Benchmark Boosts Belden (NYSE:BDC) Price Target to $120.00

Belden (NYSE:BDC) had its target price raised by research analysts at Benchmark from $115.00 to $120.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Benchmark’s price target indicates a potential upside of 12.88% from the company’s previous close.

A number of other equities research analysts also recently commented on the company. StockNews.com raised Belden from a “hold” rating to a “buy” rating in a research report on Monday, June 17th. Truist Financial upped their price objective on Belden from $123.00 to $124.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, Vertical Research assumed coverage on Belden in a report on Tuesday, July 23rd. They issued a “buy” rating and a $110.00 target price on the stock. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $112.50.

Belden Stock Performance

Shares of BDC stock opened at $106.31 on Wednesday. Belden has a 1 year low of $60.54 and a 1 year high of $108.64. The stock has a market cap of $4.32 billion, a PE ratio of 20.80 and a beta of 1.07. The stock has a fifty day moving average price of $98.70 and a 200 day moving average price of $93.53. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.25 and a current ratio of 1.70.

Belden (NYSE:BDC) last posted its earnings results on Thursday, August 1st. The industrial products company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.14. Belden had a net margin of 8.51% and a return on equity of 21.13%. The firm had revenue of $604.34 million during the quarter, compared to the consensus estimate of $574.32 million. During the same period last year, the firm posted $1.91 EPS. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. Sell-side analysts forecast that Belden will post 6.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Nancy E. Calderon sold 2,500 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $95.98, for a total value of $239,950.00. Following the sale, the director now owns 6,954 shares of the company’s stock, valued at approximately $667,444.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Brian Edward Anderson sold 6,556 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $100.46, for a total value of $658,615.76. Following the transaction, the senior vice president now directly owns 32,829 shares of the company’s stock, valued at $3,298,001.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Nancy E. Calderon sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $95.98, for a total transaction of $239,950.00. Following the transaction, the director now directly owns 6,954 shares in the company, valued at approximately $667,444.92. The disclosure for this sale can be found here. Insiders sold 11,137 shares of company stock valued at $1,095,457 in the last three months. 1.59% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Belden

Institutional investors have recently made changes to their positions in the business. Opal Wealth Advisors LLC acquired a new stake in Belden during the second quarter worth $28,000. Whittier Trust Co. raised its stake in shares of Belden by 662.2% during the first quarter. Whittier Trust Co. now owns 343 shares of the industrial products company’s stock worth $32,000 after buying an additional 298 shares during the last quarter. Rise Advisors LLC bought a new position in shares of Belden in the 1st quarter worth $32,000. Quadrant Capital Group LLC grew its position in shares of Belden by 41.7% during the 4th quarter. Quadrant Capital Group LLC now owns 829 shares of the industrial products company’s stock worth $64,000 after buying an additional 244 shares during the period. Finally, Principal Securities Inc. bought a new stake in Belden in the fourth quarter valued at approximately $72,000. 98.75% of the stock is currently owned by institutional investors.

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.