Principal Financial Group Inc. lowered its holdings in Belden Inc. (NYSE:BDC - Free Report) by 29.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 107,660 shares of the industrial products company's stock after selling 44,818 shares during the quarter. Principal Financial Group Inc. owned 0.27% of Belden worth $12,610,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of the business. Matrix Trust Co acquired a new stake in shares of Belden during the 3rd quarter worth about $25,000. GAMMA Investing LLC increased its position in shares of Belden by 72.2% during the third quarter. GAMMA Investing LLC now owns 279 shares of the industrial products company's stock valued at $33,000 after acquiring an additional 117 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of Belden during the third quarter valued at about $33,000. First Horizon Advisors Inc. raised its stake in shares of Belden by 97.7% in the 3rd quarter. First Horizon Advisors Inc. now owns 423 shares of the industrial products company's stock valued at $50,000 after acquiring an additional 209 shares during the period. Finally, KBC Group NV lifted its holdings in shares of Belden by 27.8% in the 3rd quarter. KBC Group NV now owns 1,261 shares of the industrial products company's stock worth $148,000 after acquiring an additional 274 shares during the last quarter. Institutional investors and hedge funds own 98.75% of the company's stock.
Belden Stock Down 1.7 %
BDC stock traded down $1.91 during midday trading on Friday, hitting $113.47. The company's stock had a trading volume of 161,297 shares, compared to its average volume of 268,515. The firm has a 50-day simple moving average of $119.88 and a 200-day simple moving average of $108.41. The firm has a market capitalization of $4.58 billion, a P/E ratio of 26.39 and a beta of 1.08. The company has a quick ratio of 1.43, a current ratio of 2.07 and a debt-to-equity ratio of 0.99. Belden Inc. has a 52-week low of $71.20 and a 52-week high of $131.82.
Belden (NYSE:BDC - Get Free Report) last released its earnings results on Thursday, October 31st. The industrial products company reported $1.70 earnings per share for the quarter, topping analysts' consensus estimates of $1.61 by $0.09. The firm had revenue of $654.90 million for the quarter, compared to analyst estimates of $643.63 million. Belden had a net margin of 7.61% and a return on equity of 20.55%. The business's quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.78 earnings per share. As a group, equities analysts forecast that Belden Inc. will post 6.12 EPS for the current year.
Belden Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Stockholders of record on Thursday, December 12th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.18%. The ex-dividend date of this dividend is Thursday, December 12th. Belden's dividend payout ratio (DPR) is presently 4.65%.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on BDC. Benchmark boosted their target price on Belden from $120.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, November 1st. Truist Financial boosted their price objective on Belden from $124.00 to $136.00 and gave the company a "buy" rating in a report on Friday, November 1st. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Belden has an average rating of "Buy" and a consensus price target of $122.75.
Check Out Our Latest Research Report on Belden
Insider Transactions at Belden
In related news, CAO Doug Zink sold 1,324 shares of the stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $117.49, for a total value of $155,556.76. Following the transaction, the chief accounting officer now directly owns 9,643 shares of the company's stock, valued at $1,132,956.07. This trade represents a 12.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.59% of the company's stock.
Belden Company Profile
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Free Report)
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.
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