AlphaCrest Capital Management LLC Has $881,000 Position in Belden Inc. (NYSE:BDC)

Posted by Defense World Staff on Mar 7th, 2023

AlphaCrest Capital Management LLC grew its position in shares of Belden Inc. (NYSE:BDC – Get Rating) by 181.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,679 shares of the industrial products company’s stock after buying an additional 9,471 shares during the period. AlphaCrest Capital Management LLC’s holdings in Belden were worth $881,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Bank of Montreal Can boosted its stake in shares of Belden by 8.2% in the first quarter. Bank of Montreal Can now owns 15,131 shares of the industrial products company’s stock valued at $867,000 after buying an additional 1,142 shares during the period. MetLife Investment Management LLC grew its holdings in shares of Belden by 40.1% during the 1st quarter. MetLife Investment Management LLC now owns 52,012 shares of the industrial products company’s stock worth $2,881,000 after purchasing an additional 14,895 shares in the last quarter. Panagora Asset Management Inc. bought a new position in shares of Belden in the first quarter worth $961,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Belden by 10.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,455 shares of the industrial products company’s stock valued at $912,000 after purchasing an additional 1,569 shares in the last quarter. Finally, APG Asset Management N.V. bought a new stake in Belden during the first quarter worth about $762,000. Institutional investors own 99.88% of the company’s stock.

Belden Trading Down 0.7 %

NYSE BDC opened at $85.85 on Tuesday. The company has a market cap of $3.68 billion, a price-to-earnings ratio of 14.93 and a beta of 1.32. Belden Inc. has a twelve month low of $47.89 and a twelve month high of $92.33. The company has a quick ratio of 1.87, a current ratio of 2.40 and a debt-to-equity ratio of 1.02. The business’s fifty day moving average is $81.59 and its 200 day moving average is $74.06.

Belden (NYSE:BDC – Get Rating) last released its quarterly earnings results on Wednesday, February 8th. The industrial products company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.09. Belden had a return on equity of 26.70% and a net margin of 9.77%. The company had revenue of $659.07 million for the quarter, compared to analysts’ expectations of $644.17 million. During the same period in the previous year, the business posted $1.32 earnings per share. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. As a group, sell-side analysts expect that Belden Inc. will post 6.84 EPS for the current fiscal year.

Belden Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 6th. Investors of record on Tuesday, March 14th will be paid a $0.05 dividend. The ex-dividend date is Monday, March 13th. This represents a $0.20 annualized dividend and a dividend yield of 0.23%. Belden’s dividend payout ratio is 3.48%.

Insider Buying and Selling

In other news, EVP Anshuman Mehrotra sold 4,360 shares of the stock in a transaction dated Thursday, February 9th. The stock was sold at an average price of $86.99, for a total value of $379,276.40. Following the completion of the sale, the executive vice president now owns 12,682 shares of the company’s stock, valued at $1,103,207.18. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.06% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

BDC has been the subject of several analyst reports. Loop Capital boosted their target price on shares of Belden from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Thursday, February 9th. The Goldman Sachs Group boosted their price objective on shares of Belden from $76.00 to $87.00 and gave the company a “neutral” rating in a research report on Thursday, February 9th. Benchmark raised their target price on Belden from $88.00 to $108.00 and gave the company a “buy” rating in a report on Tuesday, February 14th. Jefferies Financial Group began coverage on Belden in a report on Tuesday, November 22nd. They set a “hold” rating and a $86.00 price target for the company. Finally, Truist Financial raised their price objective on Belden from $93.00 to $103.00 and gave the company a “buy” rating in a research note on Thursday, February 9th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $97.00.

About Belden

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Belden, Inc engages in the provision of innovative signal transmission solutions. It operates through the Enterprise Solutions and Industrial Solutions segments. The Enterprise Solutions segment offers network infrastructure solutions, as well as cabling and connectivity solutions for broadcast, commercial audio/video, and security applications.