Congress Asset Management Co. Buys New Position in Bel Fuse Inc. $BELFB

Key Points

• Congress Asset Management initiated a position in Bel Fuse during the third quarter, purchasing 258,484 shares valued at approximately $63.1 million, or 1.79% of the company. Institutional investors collectively own 58.39% of the stock.
• Bel Fuse shares rose 1.0% to $260.26, with the stock trading between $129.94 and $335.29 over the past year. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $324.
• The company declared a quarterly dividend of $0.07 per share, equivalent to an annualized $0.28 payout and a 0.1% yield. Meanwhile, insiders sold 1,893 shares worth approximately $476,949 during the latest quarter.

Congress Asset Management Co. bought a new position in Bel Fuse Inc. (NASDAQ:BELFB - Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 258,484 shares of the electronics maker's stock, valued at approximately $63,101,000. Congress Asset Management Co. owned 1.79% of Bel Fuse at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BELFB. Janus Henderson Group PLC increased its position in shares of Bel Fuse by 22.7% during the 1st quarter. Janus Henderson Group PLC now owns 760,141 shares of the electronics maker's stock valued at $150,587,000 after purchasing an additional 140,804 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Bel Fuse by 364,600.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 94,822 shares of the electronics maker's stock valued at $19,253,000 after buying an additional 94,796 shares in the last quarter. Tidal Investments LLC boosted its stake in Bel Fuse by 49.4% during the second quarter. Tidal Investments LLC now owns 211,805 shares of the electronics maker's stock valued at $70,540,000 after buying an additional 70,014 shares in the last quarter. Tema ETFs LLC grew its holdings in Bel Fuse by 52.2% during the second quarter. Tema ETFs LLC now owns 202,849 shares of the electronics maker's stock worth $67,557,000 after acquiring an additional 69,531 shares during the period. Finally, Wasatch Advisors LP grew its holdings in Bel Fuse by 16.6% during the first quarter. Wasatch Advisors LP now owns 478,709 shares of the electronics maker's stock worth $94,775,000 after acquiring an additional 68,222 shares during the period. 58.39% of the stock is owned by institutional investors.

Bel Fuse Stock Up 1.0%

Shares of Bel Fuse stock traded up $2.63 during midday trading on Tuesday, hitting $260.26. The company's stock had a trading volume of 166,722 shares, compared to its average volume of 222,742. Bel Fuse Inc. has a 1-year low of $129.94 and a 1-year high of $335.29. The firm has a market capitalization of $3.76 billion, a P/E ratio of 62.86, a PEG ratio of 2.78 and a beta of 1.67. The stock has a 50-day simple moving average of $258.21 and a 200-day simple moving average of $261.56.

Bel Fuse Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Thursday, October 15th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.28 dividend on an annualized basis and a yield of 0.1%. Bel Fuse's payout ratio is presently 6.76%.

Insider Buying and Selling

In other Bel Fuse news, Director Vincent Vellucci sold 1,000 shares of Bel Fuse stock in a transaction on Monday, September 14th. The shares were sold at an average price of $235.15, for a total transaction of $235,150.00. Following the completion of the sale, the director owned 7,434 shares of the company's stock, valued at $1,748,105.10. This trade represents a 11.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Peter E. Gilbert sold 500 shares of the business's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $292.12, for a total transaction of $146,060.00. Following the transaction, the director owned 750 shares in the company, valued at approximately $219,090. This represents a 40.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 1,893 shares of company stock valued at $476,949. Insiders own 5.37% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on BELFB shares. JPMorgan Chase & Co. upped their price target on shares of Bel Fuse from $370.00 to $380.00 and gave the company an "overweight" rating in a report on Friday, July 31st. Zacks Research lowered Bel Fuse from a "hold" rating to a "strong sell" rating in a research note on Monday, September 28th. B. Riley Financial began coverage on Bel Fuse in a report on Tuesday, July 14th. They issued a "buy" rating on the stock. Weiss Ratings cut Bel Fuse from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, September 28th. Finally, Wall Street Zen upgraded Bel Fuse from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $324.00.

Bel Fuse Profile

Bel Fuse Inc NASDAQ: BELFB designs, manufactures and sells products that protect, connect and manage electrical power in electronic systems. Its offerings include circuit protection devices, power supplies and power-management products, magnetic components, interconnect solutions, cable assemblies, discrete components and integrated modules.

The company's products are used in a range of markets, including networking and telecommunications, computing, consumer electronics, industrial equipment, automotive applications, medical systems, transportation, and aerospace and defense.

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