Belden (NYSE:BDC) Price Target Raised to $123.00 at Truist Financial

Belden (NYSE:BDC) had its price objective increased by Truist Financial from $119.00 to $123.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s target price indicates a potential upside of 33.26% from the stock’s current price.

A number of other analysts have also weighed in on BDC. Benchmark reaffirmed a “buy” rating and set a $100.00 price objective on shares of Belden in a research report on Monday, May 6th. StockNews.com raised Belden from a “hold” rating to a “buy” rating in a research report on Monday, June 17th. Finally, Loop Capital boosted their price objective on Belden from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $108.80.

Belden Trading Up 0.5 %

NYSE BDC opened at $92.30 on Friday. Belden has a 12 month low of $60.54 and a 12 month high of $99.13. The stock has a market capitalization of $3.75 billion, a P/E ratio of 18.06 and a beta of 1.05. The firm’s 50-day moving average is $93.06 and its two-hundred day moving average is $85.80. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.55 and a quick ratio of 1.83.

Belden (NYSE:BDC) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.19. The firm had revenue of $536.00 million for the quarter, compared to the consensus estimate of $514.27 million. Belden had a return on equity of 23.11% and a net margin of 9.01%. The company’s quarterly revenue was down 16.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.68 EPS. On average, sell-side analysts anticipate that Belden will post 5.77 earnings per share for the current year.

Insider Transactions at Belden

In other news, Director Jonathan C. Klein sold 1,093 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $95.50, for a total value of $104,381.50. Following the completion of the sale, the director now owns 13,704 shares in the company, valued at approximately $1,308,732. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Jonathan C. Klein sold 1,093 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $95.50, for a total transaction of $104,381.50. Following the completion of the transaction, the director now directly owns 13,704 shares of the company’s stock, valued at $1,308,732. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David J. Aldrich sold 6,700 shares of Belden stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $97.19, for a total value of $651,173.00. Following the completion of the sale, the director now directly owns 53,396 shares in the company, valued at approximately $5,189,557.24. The disclosure for this sale can be found here. Insiders sold 9,400 shares of company stock worth $911,900 over the last 90 days. 1.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Belden

A number of large investors have recently made changes to their positions in BDC. Norges Bank purchased a new stake in shares of Belden during the 4th quarter worth approximately $35,403,000. Pzena Investment Management LLC increased its position in shares of Belden by 32.5% in the fourth quarter. Pzena Investment Management LLC now owns 914,924 shares of the industrial products company’s stock valued at $70,678,000 after buying an additional 224,486 shares in the last quarter. Channing Capital Management LLC raised its stake in shares of Belden by 29.4% during the 4th quarter. Channing Capital Management LLC now owns 919,066 shares of the industrial products company’s stock worth $70,998,000 after buying an additional 209,052 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Belden by 17.9% in the 4th quarter. Wellington Management Group LLP now owns 985,282 shares of the industrial products company’s stock worth $76,113,000 after buying an additional 149,263 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado grew its stake in Belden by 1,724.8% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 104,214 shares of the industrial products company’s stock valued at $9,651,000 after acquiring an additional 98,503 shares during the last quarter. Hedge funds and other institutional investors own 98.75% of the company’s stock.

About Belden

Belden Inc designs, manufactures, and markets a portfolio of signal transmission solutions for mission critical applications in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It operates in two segments, Enterprise Solutions and Industrial Automation 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 to the home, and building automation.