Envestnet Asset Management Inc. Decreases Stock Holdings in Benchmark Electronics, Inc. (NYSE:BHE)

Key Points

• Envestnet Asset Management Inc. has reduced its stake in Benchmark Electronics by 13%, selling 12,177 shares during the first quarter, now owning 81,731 shares valued at approximately $3.1 million.
• Multiple institutional investors recently increased their holdings in Benchmark Electronics, with JPMorgan Chase & Co. raising its stake by 45.2% and Tudor Investment Corp ET AL boosting theirs by an astonishing 480.7%.
• Benchmark Electronics reported quarterly earnings of $0.52 per share, exceeding analysts' expectations, though revenue fell by 6.5% year-over-year.

Envestnet Asset Management Inc. cut its position in shares of Benchmark Electronics, Inc. (NYSE:BHE - Free Report) by 13.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 81,731 shares of the technology company's stock after selling 12,177 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.23% of Benchmark Electronics worth $3,108,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Versant Capital Management Inc raised its position in shares of Benchmark Electronics by 197.5% in the first quarter. Versant Capital Management Inc now owns 2,475 shares of the technology company's stock valued at $94,000 after purchasing an additional 1,643 shares during the period. State of Wyoming boosted its stake in shares of Benchmark Electronics by 213.4% in the 4th quarter. State of Wyoming now owns 3,563 shares of the technology company's stock valued at $162,000 after purchasing an additional 2,426 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Benchmark Electronics by 94.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,693 shares of the technology company's stock valued at $213,000 after purchasing an additional 2,278 shares in the last quarter. Bank of Montreal Can boosted its position in Benchmark Electronics by 10.7% during the 4th quarter. Bank of Montreal Can now owns 5,100 shares of the technology company's stock valued at $232,000 after buying an additional 495 shares during the period. Finally, Bayesian Capital Management LP purchased a new stake in Benchmark Electronics during the 4th quarter valued at $252,000. 92.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on BHE shares. Lake Street Capital dropped their target price on shares of Benchmark Electronics from $52.00 to $46.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. Wall Street Zen upgraded shares of Benchmark Electronics from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Finally, Needham & Company LLC reduced their price objective on shares of Benchmark Electronics from $50.00 to $48.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th.

Benchmark Electronics Price Performance

Shares of Benchmark Electronics stock traded down $2.78 on Thursday, hitting $36.48. 171,578 shares of the company traded hands, compared to its average volume of 322,930. The stock has a market capitalization of $1.32 billion, a P/E ratio of 24.99 and a beta of 0.95. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.48 and a current ratio of 2.37. Benchmark Electronics, Inc. has a 52 week low of $30.73 and a 52 week high of $52.57. The business has a 50-day simple moving average of $38.49 and a 200 day simple moving average of $39.07.

Benchmark Electronics (NYSE:BHE - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The technology company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.01. Benchmark Electronics had a net margin of 2.03% and a return on equity of 6.37%. The company had revenue of $642.34 million for the quarter, compared to analysts' expectations of $638.67 million. During the same quarter in the previous year, the business posted $0.57 earnings per share. Benchmark Electronics's quarterly revenue was down 3.6% on a year-over-year basis.

Benchmark Electronics Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Monday, June 30th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend was Monday, June 30th. Benchmark Electronics's payout ratio is 46.90%.

Benchmark Electronics Company Profile

Benchmark Electronics, Inc, together with its subsidiaries, offers product design, engineering services, technology solutions, and manufacturing services in the Americas, Asia, and Europe. The company provides engineering services and technology solutions, including new product design, prototype, testing, and related engineering services; and custom testing and technology solutions, as well as automation equipment design and build services.