SunTrust Banks Cuts Belden (NYSE:BDC) Price Target to $54.00

Belden (NYSE:BDC) had its price target lowered by SunTrust Banks to $54.00 in a research report sent to investors on Thursday, The Fly reports. SunTrust Banks currently has a hold rating on the industrial products company’s stock.

Several other equities analysts have also recently weighed in on the company. Zacks Investment Research upgraded Belden from a hold rating to a buy rating and set a $61.00 price objective on the stock in a research note on Tuesday, July 16th. ValuEngine cut Belden from a sell rating to a strong sell rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The company has an average rating of Hold and an average price target of $62.58.

Shares of BDC traded down $0.65 during trading hours on Thursday, reaching $45.16. The stock had a trading volume of 491,698 shares, compared to its average volume of 422,296. Belden has a 12 month low of $37.79 and a 12 month high of $75.25. The stock’s 50-day moving average is $55.99. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.89 and a quick ratio of 1.40. The firm has a market cap of $1.81 billion, a P/E ratio of 7.45 and a beta of 2.42.

Belden (NYSE:BDC) last issued its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.39 earnings per share for the quarter, missing the consensus estimate of $1.40 by ($0.01). Belden had a net margin of 7.76% and a return on equity of 19.29%. The company had revenue of $637.50 million for the quarter, compared to the consensus estimate of $641.65 million. During the same quarter last year, the business posted $1.52 earnings per share. Belden’s revenue was down 4.7% on a year-over-year basis. Sell-side analysts expect that Belden will post 5.56 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 9th. Shareholders of record on Wednesday, June 19th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.44%. The ex-dividend date was Tuesday, June 18th. Belden’s dividend payout ratio (DPR) is presently 3.30%.

In related news, SVP Leo Kulmaczewski acquired 800 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were acquired at an average cost of $45.46 per share, for a total transaction of $36,368.00. Following the purchase, the senior vice president now owns 10,692 shares in the company, valued at $486,058.32. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 1.52% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of BDC. Millennium Management LLC bought a new stake in shares of Belden during the 4th quarter worth $15,931,000. LSV Asset Management raised its stake in shares of Belden by 194.2% during the 1st quarter. LSV Asset Management now owns 512,400 shares of the industrial products company’s stock worth $27,515,000 after purchasing an additional 338,236 shares during the period. Janus Henderson Group PLC raised its stake in shares of Belden by 6.5% during the 2nd quarter. Janus Henderson Group PLC now owns 5,537,725 shares of the industrial products company’s stock worth $329,882,000 after purchasing an additional 338,127 shares during the period. American Century Companies Inc. raised its stake in shares of Belden by 37.6% during the 4th quarter. American Century Companies Inc. now owns 650,706 shares of the industrial products company’s stock worth $27,180,000 after purchasing an additional 177,716 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Belden by 9.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,667,711 shares of the industrial products company’s stock worth $69,660,000 after purchasing an additional 150,151 shares during the period.

About Belden

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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