After Canaccord Genuity and Guggenheim gave Belden Inc (NYSE: BDC) a Buy rating last month, the company received another Buy, this time from Seaport Global. Analyst Matt S McCall reiterated a Buy rating on Belden Inc yesterday and set a price target of $82. The company’s shares opened today at $70.52.
According to TipRanks.com, McCall is a 3-star analyst with an average return of 8.0% and a 50.9% success rate. McCall covers the Industrial Goods sector, focusing on stocks such as Installed Building Products, Builders Firstsource, and BMC Stock Holdings.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Belden Inc with a $83.40 average price target, representing a 18.3% upside. In a report issued on July 24, Canaccord Genuity also maintained a Buy rating on the stock with a $88 price target.
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Based on Belden Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $28.87 million. In comparison, last year the company had a net profit of $35.98 million.
Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BDC in relation to earlier this year.
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Belden, Inc. engages in the provision of innovative signal transmission solutions. Its comprehensive portfolio of signal transmission solutions provides industry secure and reliable transmission of data, sound and video for mission critical applications.
