belden (NYSE:BDC) Price Target to $88.00

Belden (NYSE:BDCGet Rating) had its target price boosted by Canaccord Genuity Group from $82.00 to $88.00 in a report issued on Thursday, The Fly reports. They currently have a buy rating on the industrial products company’s stock.

Other equities research analysts have also issued research reports about the stock. StockNews.com raised shares of Belden from a buy rating to a strong-buy rating in a research note on Thursday, April 21st. The Goldman Sachs Group raised shares of Belden from a sell rating to a neutral rating and reduced their price objective for the company from $57.00 to $55.00 in a research note on Tuesday, April 19th. TheStreet lowered shares of Belden from a b rating to a c+ rating in a research note on Thursday, February 10th. Truist Financial dropped their target price on shares of Belden from $86.00 to $65.00 and set a buy rating on the stock in a report on Friday, April 8th. Finally, Zacks Investment Research lowered shares of Belden from a hold rating to a sell rating in a research report on Monday, April 25th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Belden has a consensus rating of Buy and an average target price of $70.33.

Belden stock opened at $56.29 on Thursday. The company has a 50 day moving average price of $54.03 and a 200 day moving average price of $58.76. Belden has a 52 week low of $45.31 and a 52 week high of $68.87. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.56 and a current ratio of 2.04. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 36.08 and a beta of 1.33.

Belden (NYSE:BDCGet Rating) last posted its quarterly earnings data on Wednesday, May 4th. The industrial products company reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.21. The firm had revenue of $610.40 million during the quarter, compared to analyst estimates of $572.62 million. Belden had a net margin of 2.65% and a return on equity of 23.96%. The company’s revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the business posted $0.94 EPS. Equities analysts forecast that Belden will post 5.7 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 7th. Investors of record on Thursday, March 10th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date was Wednesday, March 9th. Belden’s dividend payout ratio (DPR) is 12.82%.

In related news, Director Jonathan C. Klein sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, February 18th. The shares were sold at an average price of $54.77, for a total transaction of $219,080.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.06% of the company’s stock.

Large investors have recently modified their holdings of the business. BlackRock Inc. increased its position in shares of Belden by 1.5% during the fourth quarter. BlackRock Inc. now owns 4,951,374 shares of the industrial products company’s stock worth $325,453,000 after acquiring an additional 71,134 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Belden by 11.4% during the first quarter. Victory Capital Management Inc. now owns 2,288,395 shares of the industrial products company’s stock worth $126,636,000 after acquiring an additional 233,574 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Belden by 1.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,380,276 shares of the industrial products company’s stock worth $90,721,000 after acquiring an additional 19,193 shares in the last quarter. State Street Corp increased its position in shares of Belden by 3.2% during the fourth quarter. State Street Corp now owns 1,367,208 shares of the industrial products company’s stock worth $89,935,000 after acquiring an additional 41,911 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Belden during the fourth quarter worth $74,932,000. 99.58% of the stock is owned by hedge funds and other 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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