Insider Selling: Franco Baseotto Unloads 21,082 Shares of Foster Wheeler AG Stock (FWLT)
Foster Wheeler AG (NASDAQ:FWLT) CFO Franco Baseotto sold 21,082 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $33.96, for a total value of $715,944.72. Following the sale, the chief financial officer now directly owns 37,980 shares in the company, valued at approximately $1,289,801. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Shares of Foster Wheeler AG (NASDAQ:FWLT) traded up 0.92% during mid-day trading on Monday, hitting $34.17. The stock had a trading volume of 636,592 shares. Foster Wheeler AG has a 52-week low of $20.20 and a 52-week high of $34.41. The stock’s 50-day moving average is $33.60 and its 200-day moving average is $31.86. The company has a market cap of $3.407 billion and a price-to-earnings ratio of 33.36. Foster Wheeler AG also saw a large drop in short interest during the month of May. As of May 15th, there was short interest totalling 672,175 shares, a drop of 32.1% from the April 30th total of 989,919 shares. Based on an average daily volume of 632,062 shares, the days-to-cover ratio is currently 1.1 days. Currently, 0.7% of the company’s shares are sold short.
Foster Wheeler AG (NASDAQ:FWLT) last released its earnings data on Wednesday, May 7th. The company reported $0.19 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.38 by $0.19. The company had revenue of $733.70 million for the quarter, compared to the consensus estimate of $885.63 million. During the same quarter last year, the company posted $0.14 earnings per share. Foster Wheeler AG’s revenue was down 7.1% compared to the same quarter last year. Analysts expect that Foster Wheeler AG will post $1.79 EPS for the current fiscal year.
A number of analysts have recently weighed in on FWLT shares. Analysts at TheStreet upgraded shares of Foster Wheeler AG from a “hold” rating to a “buy” rating in a research note on Tuesday, May 20th. Separately, analysts at Canaccord Genuity raised their price target on shares of Foster Wheeler AG from $32.00 to $34.50 in a research note on Monday, May 12th. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Foster Wheeler AG in a research note on Friday, April 11th. They now have a $36.00 price target on the stock. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $32.39.
Foster Wheeler AG (NASDAQ:FWLT) is a supplier of engineering, construction and project management contractor and power equipment.
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