Babcock (BW) Shares Gap Up Following Insider Buying Activity
Shares of Babcock (NYSE:BW) gapped up prior to trading on Wednesday following insider buying activity. The stock had previously closed at $3.37, but opened at $3.48. Babcock shares last traded at $3.57, with a volume of 2,110,927 shares.
Specifically, major shareholder Vintage Capital Management Llc bought 1,686,945 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The stock was bought at an average price of $3.10 per share, for a total transaction of $5,229,529.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is owned by corporate insiders.
Several equities research analysts recently weighed in on BW shares. Sidoti reduced their price target on Babcock from $13.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, May 25th. Zacks Investment Research raised Babcock from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research note on Monday, July 3rd. BidaskClub cut Babcock from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. Credit Suisse Group reduced their price target on Babcock from $10.00 to $3.70 and set an “underperform” rating on the stock in a research note on Friday, August 11th. Finally, UBS AG cut Babcock from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $13.00 to $3.00 in a research note on Monday, August 14th. Three investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The company has a consensus rating of “Hold” and an average target price of $7.18.
Babcock (NYSE:BW) last issued its earnings results on Wednesday, August 9th. The technology company reported ($2.63) earnings per share 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 net margin of 14.41% and a negative return on equity of 35.95%. The company’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same period last year, the firm earned ($0.20) earnings per share.
A number of hedge funds and other institutional investors have recently modified their holdings of BW. LSV Asset Management raised its position in Babcock by 186.3% during the 1st quarter. LSV Asset Management now owns 94,200 shares of the technology company’s stock valued at $879,000 after purchasing an additional 61,300 shares in the last quarter. First Trust Advisors LP bought a new stake in Babcock during the 1st quarter valued at $187,000. US Bancorp DE raised its position in Babcock by 77.2% during the 1st quarter. US Bancorp DE now owns 11,671 shares of the technology company’s stock valued at $109,000 after purchasing an additional 5,083 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in Babcock by 60.2% during the 1st quarter. UBS Asset Management Americas Inc. now owns 18,098 shares of the technology company’s stock valued at $169,000 after purchasing an additional 6,800 shares in the last quarter. Finally, Karp Capital Management Corp bought a new stake in Babcock during the 1st quarter valued at $169,000. 93.81% of the stock is owned by institutional investors and hedge funds.
Babcock Company Profile
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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