Wedge Capital Management L L P NC Sells 5,464 Shares of Belden Inc. (NYSE:BDC)
Wedge Capital Management L L P NC trimmed its position in Belden Inc. (NYSE:BDC) by 2.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 239,738 shares of the industrial products company’s stock after selling 5,464 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Belden were worth $14,281,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in BDC. Advisor Group Inc. increased its stake in Belden by 37.7% in the second quarter. Advisor Group Inc. now owns 910 shares of the industrial products company’s stock valued at $54,000 after acquiring an additional 249 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in Belden by 12.6% in the fourth quarter. Public Employees Retirement System of Ohio now owns 2,185 shares of the industrial products company’s stock valued at $91,000 after acquiring an additional 244 shares during the last quarter. Virtu Financial LLC bought a new position in Belden in the first quarter valued at approximately $204,000. Fox Run Management L.L.C. bought a new position in Belden in the second quarter valued at approximately $205,000. Finally, FDx Advisors Inc. bought a new position in Belden in the second quarter valued at approximately $215,000. 97.53% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently issued reports on the stock. Stifel Nicolaus decreased their price objective on shares of Belden from $70.00 to $57.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. SunTrust Banks decreased their price objective on shares of Belden to $54.00 and set a “hold” rating on the stock in a research note on Thursday, August 1st. Zacks Investment Research cut shares of Belden from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Finally, ValuEngine cut shares of Belden from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $62.58.
Shares of NYSE BDC traded down $0.83 during midday trading on Thursday, reaching $42.00. 4,044 shares of the company were exchanged, compared to its average volume of 454,642. The company’s 50-day moving average price is $52.59. The stock has a market capitalization of $2.00 billion, a PE ratio of 7.07 and a beta of 2.42. Belden Inc. has a one year low of $37.79 and a one year high of $75.25. The company has a current ratio of 1.89, a quick ratio of 1.37 and a debt-to-equity ratio of 1.07.
Belden (NYSE:BDC) last posted its earnings results on Wednesday, July 31st. The industrial products company reported $1.39 earnings per share for the quarter, missing analysts’ consensus estimates of $1.40 by ($0.01). The company had revenue of $637.50 million for the quarter, compared to the consensus estimate of $641.65 million. Belden had a return on equity of 19.29% and a net margin of 7.76%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.52 EPS. Analysts forecast that Belden Inc. will post 5.54 EPS for the current fiscal year.
Belden Company Profile
Belden Inc operates as a signal transmission solutions company in the United States and internationally. The company operates in two segments, Enterprise Solutions and Industrial Solutions segments. The Enterprise Solutions segment offers copper cable and connectivity solutions, fiber cable and connectivity solutions, and racks and enclosures for use in applications, such as local area networks, data centers, access control, and building automation, as well as live production and performance, video display and digital signage, and corporate communications.
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