Renaissance Technologies LLC Purchases 42,600 Shares of Belden Inc. (NYSE:BDC)

Renaissance Technologies LLC lifted its holdings in Belden Inc. (NYSE:BDC) by 15.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 313,063 shares of the industrial products company’s stock after purchasing an additional 42,600 shares during the quarter. Renaissance Technologies LLC owned 0.77% of Belden worth $29,365,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Envestnet Asset Management Inc. grew its holdings in shares of Belden by 5.6% in the second quarter. Envestnet Asset Management Inc. now owns 31,076 shares of the industrial products company’s stock valued at $2,915,000 after purchasing an additional 1,655 shares in the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of Belden by 18.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 16,877 shares of the industrial products company’s stock valued at $1,583,000 after purchasing an additional 2,574 shares in the last quarter. Thoroughbred Financial Services LLC purchased a new position in shares of Belden in the second quarter valued at $254,000. AdvisorShares Investments LLC purchased a new position in shares of Belden in the second quarter valued at $503,000. Finally, Chesapeake Capital Corp IL purchased a new position in shares of Belden in the second quarter valued at $454,000. 98.75% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Belden

In related news, SVP Brian Edward Anderson sold 6,556 shares of Belden stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $100.46, for a total value of $658,615.76. Following the completion of the sale, the senior vice president now directly owns 32,829 shares in the company, valued at $3,298,001.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Belden news, EVP Brian Lieser sold 819 shares of Belden stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $91.26, for a total value of $74,741.94. Following the transaction, the executive vice president now owns 21,031 shares in the company, valued at $1,919,289.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Brian Edward Anderson sold 6,556 shares of Belden stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $100.46, for a total value of $658,615.76. Following the completion of the transaction, the senior vice president now owns 32,829 shares in the company, valued at approximately $3,298,001.34. The disclosure for this sale can be found here. Insiders sold 11,137 shares of company stock worth $1,095,457 over the last three months. 1.59% of the stock is owned by corporate insiders.

Belden Stock Up 3.2 %

NYSE:BDC opened at $110.13 on Friday. Belden Inc. has a twelve month low of $60.54 and a twelve month high of $110.34. The company has a market cap of $4.48 billion, a price-to-earnings ratio of 21.50 and a beta of 1.07. The stock has a fifty day simple moving average of $99.31 and a 200-day simple moving average of $93.76. The company has a current ratio of 1.70, a quick ratio of 1.25 and a debt-to-equity ratio of 0.95.

Belden (NYSE:BDC) last released its earnings results on Thursday, August 1st. The industrial products company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.14. The business had revenue of $604.34 million during the quarter, compared to the consensus estimate of $574.32 million. Belden had a return on equity of 21.13% and a net margin of 8.51%. The business’s revenue for the quarter was down 12.7% compared to the same quarter last year. During the same period last year, the company earned $1.91 earnings per share. Analysts anticipate that Belden Inc. will post 6.04 EPS for the current year.

Belden Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Thursday, September 12th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.20 annualized dividend and a dividend yield of 0.18%. Belden’s payout ratio is currently 3.91%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Truist Financial raised their price target on Belden from $123.00 to $124.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Vertical Research assumed coverage on Belden in a research report on Tuesday, July 23rd. They issued a “buy” rating and a $110.00 price target for the company. StockNews.com upgraded Belden from a “hold” rating to a “buy” rating in a research report on Monday, June 17th. Finally, Benchmark raised their price target on Belden from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Belden has a consensus rating of “Moderate Buy” and an average price target of $112.50.

About Belden

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.