Envestnet Asset Management Inc. Purchases 5,232 Shares of Belden Inc. (NYSE:BDC)

Posted by Defense World Staff on May 19th, 2023

Envestnet Asset Management Inc. lifted its position in shares of Belden Inc. (NYSE:BDC – Get Rating) by 17.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 35,315 shares of the industrial products company’s stock after acquiring an additional 5,232 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.08% of Belden worth $2,539,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Verition Fund Management LLC acquired a new stake in shares of Belden during the third quarter worth $281,000. Retirement Systems of Alabama grew its stake in shares of Belden by 5.9% during the fourth quarter. Retirement Systems of Alabama now owns 213,919 shares of the industrial products company’s stock worth $15,381,000 after purchasing an additional 11,936 shares during the period. Frontier Capital Management Co. LLC grew its stake in shares of Belden by 9.3% during the third quarter. Frontier Capital Management Co. LLC now owns 705,187 shares of the industrial products company’s stock worth $42,325,000 after purchasing an additional 60,033 shares during the period. Eagle Bay Advisors LLC grew its stake in shares of Belden by 18.0% during the fourth quarter. Eagle Bay Advisors LLC now owns 2,030 shares of the industrial products company’s stock worth $146,000 after purchasing an additional 309 shares during the period. Finally, Silvant Capital Management LLC grew its stake in shares of Belden by 1,193.3% during the fourth quarter. Silvant Capital Management LLC now owns 19,607 shares of the industrial products company’s stock worth $1,411,000 after purchasing an additional 18,091 shares during the period. Institutional investors own 99.88% of the company’s stock.

Insider Buying and Selling at Belden

In other Belden news, Director Jonathan C. Klein sold 2,500 shares of the firm’s stock in a transaction on Friday, March 17th. The stock was sold at an average price of $81.49, for a total value of $203,725.00. Following the sale, the director now owns 11,553 shares of the company’s stock, valued at approximately $941,453.97. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on BDC shares. Loop Capital lifted their price objective on Belden from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday, February 9th. Benchmark boosted their target price on Belden from $88.00 to $108.00 and gave the company a “buy” rating in a research note on Tuesday, February 14th. Truist Financial boosted their target price on Belden from $93.00 to $103.00 and gave the company a “buy” rating in a research note on Thursday, February 9th. The Goldman Sachs Group boosted their target price on Belden from $76.00 to $87.00 and gave the company a “neutral” rating in a research note on Thursday, February 9th. Finally, StockNews.com began coverage on Belden in a research note on Thursday. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $98.80.

Belden Price Performance

Shares of NYSE BDC opened at $85.71 on Friday. The firm has a market cap of $3.65 billion, a P/E ratio of 13.37 and a beta of 1.31. The company has a current ratio of 2.70, a quick ratio of 2.00 and a debt-to-equity ratio of 1.04. Belden Inc. has a 1-year low of $47.89 and a 1-year high of $92.33. The business’s 50 day moving average is $81.57 and its 200-day moving average is $80.30.

Belden (NYSE:BDC – Get Rating) last announced its earnings results on Wednesday, May 3rd. The industrial products company reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.13. The company had revenue of $641.79 million for the quarter, compared to analyst estimates of $624.46 million. Belden had a return on equity of 26.83% and a net margin of 10.69%. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.31 earnings per share. Equities research analysts predict that Belden Inc. will post 7.11 earnings per share for the current year.

Belden Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 6th. Shareholders of record on Tuesday, March 14th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.23%. The ex-dividend date was Monday, March 13th. Belden’s dividend payout ratio is presently 3.12%.

Belden Company Profile

(Get Rating)

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.