Readystate Asset Management LP Buys New Position in Babcock $BW

Readystate Asset Management LP bought a new position in shares of Babcock (NYSE:BW) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 134,757 shares of the technology company’s stock, valued at approximately $1,900,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Royal Bank of Canada raised its position in shares of Babcock by 57.3% during the first quarter. Royal Bank of Canada now owns 1,785 shares of the technology company’s stock worth $26,000 after purchasing an additional 650 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Babcock by 3.0% in the 1st quarter. Bank of New York Mellon Corp now owns 55,733 shares of the technology company’s stock worth $819,000 after purchasing an additional 1,604 shares in the last quarter. Mariner LLC grew its position in Babcock by 10.8% in the 4th quarter. Mariner LLC now owns 16,608 shares of the technology company’s stock valued at $105,000 after purchasing an additional 1,620 shares during the period. Chicago Partners Investment Group LLC grew its position in Babcock by 30.6% in the 1st quarter. Chicago Partners Investment Group LLC now owns 13,057 shares of the technology company’s stock valued at $208,000 after purchasing an additional 3,057 shares during the period. Finally, Rockefeller Capital Management L.P. bought a new stake in Babcock during the 4th quarter valued at $25,000. 83.17% of the stock is currently owned by institutional investors.

Babcock Trading Up 0.3%

NYSE BW opened at $7.12 on Tuesday. The firm has a market capitalization of $1.06 billion, a P/E ratio of -39.55 and a beta of 1.19. The business has a fifty day simple moving average of $9.55 and a 200 day simple moving average of $13.42. Babcock has a 12 month low of $1.97 and a 12 month high of $22.03. The company has a current ratio of 1.45, a quick ratio of 1.33 and a debt-to-equity ratio of 4.21.

Babcock (NYSE:BW) last issued its quarterly earnings data on Monday, August 10th. The technology company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.02. The business had revenue of $319.69 million for the quarter, compared to analysts’ expectations of $196.95 million. Babcock had a negative return on equity of 4.51% and a negative net margin of 2.17%. On average, analysts predict that Babcock will post 0.27 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on BW. Weiss Ratings raised shares of Babcock from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. Wall Street Zen downgraded shares of Babcock from a “buy” rating to a “hold” rating in a research report on Sunday, August 23rd. Needham & Company LLC started coverage on shares of Babcock in a report on Monday, August 31st. They issued a “buy” rating and a $20.00 target price on the stock. Finally, Northland Securities set a $23.00 price target on shares of Babcock in a research report on Tuesday, May 12th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $15.40.

Insider Activity at Babcock

In other news, Director Philip Moeller bought 5,000 shares of the stock in a transaction dated Thursday, August 13th. The stock was bought at an average price of $9.50 per share, for a total transaction of $47,500.00. Following the completion of the acquisition, the director directly owned 240,809 shares in the company, valued at approximately $2,287,685.50. This trade represents a 2.12% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.80% of the stock is currently owned by corporate insiders.

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.