Bank of New York Mellon Corp Cuts Stock Holdings in Bentley Systems, Incorporated $BSY

Key Points

• Bank of New York Mellon reduced its stake in Bentley Systems by 11.6% in the first quarter, though it still held about 2.82 million shares worth roughly $98.9 million.
• Bentley Systems reported better-than-expected quarterly results, posting EPS of $0.38 versus $0.36 expected and revenue of $424.18 million, up 14.5% from a year earlier.
• Analyst sentiment remains mixed: the stock has a consensus rating of “Hold” with an average target price of $45.54, even after some firms raised or cut their price targets.

Bank of New York Mellon Corp lessened its holdings in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 11.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,815,675 shares of the company's stock after selling 370,081 shares during the period. Bank of New York Mellon Corp owned about 0.97% of Bentley Systems worth $98,887,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Los Angeles Capital Management LLC purchased a new stake in Bentley Systems during the fourth quarter worth $25,000. Geneos Wealth Management Inc. boosted its position in Bentley Systems by 1,529.3% during the first quarter. Geneos Wealth Management Inc. now owns 668 shares of the company's stock valued at $26,000 after purchasing an additional 627 shares in the last quarter. Physician Wealth Advisors Inc. grew its stake in Bentley Systems by 80.2% in the first quarter. Physician Wealth Advisors Inc. now owns 791 shares of the company's stock valued at $28,000 after purchasing an additional 352 shares during the last quarter. Royal London Asset Management Ltd. bought a new position in Bentley Systems in the fourth quarter worth about $32,000. Finally, Pekao Towarzystwo Funduszy Inwestycyjnych S.A. purchased a new stake in shares of Bentley Systems during the fourth quarter valued at about $34,000. 44.16% of the stock is currently owned by institutional investors.

Bentley Systems Trading Up 0.0%

Bentley Systems stock opened at $32.35 on Tuesday. The stock has a 50-day moving average price of $31.71 and a 200 day moving average price of $34.40. The company has a market capitalization of $9.46 billion, a price-to-earnings ratio of 36.76, a price-to-earnings-growth ratio of 2.08 and a beta of 1.00. Bentley Systems, Incorporated has a 52 week low of $28.08 and a 52 week high of $59.25. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.91.

Bentley Systems (NASDAQ:BSY - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.02. The company had revenue of $424.18 million during the quarter, compared to analyst estimates of $419.80 million. Bentley Systems had a net margin of 18.12% and a return on equity of 28.65%. Bentley Systems's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the firm posted $0.35 EPS. Sell-side analysts anticipate that Bentley Systems, Incorporated will post 1.2 EPS for the current year.

Bentley Systems Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Tuesday, June 2nd were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 2nd. Bentley Systems's dividend payout ratio is presently 31.82%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Piper Sandler upgraded shares of Bentley Systems from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $42.00 to $45.00 in a research note on Friday, May 8th. Bank of America began coverage on Bentley Systems in a report on Tuesday, May 12th. They set a "buy" rating and a $40.00 price objective for the company. UBS Group dropped their target price on Bentley Systems from $43.00 to $40.00 and set a "neutral" rating on the stock in a research note on Monday, May 4th. BNP Paribas Exane assumed coverage on Bentley Systems in a research note on Thursday, June 18th. They issued an "outperform" rating and a $40.00 price target for the company. Finally, Barclays cut their price objective on shares of Bentley Systems from $49.00 to $40.00 and set an "equal weight" rating on the stock in a report on Friday, May 29th. Nine investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $45.54.

Bentley Systems Company Profile

Bentley Systems, Inc is a global software provider specializing in infrastructure engineering applications for the design, construction, and operations of roads, bridges, rail and transit systems, water and wastewater networks, power plants and grids, industrial facilities, and communications infrastructure. Founded in 1984 by brothers Keith and Barry Bentley, the company is headquartered in Exton, Pennsylvania, and maintains offices and development centers across North America, Europe, Asia, and Australia.

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