Palumbo Wealth Management LLC Buys New Stake in Babcock $BW

Palumbo Wealth Management LLC purchased a new stake in Babcock (NYSE:BW) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 215,563 shares of the technology company’s stock, valued at approximately $625,000. Palumbo Wealth Management LLC owned about 0.19% of Babcock as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BW. Vanguard Group Inc. lifted its holdings 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. Bastion Asset Management Inc. acquired a new stake in Babcock during the third quarter worth about $450,000. Thompson Davis & CO. Inc. grew its holdings in Babcock by 221.8% during the third quarter. Thompson Davis & CO. Inc. now owns 96,550 shares of the technology company’s stock worth $280,000 after acquiring an additional 66,550 shares during the period. Covestor Ltd purchased a new position in Babcock during the third quarter valued at approximately $406,000. Finally, Platform Technology Partners acquired a new position in Babcock in the third quarter valued at approximately $54,000. 83.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on BW. Wall Street Zen upgraded Babcock from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Northland Securities assumed coverage on shares of Babcock in a research note on Thursday, January 22nd. They issued an “outperform” rating and a $10.00 target price for the company. Lake Street Capital reissued a “buy” rating and set a $9.00 price target on shares of Babcock in a report on Wednesday, November 5th. DA Davidson lifted their price objective on shares of Babcock from $1.50 to $6.00 and gave the company a “neutral” rating in a report on Wednesday, November 12th. Finally, Craig Hallum upgraded shares of Babcock from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research report on Wednesday, November 5th. 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $8.00.

Insider Buying and Selling at Babcock

In related news, major shareholder Brc Group Holdings, Inc. sold 1,155,382 shares of the company’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $9.00, for a total transaction of $10,398,438.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.90% of the stock is currently owned by company insiders.

Babcock Stock Performance

NYSE:BW opened at $8.61 on Tuesday. The stock has a market capitalization of $956.68 million, a PE ratio of -6.62 and a beta of 1.55. Babcock has a fifty-two week low of $0.22 and a fifty-two week high of $11.57. The company has a fifty day moving average of $7.97 and a two-hundred day moving average of $5.28.

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.