Illinois Municipal Retirement Fund Purchases New Stake in Bentley Systems, Incorporated (NASDAQ:BSY)

Illinois Municipal Retirement Fund purchased a new stake in Bentley Systems, Incorporated (NASDAQ:BSY) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 11,400 shares of the company’s stock, valued at approximately $595,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. California Public Employees Retirement System increased its stake in Bentley Systems by 223.4% during the third quarter. California Public Employees Retirement System now owns 1,045,289 shares of the company’s stock worth $52,432,000 after acquiring an additional 722,046 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its stake in Bentley Systems by 4.5% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 13,516,480 shares of the company’s stock worth $677,987,000 after acquiring an additional 578,512 shares during the last quarter. Vanguard Group Inc. increased its stake in Bentley Systems by 2.6% during the third quarter. Vanguard Group Inc. now owns 21,762,442 shares of the company’s stock worth $1,091,604,000 after acquiring an additional 556,363 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Bentley Systems by 43.0% during the third quarter. Envestnet Asset Management Inc. now owns 1,089,629 shares of the company’s stock worth $54,656,000 after buying an additional 327,577 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Bentley Systems by 13.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,401,734 shares of the company’s stock worth $70,311,000 after buying an additional 170,581 shares during the period. Institutional investors and hedge funds own 44.16% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Royal Bank of Canada restated an “outperform” rating and set a $61.00 price target on shares of Bentley Systems in a research report on Wednesday, February 28th. Rosenblatt Securities restated a “buy” rating and set a $60.00 price target on shares of Bentley Systems in a research report on Tuesday. Piper Sandler restated an “overweight” rating and set a $60.00 price target on shares of Bentley Systems in a research report on Wednesday, February 28th. Robert W. Baird raised their price target on Bentley Systems from $58.00 to $59.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 6th. Finally, William Blair started coverage on Bentley Systems in a research report on Thursday, March 28th. They set an “outperform” rating for the company. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

Insiders Place Their Bets

In other Bentley Systems news, Director Keith A. Bentley sold 17,021 shares of Bentley Systems stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $936,155.00. Following the completion of the sale, the director now directly owns 17,150,752 shares of the company’s stock, valued at approximately $943,291,360. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Keith A. Bentley sold 88,925 shares of Bentley Systems stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $49.48, for a total transaction of $4,400,009.00. Following the sale, the director now owns 17,164,179 shares in the company, valued at $849,283,576.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Keith A. Bentley sold 17,021 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $936,155.00. Following the completion of the transaction, the director now owns 17,150,752 shares in the company, valued at approximately $943,291,360. The disclosure for this sale can be found here. 21.12% of the stock is owned by company insiders.

Bentley Systems Trading Down 1.9 %

NASDAQ:BSY opened at $52.53 on Wednesday. The firm has a market cap of $15.01 billion, a PE ratio of 53.06, a price-to-earnings-growth ratio of 5.44 and a beta of 1.10. The stock has a fifty day moving average price of $50.81 and a 200 day moving average price of $50.86. Bentley Systems, Incorporated has a 12-month low of $41.44 and a 12-month high of $55.37. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.72.

Bentley Systems (NASDAQ:BSY) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18. The company had revenue of $310.64 million during the quarter, compared to the consensus estimate of $313.67 million. Bentley Systems had a return on equity of 33.87% and a net margin of 26.60%. Bentley Systems’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.13 EPS. Sell-side analysts anticipate that Bentley Systems, Incorporated will post 0.82 earnings per share for the current fiscal year.

Bentley Systems Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Wednesday, March 20th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.46%. This is an increase from Bentley Systems’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Tuesday, March 19th. Bentley Systems’s payout ratio is 24.24%.

Bentley Systems Company 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.