ProShare Advisors LLC lessened its stake in Belden Inc. (NYSE:BDC – Get Rating) by 14.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,736 shares of the industrial products company's stock after selling 1,982 shares during the period. ProShare Advisors LLC's holdings in Belden were worth $650,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Bank of Montreal Can lifted its holdings in shares of Belden by 1.6% in the 4th quarter. Bank of Montreal Can now owns 13,989 shares of the industrial products company's stock worth $904,000 after acquiring an additional 220 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of Belden by 2.6% in the 1st quarter. Louisiana State Employees Retirement System now owns 11,800 shares of the industrial products company's stock worth $626,000 after acquiring an additional 300 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Belden by 6.6% in the 1st quarter. Teacher Retirement System of Texas now owns 9,287 shares of the industrial products company's stock worth $515,000 after acquiring an additional 574 shares during the last quarter. New York State Teachers Retirement System lifted its holdings in shares of Belden by 1.2% in the 1st quarter. New York State Teachers Retirement System now owns 60,408 shares of the industrial products company's stock worth $3,347,000 after acquiring an additional 700 shares during the last quarter. Finally, Pinebridge Investments L.P. bought a new stake in shares of Belden in the 4th quarter worth approximately $59,000. Hedge funds and other institutional investors own 99.88% of the company's stock.
Get Belden alerts:Belden Trading Down 1.7 %
NYSE:BDC opened at $65.87 on Wednesday. The company has a fifty day moving average of $61.94 and a 200 day moving average of $57.16. Belden Inc. has a 52 week low of $47.89 and a 52 week high of $70.97. The company has a quick ratio of 1.72, a current ratio of 2.39 and a debt-to-equity ratio of 1.08. The firm has a market capitalization of $2.87 billion, a P/E ratio of 34.67 and a beta of 1.35.
Belden (NYSE:BDC – Get Rating) last posted its quarterly earnings results on Wednesday, August 3rd. The industrial products company reported $1.60 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.17. Belden had a net margin of 3.37% and a return on equity of 25.73%. The company had revenue of $666.60 million during the quarter, compared to analyst estimates of $633.68 million. During the same period in the prior year, the business posted $1.21 EPS. The firm's revenue was up 15.7% compared to the same quarter last year. On average, research analysts predict that Belden Inc. will post 6.04 earnings per share for the current year.Belden Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 6th. Investors of record on Thursday, September 15th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date of this dividend is Wednesday, September 14th. Belden's payout ratio is currently 10.53%.
Analyst Upgrades and Downgrades
BDC has been the subject of a number of recent research reports. TheStreet upgraded shares of Belden from a "c+" rating to a "b-" rating in a report on Thursday, May 26th. Truist Financial boosted their price objective on shares of Belden from $67.00 to $77.00 in a report on Thursday, August 4th. The Goldman Sachs Group boosted their price objective on shares of Belden from $59.00 to $67.00 and gave the stock a "neutral" rating in a report on Thursday, August 4th. Finally, Canaccord Genuity Group upped their price target on shares of Belden from $82.00 to $88.00 and gave the company a "buy" rating in a report on Thursday, May 5th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $78.50.
Insiders Place Their Bets
In other Belden news, Director Jonathan C. Klein sold 1,000 shares of Belden stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $66.90, for a total transaction of $66,900.00. Following the sale, the director now directly owns 15,053 shares of the company's stock, valued at approximately $1,007,045.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Ashish Chand acquired 9,949 shares of the business's stock in a transaction on Friday, June 17th. The shares were acquired at an average cost of $50.36 per share, with a total value of $501,031.64. Following the transaction, the executive vice president now owns 55,772 shares in the company, valued at approximately $2,808,677.92. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jonathan C. Klein sold 1,000 shares of Belden stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $66.90, for a total value of $66,900.00. Following the sale, the director now directly owns 15,053 shares in the company, valued at $1,007,045.70. The disclosure for this sale can be found here. Insiders sold 19,424 shares of company stock worth $1,294,844 over the last three months. Company insiders own 1.06% of the company's stock.
Belden Company Profile
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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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