BWX Technologies, Inc. (NYSE:BWXT)’s share price hit a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $53.73 and last traded at $53.80, with a volume of 439,493 shares trading hands. The stock had previously closed at $52.99.
The technology company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.09. BWX Technologies had a net margin of 11.81% and a return on equity of 107.13%. The company had revenue of $410.01 million for the quarter, compared to the consensus estimate of $429.38 million. During the same period last year, the company posted $0.44 EPS. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Monday, August 21st will be paid a $0.11 dividend. The ex-dividend date is Thursday, August 17th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.83%. BWX Technologies’s payout ratio is currently 23.28%.
BWXT has been the topic of several recent research reports. Credit Suisse Group initiated coverage on shares of BWX Technologies in a research report on Friday, June 9th. They set a “neutral” rating and a $51.00 target price on the stock. BidaskClub upgraded shares of BWX Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Zacks Investment Research upgraded shares of BWX Technologies from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Thursday, August 10th. Bank of America Corporation reiterated a “buy” rating and set a $55.00 target price on shares of BWX Technologies in a research report on Thursday, August 10th. Finally, Sidoti reiterated a “buy” rating and set a $62.00 target price on shares of BWX Technologies in a research report on Wednesday, May 31st. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $52.83.
In other news, insider Harbour Group L.P. Blue sold 3,295,098 shares of the business’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $47.43, for a total value of $156,286,498.14. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Joseph G. Henry sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $53.81, for a total transaction of $807,150.00. Following the completion of the transaction, the insider now owns 10,639 shares in the company, valued at approximately $572,484.59. The disclosure for this sale can be found here. Insiders sold a total of 3,311,463 shares of company stock worth $157,167,536 in the last 90 days. Corporate insiders own 0.76% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of BWX Technologies by 2,963.1% in the first quarter. BlackRock Inc. now owns 5,038,471 shares of the technology company’s stock worth $239,832,000 after buying an additional 4,873,983 shares during the period. Janus Henderson Group PLC purchased a new position in shares of BWX Technologies during the second quarter worth about $145,836,000. Artisan Partners Limited Partnership increased its position in shares of BWX Technologies by 210.9% in the second quarter. Artisan Partners Limited Partnership now owns 4,100,416 shares of the technology company’s stock worth $199,895,000 after buying an additional 2,781,599 shares during the period. William Blair Investment Management LLC increased its position in shares of BWX Technologies by 83.4% in the first quarter. William Blair Investment Management LLC now owns 5,853,746 shares of the technology company’s stock worth $278,638,000 after buying an additional 2,662,072 shares during the period. Finally, Wells Fargo & Company MN increased its position in shares of BWX Technologies by 310.0% in the second quarter. Wells Fargo & Company MN now owns 3,071,474 shares of the technology company’s stock worth $149,735,000 after buying an additional 2,322,309 shares during the period. Hedge funds and other institutional investors own 94.50% of the company’s stock.
The stock has a 50-day moving average price of $51.81 and a 200 day moving average price of $48.20. The stock has a market cap of $5.29 billion, a PE ratio of 28.17 and a beta of 0.45.
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About BWX Technologies
BWX Technologies, Inc is a manufacturer of nuclear components and a service provider. The Company’s businesses focus on the design, engineering and manufacture of precision naval nuclear components, reactors and nuclear fuel for the United States Government. Its segments include Nuclear Operations, Technical Services, Nuclear Energy and Other.
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