Chicago Bridge & Iron Company N.V. (NYSE:CBI) Hits New 12-Month Low Following Weak Earnings

Chicago Bridge & Iron Company N.V. (NYSE:CBI)’s share price reached a new 52-week low during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $10.86 and last traded at $10.61, with a volume of 20,450,849 shares traded. The stock had previously closed at $16.33.

The construction company reported ($2.96) EPS for the quarter, missing the consensus estimate of $0.85 by $3.81. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $2.49 billion. Chicago Bridge & Iron Company N.V. had a negative net margin of 10.54% and a negative return on equity of 3.59%. Chicago Bridge & Iron Company N.V.’s revenue for the quarter was down 40.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.17 earnings per share.

CBI has been the subject of a number of analyst reports. Deutsche Bank AG raised their price objective on Chicago Bridge & Iron Company N.V. from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday, May 22nd. MKM Partners restated a “buy” rating and set a $34.00 price objective (down from $41.00) on shares of Chicago Bridge & Iron Company N.V. in a research report on Friday, May 19th. Credit Suisse Group lowered their price objective on Chicago Bridge & Iron Company N.V. from $34.00 to $21.00 and set an “outperform” rating for the company in a research report on Monday, June 19th. They noted that the move was a valuation call. Macquarie restated an “underperform” rating and set a $10.00 price objective (down from $11.50) on shares of Chicago Bridge & Iron Company N.V. in a research report on Wednesday, June 21st. Finally, Citigroup Inc. restated a “neutral” rating and set a $20.00 price objective (down from $23.00) on shares of Chicago Bridge & Iron Company N.V. in a research report on Tuesday, July 18th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Chicago Bridge & Iron Company N.V. has an average rating of “Hold” and a consensus price target of $26.16.

A number of large investors have recently added to or reduced their stakes in CBI. Glen Harbor Capital Management LLC boosted its stake in Chicago Bridge & Iron Company N.V. by 395.9% in the first quarter. Glen Harbor Capital Management LLC now owns 69,504 shares of the construction company’s stock valued at $2,137,000 after buying an additional 55,488 shares in the last quarter. Sigma Planning Corp boosted its stake in shares of Chicago Bridge & Iron Company N.V. by 60.2% in the first quarter. Sigma Planning Corp now owns 22,121 shares of the construction company’s stock worth $680,000 after buying an additional 8,315 shares during the period. Nationwide Fund Advisors boosted its stake in shares of Chicago Bridge & Iron Company N.V. by 9,639.4% in the first quarter. Nationwide Fund Advisors now owns 243,874 shares of the construction company’s stock worth $7,499,000 after buying an additional 241,370 shares during the period. City Holding Co. boosted its stake in shares of Chicago Bridge & Iron Company N.V. by 5.6% in the first quarter. City Holding Co. now owns 18,779 shares of the construction company’s stock worth $577,000 after buying an additional 993 shares during the period. Finally, Butensky & Cohen Financial Security Inc. boosted its stake in shares of Chicago Bridge & Iron Company N.V. by 3.6% in the first quarter. Butensky & Cohen Financial Security Inc. now owns 38,320 shares of the construction company’s stock worth $1,178,000 after buying an additional 1,345 shares during the period. 67.19% of the stock is owned by institutional investors and hedge funds.

The stock’s market capitalization is $1.19 billion. The company’s 50 day moving average price is $17.53 and its 200 day moving average price is $25.08. Chicago Bridge & Iron Company N.V. also was the recipient of unusually large options trading on Wednesday. Investors purchased 896 call options on the stock. This is an increase of approximately 197% compared to the typical volume of 302 call options.

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Chicago Bridge & Iron Company N.V. 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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