Principal Financial Group Inc. Has $12.61 Million Stake in Belden Inc. (NYSE:BDC)

Principal Financial Group Inc. reduced its holdings in Belden Inc. (NYSE:BDC - Free Report) by 29.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 107,660 shares of the industrial products company's stock after selling 44,818 shares during the period. Principal Financial Group Inc. owned 0.26% of Belden worth $12,610,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Matrix Trust Co acquired a new stake in shares of Belden in the third quarter valued at about $25,000. Opal Wealth Advisors LLC bought a new position in Belden in the second quarter valued at approximately $28,000. GAMMA Investing LLC increased its position in shares of Belden by 72.2% during the 3rd quarter. GAMMA Investing LLC now owns 279 shares of the industrial products company's stock worth $33,000 after purchasing an additional 117 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Belden in the 2nd quarter valued at approximately $95,000. Finally, Covestor Ltd grew its stake in shares of Belden by 33.9% in the first quarter. Covestor Ltd now owns 1,166 shares of the industrial products company's stock valued at $108,000 after buying an additional 295 shares in the last quarter. 98.75% of the stock is owned by institutional investors.

Belden Trading Down 1.0 %

Shares of Belden stock opened at $118.61 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.07 and a quick ratio of 1.43. The business has a fifty day simple moving average of $115.88 and a two-hundred day simple moving average of $102.87. Belden Inc. has a 1 year low of $65.52 and a 1 year high of $131.82. The company has a market capitalization of $4.78 billion, a price-to-earnings ratio of 27.58 and a beta of 1.07.

Belden (NYSE:BDC - Get Free Report) last posted its earnings results on Thursday, October 31st. The industrial products company reported $1.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.61 by $0.09. Belden had a net margin of 7.61% and a return on equity of 20.55%. The company had revenue of $654.90 million during the quarter, compared to analysts' expectations of $643.63 million. During the same quarter last year, the company posted $1.78 EPS. Belden's quarterly revenue was up 4.5% compared to the same quarter last year. Research analysts forecast that Belden Inc. will post 6.12 EPS for the current year.

Belden Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Thursday, September 12th were paid a dividend of $0.05 per share. The ex-dividend date was Thursday, September 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.17%. Belden's dividend payout ratio (DPR) is currently 4.65%.

Insider Buying and Selling

In other Belden news, CAO Doug Zink sold 3,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $128.82, for a total transaction of $386,460.00. Following the transaction, the chief accounting officer now owns 6,643 shares in the company, valued at $855,751.26. This trade represents a 31.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.59% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BDC. Vertical Research began coverage on shares of Belden in a research report on Tuesday, July 23rd. They set a "buy" rating and a $110.00 price target on the stock. Benchmark boosted their price objective on shares of Belden from $120.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. Finally, Truist Financial raised their target price on shares of Belden from $124.00 to $136.00 and gave the company a "buy" rating in a research note on Friday, November 1st. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $122.75.

Belden Profile

Belden Inc designs, manufactures, and markets a portfolio of signal transmission solutions for mission critical applications in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It operates in two segments, Enterprise Solutions and Industrial Automation 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 to the home, and building automation.