Zacks Investment Research puts Belden (NYSE:BDC) to “buy”
Belden (NYSE: BDC – Get a Note) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note released Wednesday, Zacks.com reports. The company currently has a target price of $66.00 on shares of the industrial products company. Zacks Investment Research’s price target would point to a potential upside of 12.99% from the company’s previous close.
According to Zacks, “Belden Inc is engaged in the design, manufacture and retail sale of cable, connectivity and networking products in markets such as industrial automation, enterprise, transportation, infrastructure and consumer electronics. The Company’s products find application in industrial automation, business, 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. “
BDC has been the subject of a number of other research reports. Canaccord Genuity Group raised its target price on Belden shares from $82.00 to $88.00 and gave the company a “buy” rating in a Thursday, May 5 research note. TheStreet downgraded Belden’s shares from a “c+” rating to a “b-” rating in a Thursday, May 26 research note. StockNews.com upgraded Belden’s shares from a “buy” rating to a “strong buy” rating in a Thursday, April 21 research note. Truist Financial lowered its price target on Belden shares from $86.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, April 8. Finally, the Goldman Sachs Group downgraded Belden’s shares from a “sell” rating to a “neutral” rating and lowered its target price for the stock from $57.00 to $55.00 in a report research on Tuesday, April 19. One analyst gave the stock a hold rating, four gave the stock a buy rating and one gave the stock a strong buy rating. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $71.20.
NYSE BDC traded down $0.96 at midday on Wednesday, hitting $58.41. 306,707 shares were traded, against an average volume of 290,839. Belden has a 1-year low of $45.31 and a 1-year high of $68.87. The company’s fifty-day simple moving average is $53.77 and its 200-day simple moving average is $57.46. The stock has a market capitalization of $2.58 billion, a PE ratio of 37.44 and a beta of 1.32. The company has a debt ratio of 1.28, a quick ratio of 1.71 and a current ratio of 2.39.
Belden (NYSE:BDC – Get Rating) last announced its results on Wednesday, May 4. The industrial products company reported earnings per share (EPS) of $1.31 for the quarter, beating analysts’ consensus estimate of $1.09 by $0.22. The company posted revenue of $610.40 million for the quarter, versus analyst estimates of $572.62 million. Belden had a net margin of 2.86% and a return on equity of 25.14%. Belden’s sales increased 20.0% compared to the same quarter last year. In the same quarter last year, the company earned $0.94 per share. On average, analysts expect Belden to post EPS of 5.75 for the current year.
Hedge funds have recently increased or reduced their stakes in the company. Point72 Hong Kong Ltd increased its stake in Belden shares by 88.0% during the first quarter. Point72 Hong Kong Ltd now owns 515 shares of the industrial products company valued at $29,000 after acquiring an additional 241 shares during the period. Pinebridge Investments LP acquired a new position in Belden in Q4 worth approximately $59,000. Atlas Capital Advisors LLC acquired a new position in Belden in Q1 worth approximately $99,000. Industrial Alliance Investment Management Inc. acquired a new position in Belden in Q4 worth approximately $102,000. Finally, USA Financial Portformulas Corp acquired a new position in Belden in Q4 worth approximately $124,000. Institutional investors and hedge funds own 99.58% of the company’s shares.
About Belden (Get an evaluation)
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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