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

Babcock (NYSE:BW) shares dropped 10.3% 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 daily volume of 3,780,677 shares. The stock had previously closed at $15.90.

Wall Street Analyst Weigh In

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

Babcock Trading Down 9.2%

The stock has a market capitalization of $2.15 billion, a P/E ratio of -16.47 and a beta of 1.10. The business has a 50-day moving average price of $17.42 and a two-hundred day moving average price of $12.55.

Babcock (NYSE:BW) last issued its quarterly earnings results on Monday, May 11th. The technology company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates 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. On average, sell-side analysts forecast that Babcock will post 0.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Babcock

Hedge funds and other institutional investors have recently made changes to their positions in the company. Marshall Wace LLP boosted its position in shares of Babcock by 93.0% during the 2nd quarter. Marshall Wace LLP now owns 395,945 shares of the technology company’s stock worth $380,000 after acquiring an additional 190,814 shares in the last quarter. Nomura Holdings Inc. raised its stake in Babcock by 58.2% during the second quarter. Nomura Holdings Inc. now owns 127,382 shares of the technology company’s stock worth $123,000 after acquiring an additional 46,884 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Babcock by 54.3% in the third quarter. Vanguard Group Inc. now owns 4,423,243 shares of the technology company’s stock worth $12,827,000 after acquiring an additional 1,556,692 shares during the last quarter. Palumbo Wealth Management LLC bought a new position in shares of Babcock in the third quarter worth about $625,000. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Babcock in the 3rd quarter valued at approximately $74,000. 83.17% of the stock is currently owned by institutional investors and hedge funds.

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.