Bowen Hanes & Co. Inc. bought a new stake in shares of Belden Inc (NYSE:BDC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 36,910 shares of the industrial products company’s stock, valued at approximately $2,784,000. Bowen Hanes & Co. Inc. owned 0.09% of Belden at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. James Investment Research Inc. acquired a new stake in shares of Belden during the first quarter valued at approximately $130,000. Point72 Asia Hong Kong Ltd boosted its stake in shares of Belden by 799.6% in the first quarter. Point72 Asia Hong Kong Ltd now owns 2,060 shares of the industrial products company’s stock valued at $143,000 after buying an additional 1,831 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Belden by 60.4% in the first quarter. Envestnet Asset Management Inc. now owns 2,234 shares of the industrial products company’s stock valued at $155,000 after buying an additional 841 shares during the last quarter. World Asset Management Inc acquired a new stake in shares of Belden during the second quarter valued at approximately $201,000. Finally, Greenwood Capital Associates LLC boosted its stake in shares of Belden by 5.3% in the first quarter. Greenwood Capital Associates LLC now owns 2,975 shares of the industrial products company’s stock valued at $206,000 after buying an additional 149 shares during the last quarter.
Belden Inc (NYSE:BDC) traded down 0.66% during mid-day trading on Thursday, hitting $72.08. 84,761 shares of the company were exchanged. The company’s 50-day moving average is $74.28 and its 200 day moving average is $72.26. Belden Inc has a 12-month low of $60.06 and a 12-month high of $81.33. The company has a market capitalization of $3.05 billion, a P/E ratio of 31.34 and a beta of 2.28.
Belden (NYSE:BDC) last posted its earnings results on Wednesday, August 2nd. The industrial products company reported $1.29 EPS for the quarter, topping the consensus estimate of $1.21 by $0.08. The company had revenue of $610.63 million during the quarter, compared to the consensus estimate of $608.16 million. Belden had a net margin of 5.53% and a return on equity of 16.31%. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.54 earnings per share. Analysts expect that Belden Inc will post $5.44 EPS for the current year.
Belden announced that its board has approved a stock repurchase program on Thursday, May 25th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the industrial products company to repurchase up to 6.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Several analysts have commented on the stock. BidaskClub cut shares of Belden from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Goldman Sachs Group, Inc. (The) assumed coverage on shares of Belden in a research report on Friday, June 23rd. They set a “buy” rating and a $93.00 target price for the company. Guggenheim assumed coverage on shares of Belden in a research report on Tuesday, July 11th. They set a “buy” rating and a $90.00 target price for the company. Canaccord Genuity reiterated a “buy” rating and set a $83.00 target price on shares of Belden in a research report on Friday, August 4th. Finally, CL King began coverage on shares of Belden in a research report on Wednesday, June 21st. They issued a “neutral” rating for the company. One analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $84.56.
About Belden
Belden Inc is a signal transmission solutions provider company. The Company operates through five segment: Broadcast Solutions (Broadcast), Enterprise Connectivity Solutions (Enterprise), Industrial Connectivity Solutions (Industrial Connectivity), Industrial IT Solutions (Industrial IT), and Network Security Solutions (Network Security).
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