Babcock (NYSE:BW) Trading Down 10.3% – Here’s What Happened

Shares of Babcock (NYSE:BW) traded down 10.3% during mid-day trading on Wednesday . The company traded as low as $14.31 and last traded at $14.2550. 3,543,526 shares changed hands during trading, a decline of 6% from the average session volume of 3,780,677 shares. The stock had previously closed at $15.90.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on BW shares. Wall Street Zen downgraded shares of Babcock from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Craig Hallum restated a “buy” rating and set a $19.00 price objective on shares of Babcock in a research report on Tuesday, March 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Babcock in a report on Monday, April 20th. Finally, Northland Securities set a $23.00 target price on Babcock in a research report on Tuesday, May 12th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Babcock currently has a consensus rating of “Hold” and an average target price of $14.25.

Babcock Stock Performance

The stock has a market cap of $2.15 billion, a P/E ratio of -16.47 and a beta of 1.10. The firm’s fifty day simple moving average is $17.42 and its 200-day simple moving average is $12.55.

Babcock (NYSE:BW) last announced its earnings results on Monday, May 11th. The technology company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.57). The company had revenue of $214.41 million during the quarter, compared to the consensus estimate of $149.72 million. Analysts predict that Babcock will post 0.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Babcock

A number of large investors have recently modified their holdings of the company. Situational Awareness LP bought a new position in shares of Babcock in the fourth quarter valued at $8,584,000. UBS Group AG boosted its holdings in shares of Babcock by 337.1% in the 4th quarter. UBS Group AG now owns 1,445,218 shares of the technology company’s stock worth $9,163,000 after buying an additional 1,114,593 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Babcock in the fourth quarter valued at about $569,000. Palumbo Wealth Management LLC bought a new position in Babcock during the third quarter valued at $625,000. Finally, Legal & General Group Plc grew its stake in shares of Babcock by 10.8% during the 4th quarter. Legal & General Group Plc now owns 5,380,991 shares of the technology company’s stock worth $34,115,000 after acquiring an additional 523,776 shares during the period. 83.17% of the stock is currently owned by institutional investors.

Babcock Company Profile

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.