Belden (NYSE:BDC) Posts Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Belden (NYSE:BDC) announced its quarterly earnings results on Thursday. The industrial products company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.37 by $0.14, Briefing.com reports. The business had revenue of $604.34 million during the quarter, compared to analysts’ expectations of $574.32 million. Belden had a return on equity of 21.13% and a net margin of 8.51%. The firm’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.91 EPS. Belden updated its Q3 2024 guidance to 1.550-1.650 EPS and its Q3 guidance to $1.55-1.65 EPS.

Belden Stock Performance

Belden stock traded down $1.17 during mid-day trading on Friday, reaching $99.35. The company had a trading volume of 625,746 shares, compared to its average volume of 272,832. The company has a quick ratio of 1.83, a current ratio of 1.70 and a debt-to-equity ratio of 0.95. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of 19.46 and a beta of 1.06. The company has a 50 day moving average of $94.40 and a 200-day moving average of $88.46. Belden has a 52 week low of $60.54 and a 52 week high of $102.47.

Belden Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 9th. Investors of record on Thursday, June 13th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.20%. The ex-dividend date of this dividend was Thursday, June 13th. Belden’s payout ratio is currently 3.91%.

Insider Buying and Selling

In other Belden news, EVP Brian Lieser sold 819 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $91.26, for a total value of $74,741.94. Following the completion of the transaction, the executive vice president now owns 21,031 shares of the company’s stock, valued at approximately $1,919,289.06. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Belden news, Director Jonathan C. Klein sold 1,093 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $95.50, for a total transaction of $104,381.50. Following the sale, the director now owns 13,704 shares of the company’s stock, valued at approximately $1,308,732. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Brian Lieser sold 819 shares of the business’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $91.26, for a total transaction of $74,741.94. Following the completion of the transaction, the executive vice president now directly owns 21,031 shares of the company’s stock, valued at $1,919,289.06. The disclosure for this sale can be found here. Insiders have sold a total of 10,219 shares of company stock valued at $986,641 over the last three months. 1.59% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BDC. Loop Capital raised their price target on shares of Belden from $100.00 to $115.00 and gave the company a “buy” rating in a report on Friday, May 17th. Benchmark boosted their price target on Belden from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday. StockNews.com raised Belden from a “hold” rating to a “buy” rating in a report on Monday, June 17th. Vertical Research started coverage on Belden in a research report on Tuesday, July 23rd. They set a “buy” rating and a $110.00 target price for the company. Finally, Truist Financial lifted their price target on shares of Belden from $123.00 to $124.00 and gave the company a “buy” rating in a research report on Friday. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $111.67.

Belden Company 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.