Belden (BDC) Lowered to Neutral at Goldman Sachs Group

Belden (NYSE:BDC) was downgraded by research analysts at Goldman Sachs Group from a “buy” rating to a “neutral” rating in a report issued on Sunday. They currently have a $55.78 target price on the industrial products company’s stock. Goldman Sachs Group’s target price points to a potential upside of 17.98% from the stock’s current price.

Several other research firms also recently issued reports on BDC. TheStreet raised shares of Belden from a “c” rating to a “b-” rating in a research note on Tuesday, August 21st. Canaccord Genuity reaffirmed a “buy” rating and set a $88.00 price target on shares of Belden in a research note on Wednesday, August 22nd. Zacks Investment Research downgraded shares of Belden from a “buy” rating to a “hold” rating in a research note on Tuesday, October 23rd. Longbow Research downgraded shares of Belden from a “buy” rating to a “neutral” rating in a research note on Thursday, November 1st. Finally, ValuEngine downgraded shares of Belden from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 1st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. Belden presently has a consensus rating of “Hold” and a consensus target price of $70.46.

Shares of BDC stock traded down $1.68 during trading hours on Friday, hitting $47.28. 616,986 shares of the company’s stock traded hands, compared to its average volume of 571,018. The company has a market capitalization of $1.91 billion, a P/E ratio of 8.84 and a beta of 2.42. Belden has a 12 month low of $46.88 and a 12 month high of $87.14. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.38 and a current ratio of 1.90.

Belden (NYSE:BDC) last released its quarterly earnings results on Wednesday, October 31st. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.71 by $0.01. The firm had revenue of $659.00 million during the quarter, compared to the consensus estimate of $679.15 million. Belden had a net margin of 5.83% and a return on equity of 21.28%. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.49 earnings per share. As a group, sell-side analysts forecast that Belden will post 6.09 earnings per share for the current fiscal year.

Belden declared that its Board of Directors has authorized a share repurchase program on Thursday, November 29th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the industrial products company to buy up to 13.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

In other news, SVP Roel Vestjens bought 447 shares of the stock in a transaction that occurred on Wednesday, November 14th. The stock was acquired at an average price of $55.94 per share, with a total value of $25,005.18. Following the completion of the purchase, the senior vice president now directly owns 22,778 shares of the company’s stock, valued at $1,274,201.32. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman John S. Stroup bought 9,250 shares of the stock in a transaction that occurred on Thursday, November 1st. The shares were purchased at an average cost of $53.44 per share, with a total value of $494,320.00. Following the purchase, the chairman now directly owns 21,713 shares of the company’s stock, valued at $1,160,342.72. The disclosure for this purchase can be found here. Insiders have purchased 11,128 shares of company stock valued at $596,098 in the last three months. 1.34% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in BDC. Principal Financial Group Inc. raised its stake in Belden by 2.1% during the first quarter. Principal Financial Group Inc. now owns 184,830 shares of the industrial products company’s stock worth $12,743,000 after buying an additional 3,841 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Belden in the second quarter worth $547,000. Wells Fargo & Company MN grew its holdings in Belden by 28.2% in the second quarter. Wells Fargo & Company MN now owns 1,098,575 shares of the industrial products company’s stock worth $67,145,000 after purchasing an additional 241,889 shares during the period. KBC Group NV acquired a new stake in Belden in the second quarter worth $1,514,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Belden in the second quarter worth $671,000.

About Belden

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.

See Also: Fundamental Analysis

Analyst Recommendations for Belden (NYSE:BDC)

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