Alkeon Capital Management LLC has made a significant investment in BWX Technologies, Inc., acquiring a stake valued at approximately $86.44 million. The firm purchased 600,048 shares of the technology company during the second quarter, as disclosed in its latest filing with the Securities & Exchange Commission.
Several other institutional investors have also adjusted their holdings in BWX Technologies recently. Notably, T. Rowe Price Investment Management Inc. increased its stake by 19.7% in the first quarter, now owning 4,503,679 shares worth about $444.29 million. Meanwhile, Invesco Ltd. raised its stake by an impressive 139.0% during the second quarter, bringing its total to 1,592,380 shares valued at $229.40 million.
Another significant player, Valeo Financial Advisors LLC, saw its holdings surge by 33,572.0%, acquiring 1,517,599 shares now valued at $2.23 million. William Blair Investment Management LLC also boosted its stake by 523.2%, owning 1,517,356 shares valued at $218.59 million. Additionally, Artisan Partners Limited Partnership entered the scene with a new investment worth approximately $183.86 million.
As of the latest trading session, BWX Technologies shares experienced a decline of 4.6%, opening at $174.86. The company holds a market capitalization of $15.99 billion and has a price-to-earnings (P/E) ratio of 52.51. Its stock performance shows a 52-week low of $84.21 and a 52-week high of $218.50.
Dividend Announcement and Insider Activity
In addition to the investment news, BWX Technologies announced a quarterly dividend of $0.25 per share, which was paid on December 10, 2023. Stockholders recorded on November 19, 2023 were eligible for this payment, translating to an annualized dividend of $1.00 and a yield of 0.6%. The company’s current payout ratio stands at 30.03%.
On the insider front, CEO Rex D. Geveden sold 10,000 shares on November 12, 2023, at an average price of $197.90, accumulating a total of $1,979,000. Following this transaction, Geveden retains 187,594 shares valued at approximately $37.12 million, reflecting a 5.06% decrease in his ownership.
Analyst Ratings and Market Outlook
Market analysts have varied opinions on BWX Technologies. William Blair reiterated an “outperform” rating on the stock, while Truist Financial raised its target price from $173.00 to $200.00 alongside a “hold” rating. Meanwhile, Weiss Ratings restated a “buy (B-)” rating, and Wall Street Zen upgraded the stock from “hold” to “buy.”
The consensus among analysts indicates a “Moderate Buy” rating, with a consensus target price of $184.83. Notably, two analysts have rated the stock as a Strong Buy, seven have given a Buy rating, four have issued a Hold rating, and one has assigned a Sell rating.
BWX Technologies, Inc., together with its subsidiaries, specializes in manufacturing and selling nuclear components across the United States, Canada, and globally. The company operates through two main segments: Government Operations and Commercial Operations, catering to both naval and commercial shipping customers with specialized products.
Investors and industry observers will likely keep a close eye on BWX Technologies as it navigates these significant investments and adjusts to market fluctuations.
