Granite Investment Partners LLC Sells 4,375 Shares of Belden Inc. (NYSE:BDC)

Granite Investment Partners LLC lowered its stake in Belden Inc. (NYSE:BDC – Get Rating) by 1.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 324,349 shares of the industrial products company’s stock after selling 4,375 shares during the period. Belden comprises 1.0% of Granite Investment Partners LLC’s holdings, making the stock its 29th largest position. Granite Investment Partners LLC’s holdings in Belden were worth $23,321,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Point72 Hong Kong Ltd raised its holdings in Belden by 88.0% during the 1st quarter. Point72 Hong Kong Ltd now owns 515 shares of the industrial products company’s stock valued at $29,000 after buying an additional 241 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its stake in shares of Belden by 164.7% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 569 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 354 shares during the last quarter. Ronald Blue Trust Inc. boosted its holdings in shares of Belden by 444.0% during the fourth quarter. Ronald Blue Trust Inc. now owns 631 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 515 shares during the period. Rockefeller Capital Management L.P. grew its stake in shares of Belden by 87.3% in the third quarter. Rockefeller Capital Management L.P. now owns 1,105 shares of the industrial products company’s stock worth $66,000 after purchasing an additional 515 shares during the last quarter. Finally, Royal Bank of Canada increased its holdings in Belden by 96.5% during the 3rd quarter. Royal Bank of Canada now owns 1,352 shares of the industrial products company’s stock valued at $81,000 after purchasing an additional 664 shares during the period. Hedge funds and other institutional investors own 99.88% of the company’s stock.

Insider Buying and Selling at Belden

In other Belden news, Director Jonathan C. Klein sold 2,500 shares of Belden stock in a transaction on Friday, March 17th. The shares were sold at an average price of $81.49, for a total value of $203,725.00. Following the sale, the director now directly owns 11,553 shares in the company, valued at approximately $941,453.97. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.42% of the stock is currently owned by insiders.

Belden Stock Performance

Shares of Belden stock traded up $0.30 on Friday, hitting $89.07. 52,550 shares of the company’s stock were exchanged, compared to its average volume of 282,018. The company has a 50-day simple moving average of $81.88 and a 200-day simple moving average of $80.80. The stock has a market capitalization of $3.79 billion, a PE ratio of 13.85 and a beta of 1.31. Belden Inc. has a 1 year low of $47.89 and a 1 year high of $92.33. The company has a debt-to-equity ratio of 1.04, a quick ratio of 2.00 and a current ratio of 2.70.

Belden (NYSE:BDC – Get Rating) last released its earnings results on Wednesday, May 3rd. The industrial products company reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.13. Belden had a net margin of 10.69% and a return on equity of 26.83%. The company had revenue of $641.79 million for the quarter, compared to analysts’ expectations of $624.46 million. During the same quarter in the previous year, the company earned $1.31 EPS. Belden’s revenue for the quarter was up 5.1% on a year-over-year basis. As a group, equities analysts anticipate that Belden Inc. will post 7.11 EPS for the current year.

Analyst Upgrades and Downgrades

BDC has been the subject of a number of research analyst reports. Truist Financial raised their price target on Belden from $93.00 to $103.00 and gave the stock a “buy” rating in a research note on Thursday, February 9th. Benchmark raised their target price on shares of Belden from $88.00 to $108.00 and gave the stock a “buy” rating in a research report on Tuesday, February 14th. StockNews.com began coverage on shares of Belden in a research note on Thursday, May 18th. They issued a “buy” rating for the company. Loop Capital lifted their price objective on Belden from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Thursday, February 9th. Finally, The Goldman Sachs Group increased their target price on Belden from $76.00 to $87.00 and gave the stock a “neutral” rating in a research report on Thursday, February 9th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $98.80.

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.