Mirae Asset Global Investments Co. Ltd. decreased its stake in shares of Belden Inc. (NYSE: BDC – Get Rating) by 9.1% during the 1st quarter, according to the company in its latest 13F filing with the Securities & Exchange Commission. The institutional investor held 109,718 shares of the industrial products company after selling 10,953 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.25% of Belden worth $6,078,000 at the end of the last quarter.
Other institutional investors have also recently bought and sold shares of the company. Pinebridge Investments LP bought a new stake in Belden in the fourth quarter valued at around $59,000. Industrial Alliance Investment Management Inc. acquired a new equity stake in Belden in Q4 worth approximately $102,000. USA Financial Portformulas Corp bought a new position in Belden during Q4 for a value of approximately $124,000. Lazard Asset Management LLC increased its holdings in Belden by 201.3% during the fourth quarter. Lazard Asset Management LLC now owns 2,389 shares of the industrial products company valued at $157,000 after purchasing an additional 1,596 shares during the period. Finally, Profund Advisors LLC purchased a new stake in Belden in the fourth quarter valued at approximately $228,000. Institutional investors hold 99.58% of the company’s shares.
Analysts set new price targets
A number of research firms have recently commented on BDC. Canaccord Genuity Group raised its price target on Belden shares from $82.00 to $88.00 and gave the company a “buy” rating in a Thursday, May 5 research report. TheStreet upgraded Belden from a “c+” rating to a “b-” rating in a Thursday, May 26, research report. Goldman Sachs Group raised its price target on Belden from $59.00 to $67.00 and gave the company a “neutral” rating in a research report Thursday, August 4. Finally, Truist Financial raised its price target on Belden shares from $67.00 to $77.00 in a Thursday, August 4 report. One financial analyst has assigned the stock a hold rating, three have issued a buy rating and one has assigned the company’s stock a strong buy rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $78.50.
Belden shares down 1.2%
BDC stock opened at $69.67 on Monday. The company has a 50-day moving average of $59.64 and a 200-day moving average of $56.60. Belden Inc. has a fifty-two week low of $47.89 and a fifty-two week high of $70.63. The stock has a market capitalization of $3.03 billion, a P/E ratio of 36.67 and a beta of 1.35. The company has a debt ratio of 1.08, a current ratio of 2.39 and a quick ratio of 1.72.
Belden (NYSE:BDC – Get Rating) last released its quarterly results on Wednesday, August 3. The industrial products company reported earnings per share of $1.60 for the quarter, beating analysts’ consensus estimate of $1.43 by $0.17. Belden had a return on equity of 25.73% and a net margin of 3.37%. The company posted revenue of $666.60 million in the quarter, versus a consensus estimate of $633.68 million. In the same quarter a year earlier, the company posted EPS of $1.21. The company’s revenue increased 15.7% year over year. On average, sell-side analysts expect Belden Inc. to post earnings per share of 6.04 for the current fiscal year.
Belden Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, July 7. Shareholders of record on Thursday, June 16 received a dividend of $0.05 per share. The ex-dividend date was Wednesday, June 15. This represents an annualized dividend of $0.20 and a yield of 0.29%. Belden’s dividend payout ratio (DPR) is currently 10.53%.
Separately, CEO Roel Vestjens sold 14,424 shares of the company in a trade dated Thursday, August 4. The stock was sold at an average price of $66.66, for a total transaction of $961,503.84. Following the sale, the CEO now owns 44,865 shares of the company, valued at $2,990,700.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. Separately, CEO Roel Vestjens sold 14,424 shares of the company in a trade on Thursday, August 4. The shares were sold at an average price of $66.66, for a total transaction of $961,503.84. As a result of the transaction, the CEO now directly owns 44,865 shares of the company, valued at $2,990,700.90. The sale was disclosed in a filing with the SEC, which is available via this link. Additionally, director Jonathan C. Klein sold 1,000 shares in a trade on Monday, August 8. The shares were sold at an average price of $66.90, for a total transaction of $66,900.00. Following the completion of the sale, the director now owns 15,053 shares of the company, valued at approximately $1,007,045.70. The disclosure of this sale can be found here. Insiders sold 19,424 shares of the company worth $1,294,844 during the last quarter. Company insiders hold 1.06% of the company’s shares.
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Belden Inc provides a portfolio of signal transmission solutions in the Americas, Europe, Middle East, Africa and 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, as well as signal extenders and matrix switching systems intended for use in applications such as local area networks, data centers, access control, 5G, fiber and home automation and home automation.
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