Saba Capital Management L.P. Has $4.42 Million Position in Babcock $BW

Saba Capital Management L.P. cut its stake in shares of Babcock (NYSE:BW) by 55.8% during the 1st quarter, Holdings Channel reports. The fund owned 301,105 shares of the technology company’s stock after selling 380,000 shares during the period. Saba Capital Management L.P.’s holdings in Babcock were worth $4,423,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Legal & General Group Plc bought a new stake in Babcock in the third quarter valued at $14,086,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Babcock by 777.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,974,324 shares of the technology company’s stock worth $43,693,000 after purchasing an additional 2,635,304 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Babcock by 497.7% during the 3rd quarter. Marshall Wace LLP now owns 2,366,601 shares of the technology company’s stock worth $6,863,000 after purchasing an additional 1,970,656 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Babcock by 54.3% in the 3rd quarter. Vanguard Group Inc. now owns 4,423,243 shares of the technology company’s stock valued at $12,827,000 after buying an additional 1,556,692 shares during the period. Finally, Situational Awareness LP bought a new stake in Babcock in the 4th quarter valued at about $8,584,000. 83.17% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on BW. Northland Securities set a $23.00 price target on Babcock in a report on Tuesday, May 12th. Wall Street Zen lowered Babcock from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Babcock in a report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $14.25.

Babcock Price Performance

BW opened at $9.38 on Tuesday. Babcock has a fifty-two week low of $0.87 and a fifty-two week high of $22.03. The firm has a market capitalization of $1.40 billion, a PE ratio of -10.66 and a beta of 1.16. The company’s 50-day moving average is $14.75 and its 200 day moving average is $13.54.

Babcock (NYSE:BW) last released its quarterly earnings results on Monday, May 11th. The technology company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.57). The business had revenue of $214.41 million during the quarter, compared to analyst estimates of $149.72 million. As a group, analysts expect that Babcock will post 0.31 EPS for the current year.

About Babcock

Babcock & Wilcox Enterprises, Inc (NYSE: BW) is a specialized provider of energy and environmental technologies and services serving power generation and heavy industrial markets. The company designs, manufactures and maintains critical components and systems that support the safe and efficient operation of both fossil-fuel and renewable power facilities. Its core offerings include industrial and utility boilers, environmental control systems for emissions reduction, and aftermarket support services ranging from inspection and maintenance to spare parts management.

In addition to its boiler and emissions control portfolio, Babcock & Wilcox Enterprises delivers lifecycle solutions aimed at enhancing plant performance and compliance.