Gabelli Funds LLC Cuts Stock Position in BHP Group Limited Sponsored ADR $BHP

Key Points

• Gabelli Funds LLC reduced its stake in BHP Group by 17.8% in the first quarter, selling 93,400 shares and leaving it with 431,000 shares valued at about $31.35 million.
• Institutional interest remains active, with several other hedge funds adding to or initiating positions in BHP; institutions now own 3.79% of the company’s stock.
• Analyst sentiment is mixed: BHP has a consensus rating of “Hold” and an average target price of $78.00, even as some firms upgraded or reiterated bullish views.

Gabelli Funds LLC lessened its position in shares of BHP Group Limited Sponsored ADR (NYSE:BHP - Free Report) by 17.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 431,000 shares of the mining company's stock after selling 93,400 shares during the quarter. Gabelli Funds LLC's holdings in BHP Group were worth $31,351,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Main Street Research LLC purchased a new stake in shares of BHP Group during the first quarter worth about $37,767,000. Abbington Investment Group increased its holdings in shares of BHP Group by 45.6% during the fourth quarter. Abbington Investment Group now owns 69,288 shares of the mining company's stock valued at $4,183,000 after acquiring an additional 21,700 shares in the last quarter. Ferguson Wellman Capital Management Inc. purchased a new position in shares of BHP Group in the 1st quarter valued at approximately $18,591,000. SG Americas Securities LLC raised its position in shares of BHP Group by 442.2% in the 4th quarter. SG Americas Securities LLC now owns 143,065 shares of the mining company's stock valued at $8,637,000 after purchasing an additional 116,681 shares during the last quarter. Finally, Shrier Wealth Management LLC acquired a new stake in BHP Group in the 4th quarter worth approximately $2,630,000. Hedge funds and other institutional investors own 3.79% of the company's stock.

BHP Group Price Performance

Shares of NYSE:BHP opened at $83.69 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.28 and a current ratio of 1.65. BHP Group Limited Sponsored ADR has a 52-week low of $49.68 and a 52-week high of $93.83. The business has a 50-day moving average price of $84.83 and a 200-day moving average price of $77.66.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BHP. Zacks Research downgraded shares of BHP Group from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. The Goldman Sachs Group raised shares of BHP Group from a "hold" rating to a "strong-buy" rating in a report on Friday, April 17th. Bank of America lowered their price objective on shares of BHP Group from $93.00 to $91.00 and set a "neutral" rating for the company in a research note on Monday, June 22nd. Berenberg Bank raised shares of BHP Group from a "sell" rating to a "hold" rating in a report on Thursday, April 2nd. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of BHP Group in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $78.00.

BHP Group Company Profile

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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