Saba Capital Management L.P. Has $4.42 Million Stock Position in Babcock $BW

Key Points

• Saba Capital Management cut its Babcock & Wilcox stake by 55.8% in the first quarter, selling 380,000 shares and retaining 301,105 shares valued at approximately $4.42 million.
• Institutional ownership remains high at 83.17%, with Arrowstreet Capital notably increasing its position by 777.3% to nearly 3 million shares.
• Babcock’s stock opened at $9.38, while its latest quarterly results showed a significant EPS miss of $0.60 versus the expected $0.03 loss. Analysts collectively rate the stock “Hold,” with a consensus price target of $14.25.

Saba Capital Management L.P. lowered its holdings in shares of Babcock (NYSE:BW - Free Report) by 55.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 301,105 shares of the technology company's stock after selling 380,000 shares during the period. Saba Capital Management L.P. owned about 0.22% of Babcock worth $4,423,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of BW. SummitTX Capital L.P. grew its stake in shares of Babcock by 34.1% in the first quarter. SummitTX Capital L.P. now owns 17,842 shares of the technology company's stock worth $262,000 after purchasing an additional 4,538 shares during the last quarter. Lazard Asset Management LLC bought a new position in Babcock during the 1st quarter worth $1,874,000. Cooper Creek Partners Management LLC bought a new position in Babcock during the 1st quarter worth $15,205,000. Renaissance Technologies LLC lifted its holdings in Babcock by 4.9% during the 1st quarter. Renaissance Technologies LLC now owns 362,500 shares of the technology company's stock worth $5,325,000 after buying an additional 17,000 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Babcock by 777.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,974,324 shares of the technology company's stock worth $43,693,000 after buying an additional 2,635,304 shares during the period. Institutional investors and hedge funds own 83.17% of the company's stock.

Babcock Stock Down 2.5%

BW stock opened at $9.38 on Tuesday. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of -10.66 and a beta of 1.16. Babcock has a 12-month low of $0.87 and a 12-month high of $22.03. The company's fifty day simple moving average is $14.75 and its 200 day simple moving average is $13.54.

Babcock (NYSE:BW - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The technology company reported ($0.60) EPS 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 analyst estimates of $149.72 million. Research analysts expect that Babcock will post 0.31 earnings per share for the current year.

Wall Street Analyst Weigh In

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

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.

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