Resona Asset Management Co. Ltd. Decreases Stock Holdings in Bentley Systems, Incorporated $BSY

Resona Asset Management Co. Ltd. lowered its holdings in Bentley Systems, Incorporated (NASDAQ:BSY) by 63.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,567 shares of the company’s stock after selling 48,194 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Bentley Systems were worth $968,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Swedbank AB lifted its holdings in shares of Bentley Systems by 4.8% during the 1st quarter. Swedbank AB now owns 9,000,000 shares of the company’s stock valued at $316,080,000 after acquiring an additional 410,799 shares in the last quarter. Pictet Asset Management Holding SA boosted its position in Bentley Systems by 150.9% during the 1st quarter. Pictet Asset Management Holding SA now owns 4,661,346 shares of the company’s stock worth $163,703,000 after purchasing an additional 2,803,241 shares during the period. Geode Capital Management LLC increased its holdings in Bentley Systems by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,468,512 shares of the company’s stock valued at $132,060,000 after purchasing an additional 216,257 shares in the last quarter. Bank of New York Mellon Corp raised its position in Bentley Systems by 8.9% in the fourth quarter. Bank of New York Mellon Corp now owns 3,185,756 shares of the company’s stock valued at $121,584,000 after purchasing an additional 259,780 shares during the period. Finally, Impax Asset Management Group plc raised its position in Bentley Systems by 12.1% in the fourth quarter. Impax Asset Management Group plc now owns 2,178,670 shares of the company’s stock valued at $83,149,000 after purchasing an additional 234,998 shares during the period. Hedge funds and other institutional investors own 44.16% of the company’s stock.

Bentley Systems Stock Performance

Shares of BSY stock opened at $31.75 on Tuesday. The stock has a market capitalization of $9.28 billion, a price-to-earnings ratio of 36.08, a PEG ratio of 2.04 and a beta of 1.00. Bentley Systems, Incorporated has a one year low of $28.08 and a one year high of $59.25. The company’s 50-day simple moving average is $31.78 and its 200-day simple moving average is $34.64. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.51 and a current ratio of 0.51.

Bentley Systems (NASDAQ:BSY) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $424.18 million during 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 business’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.35 EPS. Equities analysts anticipate that Bentley Systems, Incorporated will post 1.2 earnings per share for the current fiscal year.

Bentley Systems Dividend Announcement

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

Analyst Upgrades and Downgrades

BSY has been the subject of a number of recent research reports. Zacks Research lowered Bentley Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 21st. Bank of America assumed coverage on shares of Bentley Systems in a research note on Tuesday, May 12th. They set a “buy” rating and a $40.00 price objective on the stock. Mizuho decreased their target price on shares of Bentley Systems from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Friday, May 8th. Barclays lowered their price target on shares of Bentley Systems from $49.00 to $40.00 and set an “equal weight” rating for the company in a report on Friday, May 29th. Finally, UBS Group dropped their price target on shares of Bentley Systems from $43.00 to $40.00 and set a “neutral” rating on the stock in a research note on Monday, May 4th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.