BlackRock Inc. Reduces Position in Belden Inc. (NYSE:BDC)

BlackRock Inc. cut its holdings in shares of Belden Inc. (NYSE:BDC – Get Rating) by 1.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,712,666 shares of the industrial products company’s stock after selling 87,307 shares during the quarter. BlackRock Inc. owned approximately 11.01% of Belden worth $282,855,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in BDC. Point72 Hong Kong Ltd lifted its holdings in Belden by 88.0% during the first quarter. Point72 Hong Kong Ltd now owns 515 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 241 shares during the last quarter. USA Financial Portformulas Corp purchased a new stake in Belden during the third quarter valued at about $32,000. Skandinaviska Enskilda Banken AB publ lifted its holdings in Belden by 164.7% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 569 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 354 shares during the last quarter. Meeder Asset Management Inc. lifted its holdings in Belden by 2,935.1% during the second quarter. Meeder Asset Management Inc. now owns 1,123 shares of the industrial products company’s stock valued at $60,000 after purchasing an additional 1,086 shares during the last quarter. Finally, Rockefeller Capital Management L.P. lifted its holdings in Belden by 87.3% during the third quarter. Rockefeller Capital Management L.P. now owns 1,105 shares of the industrial products company’s stock valued at $66,000 after purchasing an additional 515 shares during the last quarter. 99.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Belden

In other Belden news, EVP Anshuman Mehrotra sold 4,360 shares of the stock in a transaction that occurred on Thursday, February 9th. The shares were sold at an average price of $86.99, for a total transaction of $379,276.40. Following the transaction, the executive vice president now directly owns 12,682 shares in the company, valued at $1,103,207.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.06% of the company’s stock.

Belden Stock Down 2.1 %

BDC stock opened at $83.61 on Friday. The company has a current ratio of 2.40, a quick ratio of 1.87 and a debt-to-equity ratio of 1.02. The company’s 50 day moving average is $82.59 and its 200 day moving average is $74.49. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of 14.54 and a beta of 1.32. Belden Inc. has a 1-year low of $47.89 and a 1-year high of $92.33.

Belden (NYSE:BDC – Get Rating) last posted its quarterly earnings data on Wednesday, February 8th. The industrial products company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.09. The company had revenue of $659.07 million for the quarter, compared to analysts’ expectations of $644.17 million. Belden had a net margin of 9.77% and a return on equity of 26.70%. Belden’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.32 earnings per share. Sell-side analysts predict that Belden Inc. will post 6.84 EPS for the current fiscal year.

Belden Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 6th. Shareholders of record on Tuesday, March 14th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.24%. The ex-dividend date is Monday, March 13th. Belden’s payout ratio is currently 3.48%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BDC. Benchmark upped their price target on Belden from $88.00 to $108.00 and gave the company a “buy” rating in a research report on Tuesday, February 14th. The Goldman Sachs Group upped their price target on Belden from $76.00 to $87.00 and gave the company a “neutral” rating in a research report on Thursday, February 9th. Loop Capital upped their price target on Belden from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Thursday, February 9th. Jefferies Financial Group began coverage on Belden in a research report on Tuesday, November 22nd. They set a “hold” rating and a $86.00 price target on the stock. Finally, Truist Financial upped their price target on Belden from $93.00 to $103.00 and gave the company a “buy” rating in a research report on Thursday, February 9th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Belden currently has an average rating of “Moderate Buy” and an average target price of $97.00.

Belden Company Profile

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Belden, Inc engages in the provision of innovative signal transmission solutions. It operates through the Enterprise Solutions and Industrial Solutions segments. The Enterprise Solutions segment offers network infrastructure solutions, as well as cabling and connectivity solutions for broadcast, commercial audio/video, and security applications.