Belden (BDC) Receives “Buy” Rating from Guggenheim
Guggenheim reiterated their buy rating on shares of Belden (NYSE:BDC) in a research note issued to investors on Wednesday morning. They currently have a $90.00 price objective on the industrial products company’s stock.
“We continue to forecast Q4E showing relatively even ~6%Y/Y growth across each business but its strongest +8%Y/Y growth from Industrial networking (which we continue to consider Belden’s biggest swing-factor from -3%Y/Y in FY16 and -12%Y/Y back in FY15). CFO, Henk Derksen, outlined Belden’s 3yr FY17-20E financial goals including a Revenue CAGR of 5-7%, EBITDA margin of 20-22% (up from previous 18-20% targets), FCF CAGR of 13-15% and ROIC of 13-15%. Capital allocation priorities include a slightly increased 20% for organic investments (e.g., currently spending $15mil capex to expand its manufacturing footprint in India), 25% for share repurchases + dividends, and a slightly decreased 55% for M&A. Belden says it continues to have “excess cash” of $475mil and is pursuing a number of M&A opportunities, with the dry powder for inorganic growth.”,” Guggenheim’s analyst wrote.
Other analysts also recently issued research reports about the stock. ValuEngine raised shares of Belden from a hold rating to a buy rating in a research note on Monday, September 11th. Stifel Nicolaus boosted their price objective on shares of Belden from $90.00 to $97.00 and gave the stock an in-line rating in a research note on Wednesday. Canaccord Genuity reissued a buy rating and issued a $88.00 price objective (up previously from $83.00) on shares of Belden in a research note on Wednesday, September 13th. Cross Research downgraded shares of Belden from a buy rating to a hold rating in a research note on Friday, December 1st. Finally, Zacks Investment Research downgraded shares of Belden from a buy rating to a hold rating in a research note on Monday, November 6th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $89.50.
Belden (BDC) traded down $0.28 during trading on Wednesday, hitting $82.29. 267,800 shares of the stock traded hands, compared to its average volume of 291,038. The company has a quick ratio of 1.79, a current ratio of 2.26 and a debt-to-equity ratio of 1.06. Belden has a 1 year low of $64.60 and a 1 year high of $86.85. The company has a market capitalization of $3,482.30, a P/E ratio of 16.13 and a beta of 2.26.
Belden (NYSE:BDC) last posted its quarterly earnings results on Wednesday, November 1st. The industrial products company reported $1.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.41 by $0.08. Belden had a net margin of 4.03% and a return on equity of 17.52%. The firm had revenue of $621.74 million during the quarter, compared to the consensus estimate of $626.05 million. During the same quarter in the previous year, the firm posted $1.29 earnings per share. The company’s revenue was up 3.4% on a year-over-year basis. research analysts expect that Belden will post 5.52 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 4th. Stockholders of record on Friday, December 15th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.24%. The ex-dividend date of this dividend is Thursday, December 14th. Belden’s payout ratio is presently 13.79%.
In other news, SVP Paul Keith Turner sold 3,709 shares of the business’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $78.91, for a total transaction of $292,677.19. Following the sale, the senior vice president now directly owns 4,967 shares of the company’s stock, valued at $391,945.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman John S. Stroup sold 17,227 shares of the business’s stock in a transaction on Monday, October 9th. The shares were sold at an average price of $84.75, for a total transaction of $1,459,988.25. The disclosure for this sale can be found here. Corporate insiders own 1.31% of the company’s stock.
Large investors have recently bought and sold shares of the business. Greenwood Capital Associates LLC raised its position in shares of Belden by 0.5% in the second quarter. Greenwood Capital Associates LLC now owns 2,989 shares of the industrial products company’s stock worth $225,000 after acquiring an additional 14 shares during the period. Teacher Retirement System of Texas raised its position in shares of Belden by 0.4% in the second quarter. Teacher Retirement System of Texas now owns 3,372 shares of the industrial products company’s stock worth $254,000 after acquiring an additional 15 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of Belden by 0.3% in the second quarter. Public Employees Retirement System of Ohio now owns 26,132 shares of the industrial products company’s stock worth $1,971,000 after acquiring an additional 90 shares during the period. Capstone Asset Management Co. raised its position in shares of Belden by 4.2% in the second quarter. Capstone Asset Management Co. now owns 3,469 shares of the industrial products company’s stock worth $262,000 after acquiring an additional 140 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Belden by 10.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,744 shares of the industrial products company’s stock worth $132,000 after acquiring an additional 160 shares during the period.
Belden Inc is a signal transmission solutions provider company. The Company operates through five segment: Broadcast Solutions (Broadcast), Enterprise Connectivity Solutions (Enterprise), Industrial Connectivity Solutions (Industrial Connectivity), Industrial IT Solutions (Industrial IT), and Network Security Solutions (Network Security).
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