Congress Asset Management Co. purchased a new stake in Bel Fuse Inc. (NASDAQ:BELFB – Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 258,484 shares of the electronics maker’s stock, valued at approximately $63,101,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Wasatch Advisors LP grew its position in Bel Fuse by 2.2% in the second quarter. Wasatch Advisors LP now owns 489,414 shares of the electronics maker’s stock worth $162,994,000 after acquiring an additional 10,705 shares in the last quarter. Janus Henderson Group PLC lifted its stake in shares of Bel Fuse by 22.7% in the 1st quarter. Janus Henderson Group PLC now owns 760,141 shares of the electronics maker’s stock valued at $150,587,000 after purchasing an additional 140,804 shares during the last quarter. Tidal Investments LLC lifted its stake in shares of Bel Fuse by 49.4% in the 2nd quarter. Tidal Investments LLC now owns 211,805 shares of the electronics maker’s stock valued at $70,540,000 after purchasing an additional 70,014 shares during the last quarter. Tema ETFs LLC boosted its holdings in Bel Fuse by 52.2% in the second quarter. Tema ETFs LLC now owns 202,849 shares of the electronics maker’s stock worth $67,557,000 after purchasing an additional 69,531 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Bel Fuse by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 256,833 shares of the electronics maker’s stock worth $50,851,000 after buying an additional 1,992 shares during the last quarter. Institutional investors and hedge funds own 58.39% of the company’s stock.
Insider Activity
In other Bel Fuse news, Director Peter E. Gilbert sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $292.12, for a total value of $146,060.00. Following the sale, the director owned 750 shares of the company’s stock, valued at $219,090. This trade represents a 40.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Vincent Vellucci sold 1,000 shares of Bel Fuse stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $235.15, for a total value of $235,150.00. Following the completion of the transaction, the director directly owned 7,434 shares in the company, valued at approximately $1,748,105.10. This represents a 11.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,893 shares of company stock valued at $476,949 in the last three months. 5.37% of the stock is owned by insiders.
Bel Fuse Trading Up 1.0%
Bel Fuse Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Thursday, October 15th will be paid a $0.07 dividend. The ex-dividend date is Thursday, October 15th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.1%. Bel Fuse’s payout ratio is presently 6.76%.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on the company. Bank of America initiated coverage on Bel Fuse in a report on Tuesday, July 14th. They set a “buy” rating and a $330.00 target price on the stock. Northland Securities set a $326.00 price objective on Bel Fuse in a report on Friday, July 31st. Zacks Research downgraded Bel Fuse from a “hold” rating to a “strong sell” rating in a research note on Monday, September 28th. B. Riley Financial initiated coverage on Bel Fuse in a report on Tuesday, July 14th. They issued a “buy” rating for the company. Finally, JPMorgan Chase & Co. upped their target price on Bel Fuse from $370.00 to $380.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $324.00.
Get Our Latest Report on Bel Fuse
About Bel Fuse
Bel Fuse Inc (NASDAQ: BELFB) designs, manufactures and sells products that protect, connect and manage electrical power in electronic systems. Its offerings include circuit protection devices, power supplies and power-management products, magnetic components, interconnect solutions, cable assemblies, discrete components and integrated modules.
The company’s products are used in a range of markets, including networking and telecommunications, computing, consumer electronics, industrial equipment, automotive applications, medical systems, transportation, and aerospace and defense.
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