Belden (NYSE:BDC) Downgraded to “Hold” at Zacks Investment Research

Belden (NYSE:BDC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday, Zacks.com reports.

According to Zacks, “Belden Inc is engaged in the design, manufacture and retail of cable, connectivity, and networking products in markets including industrial automation, enterprise, transportation, infrastructure, and consumer electronics. The Company’s products find its application in the industrial automation, enterprise, education, healthcare, entertainment and broadcast, sound and security, transportation, infrastructure, consumer electronics and other industries. Belden has manufacturing capabilities in North America, Europe, and Asia, and a market presence in nearly every region of the world. Belden Inc is based in St. Louis, Missouri. “

Several other research firms have also issued reports on BDC. Stifel Nicolaus dropped their price objective on Belden from $70.00 to $57.00 and set a “buy” rating for the company in a research note on Thursday. ValuEngine lowered Belden from a “sell” rating to a “strong sell” rating in a research note on Thursday. Finally, SunTrust Banks dropped their price objective on Belden to $54.00 and set a “hold” rating for the company in a research note on Thursday. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $62.58.

Shares of BDC stock traded down $0.65 during trading hours on Friday, reaching $45.16. The company had a trading volume of 491,698 shares, compared to its average volume of 447,559. Belden has a 12 month low of $37.79 and a 12 month high of $75.25. The company has a current ratio of 1.97, a quick ratio of 1.40 and a debt-to-equity ratio of 1.01. The firm has a fifty day moving average of $56.26. The company has a market capitalization of $1.78 billion, a P/E ratio of 7.45 and a beta of 2.46.

Belden (NYSE:BDC) last released its earnings results on Wednesday, July 31st. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.40 by ($0.01). The firm had revenue of $637.50 million during the quarter, compared to analysts’ expectations of $641.65 million. Belden had a return on equity of 20.17% and a net margin of 7.15%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.52 earnings per share. As a group, equities research analysts predict that Belden will post 5.58 earnings per share for the current year.

In other Belden news, SVP Leo Kulmaczewski purchased 800 shares of Belden stock in a transaction that occurred on Thursday, August 1st. The shares were bought at an average price of $45.46 per share, for a total transaction of $36,368.00. Following the acquisition, the senior vice president now directly owns 10,692 shares in the company, valued at $486,058.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.52% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the stock. Advisor Group Inc. grew its holdings in shares of Belden by 37.7% during the 2nd quarter. Advisor Group Inc. now owns 910 shares of the industrial products company’s stock worth $54,000 after acquiring an additional 249 shares during the period. Public Employees Retirement System of Ohio grew its holdings in shares of Belden by 12.6% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,185 shares of the industrial products company’s stock worth $91,000 after acquiring an additional 244 shares during the period. Pennsylvania Trust Co purchased a new position in shares of Belden during the 1st quarter worth approximately $5,081,000. Fox Run Management L.L.C. purchased a new position in shares of Belden during the 2nd quarter worth approximately $205,000. Finally, FDx Advisors Inc. purchased a new position in shares of Belden during the 2nd quarter worth approximately $215,000.

Belden Company Profile

Belden Inc operates as a signal transmission solutions company in the United States and internationally. The company operates in two segments, Enterprise Solutions and Industrial Solutions segments. The Enterprise Solutions segment offers copper cable and connectivity solutions, fiber cable and connectivity solutions, and racks and enclosures for use in applications, such as local area networks, data centers, access control, and building automation, as well as live production and performance, video display and digital signage, and corporate communications.

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