Covea Finance Has $3.62 Million Position in Bentley Systems, Incorporated $BSY

Key Points

• Covea Finance increased its stake in Bentley Systems by 81.4% during Q2, owning 67,100 shares valued at approximately $3.62 million.
• The company reported a 10.2% increase in revenue to $364.11 million and earnings per share (EPS) of $0.32, surpassing expectations.
• Bentley Systems announced a quarterly dividend of $0.07 per share, with an annualized yield of 0.5%, reflecting a payout ratio of 35.44%.

Covea Finance grew its stake in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 81.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 67,100 shares of the company's stock after purchasing an additional 30,100 shares during the period. Covea Finance's holdings in Bentley Systems were worth $3,621,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Quantinno Capital Management LP boosted its position in Bentley Systems by 7.2% during the 4th quarter. Quantinno Capital Management LP now owns 5,261 shares of the company's stock worth $246,000 after buying an additional 354 shares during the period. Two Sigma Investments LP boosted its position in Bentley Systems by 42.3% during the 4th quarter. Two Sigma Investments LP now owns 42,700 shares of the company's stock worth $1,994,000 after buying an additional 12,689 shares during the period. Two Sigma Advisers LP acquired a new stake in Bentley Systems during the 4th quarter worth approximately $243,000. Vident Advisory LLC boosted its position in Bentley Systems by 30.0% during the 4th quarter. Vident Advisory LLC now owns 10,235 shares of the company's stock worth $478,000 after buying an additional 2,360 shares during the period. Finally, Ameriflex Group Inc. acquired a new stake in Bentley Systems during the 4th quarter worth approximately $75,000. 44.16% of the stock is currently owned by institutional investors and hedge funds.

Bentley Systems Price Performance

BSY opened at $53.60 on Tuesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.51 and a quick ratio of 0.51. The company has a market capitalization of $15.66 billion, a price-to-earnings ratio of 67.85, a P/E/G ratio of 4.26 and a beta of 1.09. The firm's fifty day moving average price is $54.97 and its two-hundred day moving average price is $49.37. Bentley Systems, Incorporated has a 1 year low of $36.51 and a 1 year high of $59.25.

Bentley Systems (NASDAQ:BSY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.03. The firm had revenue of $364.11 million for the quarter, compared to the consensus estimate of $363.51 million. Bentley Systems had a net margin of 17.91% and a return on equity of 28.41%. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.31 EPS. As a group, analysts anticipate that Bentley Systems, Incorporated will post 0.88 earnings per share for the current fiscal year.

Bentley Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 23rd will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 23rd. Bentley Systems's payout ratio is currently 35.44%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BSY shares. Oppenheimer lifted their target price on shares of Bentley Systems from $59.00 to $65.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Robert W. Baird set a $64.00 target price on shares of Bentley Systems and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. The Goldman Sachs Group raised their price target on shares of Bentley Systems from $42.00 to $47.00 and gave the stock a "sell" rating in a report on Thursday, August 7th. Wall Street Zen lowered shares of Bentley Systems from a "buy" rating to a "hold" rating in a report on Wednesday, July 16th. Finally, Piper Sandler raised their price target on shares of Bentley Systems from $57.00 to $63.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $56.60.

Insiders Place Their Bets

In related news, Director Keith A. Bentley sold 150,000 shares of the business's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $55.54, for a total value of $8,331,000.00. Following the transaction, the director directly owned 3,859,327 shares of the company's stock, valued at approximately $214,347,021.58. The trade was a 3.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David R. Shaman sold 19,348 shares of the business's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $56.96, for a total transaction of $1,102,062.08. Following the completion of the transaction, the insider directly owned 647,609 shares in the company, valued at $36,887,808.64. This trade represents a 2.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 189,869 shares of company stock worth $10,564,887 over the last ninety days. Insiders own 20.56% of the company's stock.

About Bentley Systems

Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling engineering applications, such as MicroStation, OpenBridge, OpenBuildings, OpenCities, OpenComms, OpenFlows, OpenPlant, OpenRail, OpenRoads, OpenSite, OpenTower, OpenTunnel, OpenUtilities, and OpenWindowPower; and open simulation engineering applications, including ADINA, AutoPIPE, CUBE, DYNAMEQ, EMME, LEGION, Power Line Systems, RAM, SACS, SPIDA, and STAAD; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including AGS, Central, GeoStudio, Imago, Leapfrog, MX Deposit, Oasis montaj, OpenGround, and PLAXIS.

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