Bank of America Corp DE Grows Stock Holdings in Babcock $BW

Key Points

• Bank of America significantly increased its Babcock stake by 1,743.7% in the first quarter, acquiring 1.04 million additional shares and bringing its holdings to 1.10 million shares worth approximately $16.1 million.
• Babcock reported quarterly EPS of $0.04, beating estimates of $0.02, while revenue of $319.69 million exceeded forecasts. Despite the earnings beat, the company posted a negative net margin and return on equity.
• Institutional investors own 83.17% of Babcock, while analysts maintain a consensus “Hold” rating with a $14.25 price target; the stock recently opened at $8.45, well below its 52-week high of $22.03.

Bank of America Corp DE grew its position in shares of Babcock (NYSE:BW - Free Report) by 1,743.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,096,502 shares of the technology company's stock after acquiring an additional 1,037,028 shares during the period. Bank of America Corp DE owned about 0.81% of Babcock worth $16,108,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Huntington National Bank increased its stake in shares of Babcock by 400,000.0% during the fourth quarter. Huntington National Bank now owns 4,001 shares of the technology company's stock valued at $25,000 after buying an additional 4,000 shares during the period. Rockefeller Capital Management L.P. bought a new position in Babcock in the 4th quarter worth $25,000. Royal Bank of Canada lifted its position in shares of Babcock by 57.3% in the 1st quarter. Royal Bank of Canada now owns 1,785 shares of the technology company's stock worth $26,000 after purchasing an additional 650 shares during the period. Centiva Capital LP purchased a new stake in shares of Babcock in the 3rd quarter worth about $31,000. Finally, Raymond James Financial Inc. boosted its stake in shares of Babcock by 11,311.3% during the 3rd quarter. Raymond James Financial Inc. now owns 12,096 shares of the technology company's stock valued at $35,000 after purchasing an additional 11,990 shares in the last quarter. 83.17% of the stock is currently owned by hedge funds and other institutional investors.

Babcock Price Performance

Shares of BW opened at $8.45 on Friday. Babcock has a fifty-two week low of $1.46 and a fifty-two week high of $22.03. The firm's 50-day simple moving average is $11.62 and its two-hundred day simple moving average is $13.61. The stock has a market cap of $1.26 billion, a PE ratio of -46.94 and a beta of 1.21. The company has a debt-to-equity ratio of 4.21, a quick ratio of 1.33 and a current ratio of 1.45.

Babcock (NYSE:BW - Get Free Report) last released its earnings results on Monday, August 10th. The technology company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. The firm had revenue of $319.69 million during the quarter, compared to analyst estimates of $196.95 million. Babcock had a negative net margin of 2.17% and a negative return on equity of 4.51%. Analysts anticipate that Babcock will post 0.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently issued reports on BW. Wall Street Zen raised shares of Babcock from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Northland Securities set a $23.00 price objective on Babcock in a research report on Tuesday, May 12th. Finally, Weiss Ratings upgraded Babcock from a "sell (d-)" rating to a "sell (d+)" rating in a report on Tuesday, August 11th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $14.25.

Insider Activity at Babcock

In related news, Director Philip D. Moeller bought 5,000 shares of the business's stock in a transaction dated Thursday, August 13th. The shares were purchased at an average cost of $9.50 per share, with a total value of $47,500.00. Following the completion of the purchase, the director owned 240,809 shares in the company, valued at approximately $2,287,685.50. The trade was a 2.12% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.80% of the company's stock.

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.

Want to see what other hedge funds are holding BW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Babcock (NYSE:BW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source