Madison Asset Management LLC Takes Position in Bentley Systems, Incorporated $BSY

Madison Asset Management LLC acquired a new stake in Bentley Systems, Incorporated (NASDAQ:BSY) in the first quarter, HoldingsChannel reports. The firm acquired 981,380 shares of the company’s stock, valued at approximately $34,466,000.

Other hedge funds have also added to or reduced their stakes in the company. Geneos Wealth Management Inc. raised its stake in shares of 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 acquiring an additional 627 shares during the last quarter. Invesco Ltd. grew its stake in shares of Bentley Systems by 2.6% in the second quarter. Invesco Ltd. now owns 375,054 shares of the company’s stock worth $20,242,000 after purchasing an additional 9,557 shares during the last quarter. First Trust Advisors LP increased its holdings in Bentley Systems by 97.5% in the second quarter. First Trust Advisors LP now owns 160,644 shares of the company’s stock valued at $8,670,000 after purchasing an additional 79,286 shares during the period. Brown Advisory Inc. acquired a new stake in Bentley Systems in the second quarter valued at $212,000. Finally, Cresset Asset Management LLC bought a new position in Bentley Systems during the 2nd quarter worth $248,000. 44.16% of the stock is currently owned by institutional investors and hedge funds.

Bentley Systems Stock Performance

Shares of Bentley Systems stock opened at $32.35 on Tuesday. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.91. The business has a 50-day moving average price of $31.71 and a two-hundred day moving average price of $34.40. Bentley Systems, Incorporated has a 1-year low of $28.08 and a 1-year high of $59.25. The company has a market cap of $9.46 billion, a P/E ratio of 36.76, a PEG ratio of 2.08 and a beta of 1.00.

Bentley Systems (NASDAQ:BSY) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $424.18 million for the quarter, compared to the consensus estimate of $419.80 million. Bentley Systems had a return on equity of 28.65% and a net margin of 18.12%.The firm’s revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.35 EPS. As a group, analysts anticipate that Bentley Systems, Incorporated will post 1.2 EPS for the current year.

Bentley Systems Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, June 2nd were paid a dividend of $0.07 per share. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.28 annualized dividend and a yield of 0.9%. Bentley Systems’s dividend payout ratio is currently 31.82%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. UBS Group cut their target price on Bentley Systems from $43.00 to $40.00 and set a “neutral” rating on the stock in a report on Monday, May 4th. Bank of America started coverage on Bentley Systems in a research note on Tuesday, May 12th. They issued a “buy” rating and a $40.00 price target for the company. Zacks Research downgraded Bentley Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 21st. BNP Paribas Exane began coverage on Bentley Systems in a research note on Thursday, June 18th. They issued an “outperform” rating and a $40.00 price objective on the stock. Finally, Barclays reduced their target price on 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 research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $45.54.

Bentley Systems 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.