Belden (BDC) Downgraded by Zacks Investment Research

Belden (NYSE:BDC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday.

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. “

A number of other analysts also recently issued reports on BDC. Canaccord Genuity set a $88.00 price objective on shares of Belden and gave the company a “buy” rating in a report on Wednesday, July 25th. Guggenheim reiterated a “buy” rating and issued a $90.00 price objective on shares of Belden in a report on Wednesday, August 1st. ValuEngine upgraded shares of Belden from a “sell” rating to a “hold” rating in a report on Thursday, August 2nd. TheStreet upgraded shares of Belden from a “c” rating to a “b-” rating in a report on Tuesday, August 21st. Finally, SunTrust Banks downgraded shares of Belden from a “buy” rating to a “hold” rating and set a $56.00 price objective on the stock. in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $73.40.

BDC traded up $2.64 during trading on Friday, reaching $54.94. The company had a trading volume of 1,429,002 shares, compared to its average volume of 503,651. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.26 and a current ratio of 1.90. Belden has a 12 month low of $50.71 and a 12 month high of $87.14. The firm has a market cap of $2.23 billion, a P/E ratio of 10.27 and a beta of 2.41.

Belden (NYSE:BDC) last posted its quarterly earnings data on Wednesday, October 31st. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.71 by $0.01. Belden had a net margin of 5.83% and a return on equity of 21.28%. The company had revenue of $659.00 million for the quarter, compared to the consensus estimate of $679.15 million. During the same period last year, the company earned $1.49 earnings per share. The firm’s revenue was up 6.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Belden will post 6.1 earnings per share for the current fiscal year.

In other Belden news, Chairman John S. Stroup acquired 9,250 shares of the stock in a transaction dated Thursday, November 1st. The shares were bought at an average cost of $53.44 per share, for a total transaction of $494,320.00. Following the completion of the acquisition, the chairman now directly owns 21,713 shares of the company’s stock, valued at $1,160,342.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.34% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. First Hawaiian Bank acquired a new position in Belden during the third quarter worth $159,000. US Bancorp DE increased its holdings in Belden by 83.0% during the second quarter. US Bancorp DE now owns 2,628 shares of the industrial products company’s stock worth $161,000 after buying an additional 1,192 shares during the last quarter. Howe & Rusling Inc. increased its holdings in Belden by 14,270.0% during the second quarter. Howe & Rusling Inc. now owns 2,874 shares of the industrial products company’s stock worth $176,000 after buying an additional 2,854 shares during the last quarter. Balter Liquid Alternatives LLC acquired a new position in Belden during the second quarter worth $210,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in Belden during the second quarter worth $225,000.

Belden Company Profile

Belden Inc designs, manufactures, and markets signal transmission solutions worldwide. It operates through Broadcast Solutions, Enterprise Solutions, Industrial Solutions, and Network Solutions segments. The Broadcast Solutions segment offers camera solutions, production switchers, server and storage systems for instant replay applications, interfaces and routers, monitoring systems, in-home network systems, playout systems, outside plant connectivity products, and other cable, and connectivity products.

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