Belden (NYSE:BDC – Get Rating) updated its third quarter 2022 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $1.50-$1.60 for the period, compared to the consensus estimate of $1.48. The company issued revenue guidance of $625.00 million-$640.00 million, compared to the consensus revenue estimate of $634.29 million. Belden also updated its FY 2022 guidance to $5.90-$6.10 EPS.
Belden Price Performance
Shares of NYSE:BDC traded up $1.62 during trading on Wednesday, hitting $67.93. 2,218 shares of the stock were exchanged, compared to its average volume of 305,319. The company has a market cap of $3.01 billion, a PE ratio of 34.90 and a beta of 1.35. The company has a current ratio of 2.39, a quick ratio of 1.72 and a debt-to-equity ratio of 1.08. The company has a fifty day moving average price of $57.80 and a two-hundred day moving average price of $55.86. Belden has a 12-month low of $47.89 and a 12-month high of $68.87.
Belden (NYSE:BDC – Get Rating) last posted its earnings results on Wednesday, August 3rd. The industrial products company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.17. Belden had a return on equity of 25.73% and a net margin of 3.37%. The company had revenue of $666.60 million for the quarter, compared to the consensus estimate of $633.68 million. During the same period in the previous year, the business earned $1.21 earnings per share. Belden’s quarterly revenue was up 15.7% compared to the same quarter last year. On average, analysts forecast that Belden will post 6 EPS for the current year.
Belden Dividend Announcement
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The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 7th. Stockholders of record on Thursday, June 16th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Wednesday, June 15th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.29%. Belden’s dividend payout ratio (DPR) is 10.53%.
Wall Street Analyst Weigh In
BDC has been the topic of a number of analyst reports. The Goldman Sachs Group increased their price objective on Belden from $59.00 to $67.00 and gave the company a neutral rating in a research note on Thursday, August 4th. Canaccord Genuity Group boosted their price objective on shares of Belden from $82.00 to $88.00 and gave the company a buy rating in a research report on Thursday, May 5th. StockNews.com raised shares of Belden from a buy rating to a strong-buy rating in a research note on Thursday, April 21st. Truist Financial lifted their target price on shares of Belden from $67.00 to $77.00 in a research note on Thursday, August 4th. Finally, TheStreet raised Belden from a c+ rating to a b- rating in a research note on Thursday, May 26th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Buy and a consensus target price of $78.50.
Insider Buying and Selling
In other news, Director Jonathan C. Klein sold 1,000 shares of the company’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $66.90, for a total transaction of $66,900.00. Following the completion of the sale, the director now directly owns 15,053 shares in the company, valued at approximately $1,007,045.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, SVP Anshuman Mehrotra sold 4,000 shares of the stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $66.61, for a total value of $266,440.00. Following the completion of the sale, the senior vice president now directly owns 16,402 shares in the company, valued at approximately $1,092,537.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jonathan C. Klein sold 1,000 shares of the business’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $66.90, for a total value of $66,900.00. Following the transaction, the director now owns 15,053 shares in the company, valued at approximately $1,007,045.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,424 shares of company stock valued at $1,294,844. Insiders own 1.06% of the company’s stock.
Institutional Investors Weigh In On Belden
A number of large investors have recently modified their holdings of BDC. Point72 Hong Kong Ltd lifted its position in Belden by 88.0% during the 1st quarter. Point72 Hong Kong Ltd now owns 515 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 241 shares in the last quarter. Verition Fund Management LLC purchased a new position in shares of Belden in the first quarter valued at $249,000. Guggenheim Capital LLC grew its holdings in Belden by 8.2% during the 1st quarter. Guggenheim Capital LLC now owns 7,862 shares of the industrial products company’s stock valued at $435,000 after purchasing an additional 595 shares in the last quarter. Jane Street Group LLC increased its stake in Belden by 96.2% during the 1st quarter. Jane Street Group LLC now owns 7,934 shares of the industrial products company’s stock worth $440,000 after buying an additional 3,890 shares during the period. Finally, PDT Partners LLC acquired a new position in Belden in the 1st quarter worth $499,000. Institutional investors and hedge funds own 99.58% of the company’s stock.
About Belden
Belden Inc provides portfolio of signal transmission solutions in the Americas, Europe, the Middle East, Africa, and the 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, and signal extension and matrix switching systems for use in applications, such as local area networks, data centers, access control, 5G, fiber, and home and building automation.
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