Bank of America Corp DE Decreases Stock Position in BHP Group Limited Sponsored ADR $BHP

Key Points

• Bank of America reduced its BHP Group position by 5.6% in the first quarter, selling 171,552 shares and retaining 2.9 million shares valued at approximately $211.3 million.
• Analyst sentiment remains mostly cautious: BHP has a consensus “Hold” rating and a $78 average price target, although Goldman Sachs upgraded the stock to “strong buy.”
• BHP opened at $87.48, near the upper end of its 12-month range of $51.13 to $93.83, with its 50-day and 200-day moving averages at $84.87 and $78.79, respectively.

Bank of America Corp DE lowered its position in shares of BHP Group Limited Sponsored ADR (NYSE:BHP - Free Report) by 5.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,904,801 shares of the mining company's stock after selling 171,552 shares during the period. Bank of America Corp DE owned approximately 0.11% of BHP Group worth $211,295,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Bayban acquired a new position in shares of BHP Group in the 4th quarter valued at approximately $25,000. Whipplewood Advisors LLC increased its stake in shares of BHP Group by 8,320.0% in the first quarter. Whipplewood Advisors LLC now owns 421 shares of the mining company's stock worth $31,000 after buying an additional 416 shares during the last quarter. Sound Income Strategies LLC raised its holdings in BHP Group by 222.1% in the fourth quarter. Sound Income Strategies LLC now owns 422 shares of the mining company's stock valued at $27,000 after acquiring an additional 291 shares in the last quarter. Hilton Head Capital Partners LLC bought a new position in BHP Group during the 4th quarter valued at $26,000. Finally, Garton & Associates Financial Advisors LLC bought a new position in BHP Group during the 4th quarter valued at $26,000. 3.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Bank of America reduced their price target on shares of BHP Group from $93.00 to $91.00 and set a "neutral" rating on the stock in a research report on Monday, June 22nd. Weiss Ratings reissued a "hold (c)" rating on shares of BHP Group in a report on Friday, July 17th. Argus set a $95.00 price objective on BHP Group in a research note on Monday, April 27th. Citigroup reaffirmed a "neutral" rating on shares of BHP Group in a report on Monday, June 8th. Finally, The Goldman Sachs Group upgraded BHP Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $78.00.

BHP Group Price Performance

BHP opened at $87.48 on Wednesday. BHP Group Limited Sponsored ADR has a 12 month low of $51.13 and a 12 month high of $93.83. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.28 and a current ratio of 1.65. The stock's 50 day moving average price is $84.87 and its 200 day moving average price is $78.79.

About BHP Group

BHP Group is an Anglo-Australian natural resources company engaged principally in the exploration, development, production and marketing of commodities. Its core businesses include the extraction and processing of iron ore, copper, metallurgical and thermal coal, nickel and other minerals. BHP operates large-scale mining and processing assets and supplies raw materials used across steelmaking, energy and industrial supply chains.

The company has a global operating footprint with significant assets and projects in Australia and the Americas, and commercial activities that serve customers worldwide.

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