Babcock (BW) Shares Up 6%
Babcock (NYSE:BW) shot up 6% during trading on Monday . The stock traded as high as $4.25 and last traded at $4.24. 1,293,470 shares were traded during mid-day trading, a decline of 57% from the average session volume of 2,983,660 shares. The stock had previously closed at $4.00.
Several brokerages recently commented on BW. Zacks Investment Research cut Babcock from a “hold” rating to a “strong sell” rating in a research note on Monday, August 14th. BidaskClub cut Babcock from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. KeyCorp reissued a “hold” rating on shares of Babcock in a research note on Friday, September 22nd. UBS AG cut Babcock from a “buy” rating to a “neutral” rating and lowered their price target for the company from $13.00 to $3.00 in a research note on Monday, August 14th. Finally, Credit Suisse Group lowered their price target on Babcock from $10.00 to $3.70 and set an “underperform” rating for the company in a research note on Friday, August 11th. Three analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The company presently has an average rating of “Hold” and an average price target of $7.18.
The company’s market capitalization is $206.27 million. The firm has a 50 day moving average of $3.52 and a 200-day moving average of $3.52.
Babcock (NYSE:BW) last posted its quarterly earnings data on Wednesday, August 9th. The technology company reported ($2.63) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($2.68). The firm had revenue of $349.80 million for the quarter, compared to the consensus estimate of $434.34 million. Babcock had a negative return on equity of 35.95% and a negative net margin of 14.41%. The firm’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.20) earnings per share. Equities research analysts predict that Babcock will post ($2.55) earnings per share for the current year.
In related news, major shareholder Vintage Capital Management Llc purchased 1,686,945 shares of the firm’s stock in a transaction on Thursday, September 14th. The stock was purchased at an average cost of $3.10 per share, for a total transaction of $5,229,529.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fondren Management LP acquired a new stake in shares of Babcock in the second quarter valued at approximately $647,000. Public Employees Retirement System of Ohio lifted its position in shares of Babcock by 30.9% in the second quarter. Public Employees Retirement System of Ohio now owns 9,330 shares of the technology company’s stock valued at $110,000 after buying an additional 2,200 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Babcock by 7.6% in the second quarter. The Manufacturers Life Insurance Company now owns 39,060 shares of the technology company’s stock valued at $459,000 after buying an additional 2,756 shares during the last quarter. State Street Corp lifted its position in shares of Babcock by 6.6% in the second quarter. State Street Corp now owns 941,018 shares of the technology company’s stock valued at $11,065,000 after buying an additional 58,650 shares during the last quarter. Finally, Janus Henderson Group PLC acquired a new stake in shares of Babcock in the second quarter valued at approximately $340,000. 93.92% of the stock is owned by institutional investors.
Babcock & Wilcox Enterprises, Inc is a technology-based provider of fossil and renewable power generation and environmental equipment that includes a suite of boiler products and environmental systems, and services for power and industrial uses. The Company operates in three segments: Power, Renewable and Industrial.
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