Babcock (NYSE:BW) Shares Down 8.9% – Here’s What Happened

Babcock (NYSE:BW) shares traded down 8.9% on Friday . The company traded as low as $10.13 and last traded at $10.0350. Approximately 235,111 shares were traded during trading, a decline of 94% from the average daily volume of 3,864,232 shares. The stock had previously closed at $11.01.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Wall Street Zen downgraded shares of Babcock from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Babcock in a research report on Friday, July 17th. Finally, Northland Securities set a $23.00 target price on Babcock in a research note on Tuesday, May 12th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Babcock presently has a consensus rating of “Hold” and an average price target of $14.25.

Babcock Price Performance

The firm has a market cap of $1.44 billion, a PE ratio of -10.99 and a beta of 1.16. The business’s fifty day moving average is $14.97 and its 200-day moving average is $13.47.

Babcock (NYSE:BW) last released its earnings results on Monday, May 11th. The technology company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.57). The business had revenue of $214.41 million for the quarter, compared to analysts’ expectations of $149.72 million. Analysts forecast that Babcock will post 0.31 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Royal Bank of Canada increased its holdings in Babcock by 57.3% in the 1st quarter. Royal Bank of Canada now owns 1,785 shares of the technology company’s stock valued at $26,000 after acquiring an additional 650 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Babcock by 3.0% during the 1st quarter. Bank of New York Mellon Corp now owns 55,733 shares of the technology company’s stock valued at $819,000 after purchasing an additional 1,604 shares during the last quarter. Mariner LLC boosted its holdings in shares of Babcock by 10.8% during 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 last quarter. Chicago Partners Investment Group LLC grew its position in shares of Babcock by 30.6% during the first 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 in the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new stake in shares of Babcock in the fourth quarter worth about $25,000. Hedge funds and other institutional investors own 83.17% of the company’s stock.

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.