Zacks Investment Research lowered shares of Chicago Bridge & Iron (NYSE:CBI) from a hold rating to a strong sell rating in a research report released on Thursday morning.
According to Zacks, “Chicago Bridge & Iron has had a dismal earnings surprise history, having missed estimates by a huge margin in each of the four trailing quarters. In the recently reported quarter, the company’s margins were deeply affected by a rise in cost on IPL and Calpine power projects as well as with execution of its other projects. Decline in both U.S. storage tank work and federal government spending, along with constant project deferrals are proving to be major headwinds. The company’s net contract capital position for continuing operations also declined steeply on a sequential quarter basis, which impacted cash flow adversely. In light of such adversity, the company’s shares have dismally underperformed the industry average in the past year. However, the company has taken a flurry of measures to address its chronically poor project execution, improve efficiency and strengthen its balance sheet.”
CBI has been the topic of several other research reports. Credit Suisse Group boosted their price target on shares of Chicago Bridge & Iron from $13.00 to $15.00 and gave the stock a neutral rating in a research report on Friday, November 3rd. Robert W. Baird restated a hold rating and issued a $10.00 price target on shares of Chicago Bridge & Iron in a research report on Sunday, October 22nd. ValuEngine upgraded shares of Chicago Bridge & Iron from a strong sell rating to a sell rating in a research report on Friday, December 1st. Vertical Research restated a buy rating and issued a $20.00 price target on shares of Chicago Bridge & Iron in a research report on Thursday, September 14th. Finally, Deutsche Bank restated a buy rating and issued a $20.00 price target (up previously from $16.00) on shares of Chicago Bridge & Iron in a research report on Tuesday, October 24th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $19.43.
Chicago Bridge & Iron (CBI) traded up $0.11 during trading on Thursday, hitting $18.05. 3,191,100 shares of the stock traded hands, compared to its average volume of 3,886,950. The company has a market capitalization of $1,860.00, a PE ratio of -1.88, a P/E/G ratio of 1.05 and a beta of 2.22. Chicago Bridge & Iron has a 52-week low of $9.55 and a 52-week high of $36.15.
Chicago Bridge & Iron (NYSE:CBI) last released its quarterly earnings data on Monday, October 30th. The construction company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.19). Chicago Bridge & Iron had a negative net margin of 13.33% and a negative return on equity of 10.86%. The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the business earned $1.20 EPS. The company’s quarterly revenue was down 18.7% on a year-over-year basis. sell-side analysts expect that Chicago Bridge & Iron will post -1.98 earnings per share for the current year.
In other Chicago Bridge & Iron news, insider Daniel M. Mccarthy sold 7,500 shares of the business’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $15.34, for a total transaction of $115,050.00. Following the transaction, the insider now owns 97,464 shares in the company, valued at $1,495,097.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 22,500 shares of company stock worth $357,750 in the last quarter. Company insiders own 1.10% of the company’s stock.
A number of hedge funds have recently bought and sold shares of CBI. State Street Corp increased its position in Chicago Bridge & Iron by 181.4% during the second quarter. State Street Corp now owns 4,059,198 shares of the construction company’s stock valued at $80,086,000 after acquiring an additional 2,616,783 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Chicago Bridge & Iron by 51.9% during the second quarter. BlackRock Inc. now owns 6,340,731 shares of the construction company’s stock valued at $125,104,000 after purchasing an additional 2,165,509 shares during the period. Fairpointe Capital LLC boosted its stake in shares of Chicago Bridge & Iron by 41.9% during the second quarter. Fairpointe Capital LLC now owns 4,048,371 shares of the construction company’s stock valued at $79,875,000 after purchasing an additional 1,196,110 shares during the period. 1060 Capital LLC purchased a new stake in shares of Chicago Bridge & Iron during the third quarter valued at $11,776,000. Finally, Northern Trust Corp boosted its stake in shares of Chicago Bridge & Iron by 110.9% during the second quarter. Northern Trust Corp now owns 1,165,751 shares of the construction company’s stock valued at $23,000,000 after purchasing an additional 612,936 shares during the period. Institutional investors and hedge funds own 70.68% of the company’s stock.
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Chicago Bridge & Iron Company Profile
Chicago Bridge & Iron Company N.V. provides services to customers in energy infrastructure market. The Company provides services, such as conceptual design, technology, engineering, procurement, fabrication, modularization, construction, commissioning, maintenance, program management and environmental services.
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