The Manufacturers Life Insurance Company Sells 811,075 Shares of Bentley Systems, Incorporated (NASDAQ:BSY)

The Manufacturers Life Insurance Company decreased its position in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 98.6% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 11,116 shares of the company's stock after selling 811,075 shares during the period. The Manufacturers Life Insurance Company's holdings in Bentley Systems were worth $565,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in Bentley Systems in the 3rd quarter valued at about $59,400,000. Mirabella Financial Services LLP lifted its position in shares of Bentley Systems by 1,155.0% in the third quarter. Mirabella Financial Services LLP now owns 100,800 shares of the company's stock valued at $5,018,000 after buying an additional 92,768 shares during the last quarter. Montanaro Asset Management Ltd boosted its stake in shares of Bentley Systems by 8.8% during the 3rd quarter. Montanaro Asset Management Ltd now owns 331,416 shares of the company's stock worth $16,839,000 after acquiring an additional 26,741 shares during the period. Clearline Capital LP acquired a new position in shares of Bentley Systems during the 2nd quarter worth approximately $6,999,000. Finally, Impax Asset Management Group plc bought a new stake in Bentley Systems in the 3rd quarter valued at $88,771,000. 44.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Bentley Systems news, Director Barry J. Bentley sold 50,000 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $50.20, for a total transaction of $2,510,000.00. Following the completion of the transaction, the director now directly owns 12,298,230 shares in the company, valued at $617,371,146. The trade was a 0.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have sold 234,987 shares of company stock worth $11,667,821. Company insiders own 21.12% of the company's stock.

Bentley Systems Stock Performance

NASDAQ:BSY traded down $1.12 during mid-day trading on Friday, reaching $47.13. 754,416 shares of the company's stock were exchanged, compared to its average volume of 1,191,755. The business's fifty day simple moving average is $48.97 and its two-hundred day simple moving average is $49.36. Bentley Systems, Incorporated has a one year low of $43.82 and a one year high of $57.19. The firm has a market capitalization of $13.70 billion, a PE ratio of 42.46, a price-to-earnings-growth ratio of 4.04 and a beta of 1.03. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.52 and a current ratio of 0.52.

Bentley Systems (NASDAQ:BSY - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.24 earnings per share for the quarter, meeting analysts' consensus estimates of $0.24. Bentley Systems had a net margin of 27.73% and a return on equity of 29.50%. The company had revenue of $335.17 million during the quarter, compared to the consensus estimate of $340.36 million. During the same period in the previous year, the business earned $0.18 earnings per share. The firm's quarterly revenue was up 9.3% on a year-over-year basis. Analysts anticipate that Bentley Systems, Incorporated will post 0.88 earnings per share for the current fiscal year.

Bentley Systems Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, December 3rd were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend was Tuesday, December 3rd. Bentley Systems's dividend payout ratio (DPR) is currently 21.62%.

Wall Street Analysts Forecast Growth

BSY has been the subject of a number of research analyst reports. JPMorgan Chase & Co. began coverage on shares of Bentley Systems in a research report on Monday, December 9th. They set a "neutral" rating and a $52.00 price objective for the company. Rosenblatt Securities reaffirmed a "buy" rating and set a $62.00 target price on shares of Bentley Systems in a report on Friday, November 8th. Finally, Piper Sandler increased their price target on shares of Bentley Systems from $63.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Bentley Systems has a consensus rating of "Moderate Buy" and a consensus target price of $58.43.

Bentley Systems Profile

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.