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

Babcock (NYSE:BW) shares traded down 10.3% during trading on Tuesday . The company traded as low as $7.95 and last traded at $8.07. 1,365,436 shares traded hands during trading, a decline of 52% from the average session volume of 2,845,154 shares. The stock had previously closed at $9.00.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BW. DA Davidson boosted their target price on Babcock from $1.50 to $6.00 and gave the company a “neutral” rating in a research note on Wednesday, November 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Babcock in a report on Wednesday, January 21st. Lake Street Capital reaffirmed a “buy” rating and issued a $9.00 target price on shares of Babcock in a research report on Wednesday, November 5th. Craig Hallum upgraded shares of Babcock from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a research report on Wednesday, November 5th. Finally, Wall Street Zen raised shares of Babcock from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $8.00.

Babcock Stock Down 8.1%

The stock’s 50 day moving average price is $8.39 and its 200-day moving average price is $5.55. The stock has a market capitalization of $918.80 million, a PE ratio of -6.36 and a beta of 1.54.

Insider Activity at Babcock

In other news, major shareholder Brc Group Holdings, Inc. sold 1,155,382 shares of Babcock stock in a transaction that occurred on 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 available at this link. Company insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Babcock

A number of hedge funds and other institutional investors have recently modified their holdings of BW. Legal & General Group Plc purchased a new stake in Babcock during the third quarter worth $14,086,000. Marshall Wace LLP lifted its stake in shares of Babcock by 497.7% during the 3rd quarter. Marshall Wace LLP now owns 2,366,601 shares of the technology company’s stock worth $6,863,000 after purchasing an additional 1,970,656 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Babcock by 54.3% during the 3rd quarter. Vanguard Group Inc. now owns 4,423,243 shares of the technology company’s stock worth $12,827,000 after purchasing an additional 1,556,692 shares during the last quarter. Thames Capital Management LLC bought a new stake in Babcock during the third quarter valued at about $4,033,000. Finally, Situational Awareness LP purchased a new position in Babcock in the fourth quarter valued at about $8,584,000. 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.