Belden Inc (BDC) Updates Q3 Earnings Guidance

Paterniano Del Favero
Agosto 4, 2017

Channing Capital Management LLC reduced its stake in shares of Belden Inc (NYSE:BDC) by 3.3% during the second quarter, Holdings Channel reports. Stein now expects that the industrial products company will earn $1.40 per share for the quarter, down from their prior forecast of $1.41. The company issued revenue guidance of $615-635 million, compared to the consensus revenue estimate of $621.92 million.Belden also updated its FY17 guidance to $5.35-5.55 EPS.

Belden Inc (NYSE:BDC) issued an update on its third quarter earnings guidance on Wednesday morning. The firm's quarterly revenue was up 1.5% on a year-over-year basis. Can now owns 24,788 shares of the industrial products company's stock valued at $1,715,000 after buying an additional 1,115 shares during the last quarter.

TRADEMARK VIOLATION NOTICE: This piece of content was published by BNB Daily and is owned by of BNB Daily. If you are accessing this story on another domain, it was copied illegally and republished in violation of global trademark and copyright legislation. Envestnet Asset Management Inc. acquired a new position in shares of Belden during the fourth quarter worth about $105,000. Guggenheim started coverage on shares of Belden in a research note on Tuesday, July 11th. They issued a "buy" rating and a $90.00 target price for the company. CL King assumed coverage on Belden in a research note on Wednesday, June 21st. They issued a "neutral" rating on the stock. Goldman Sachs initiated Belden Inc. (The) started coverage on shares of Belden in a report on Friday, June 23rd. They set a buy rating and a $93.00 price target on the stock. Zacks Investment Research upgraded shares of Belden from a hold rating to a strong-buy rating and set a $86.00 target price for the company in a report on Tuesday, July 11th. ValuEngine lowered shares of Belden from a buy rating to a hold rating in a report on Thursday, July 20th. One analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock now has a consensus rating of Buy and a consensus price target of $84.56.

Belden Inc (NYSE:BDC) traded down 2.50% during mid-day trading on Thursday, hitting $73.64.

On 2/17/2017 Glenn Pennycook, EVP, sold 6,306 with an average share price of $72.86 per share and the total transaction amounting to $459,455.16. Belden has a 1-year low of $60.06 and a 1-year high of $81.33. The company has market cap of $3.09 billion.

Additionally the company announced a dividend that was paid on Thursday the 6th of July 2017. Shareholders of record on Thursday, June 15th were given a $0.05 dividend.

On 5/25/2017 Belden announced a quarterly dividend of $0.05 0.28% with an ex dividend date of 6/13/2017 which will be payable on 7/6/2017. Belden's payout ratio is now 7.55%.

Belden declared that its Board of Directors has initiated a share buyback program on Thursday, May 25th that authorizes the company to repurchase $200.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 6.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Several other institutional investors also recently made changes to their positions in BDC. State Treasurer State of MI raised its position in Belden by 0.6% in the first quarter. Foundry Partners LLC now owns 136,531 shares of the industrial products company's stock valued at $9,447,000 after buying an additional 77,136 shares during the last quarter. Palisade Capital Management LLC NJ acquired a new stake in Belden during the first quarter worth about $242,000. State Treasurer State of MI boosted its stake in Belden by 0.6% in the first quarter. Comerica Bank now owns 82,954 shares of the industrial products company's stock worth $5,909,000 after buying an additional 4,341 shares during the last quarter. Teacher Retirement System of Texas raised its position in Belden by 0.4% in the second quarter. Belden accounts for about 2.9% of Channing Capital Management LLC's holdings, making the stock its 2nd largest position. Comerica Bank now owns 82,954 shares of the industrial products company's stock worth $5,909,000 after buying an additional 4,341 shares in the last quarter.

Altre relazioni OverNewsmagazine

Discuti questo articolo

SEGUI I NOSTRI GIORNALE