B/E Aerospace Sees Strong Trading Volume Following Strong Earnings (BEAV)
B/E Aerospace (NASDAQ:BEAV) saw unusually-strong trading volume on Wednesday following a better than expected earnings announcement, AmericanBankingNews.com reports. Approximately 2,168,145 shares were traded during trading, an increase of 50% from the previous session’s volume of 1,441,585 shares.The stock last traded at $92.76 and had previously closed at $95.09.
The company reported $1.13 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.07 by $0.06. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the company posted $0.89 earnings per share. The company’s quarterly revenue was up 28.1% on a year-over-year basis.
A number of analysts have recently weighed in on BEAV shares. Analysts at Citigroup Inc. raised their price target on shares of B/E Aerospace from $102.00 to $109.00 in a research note on Friday, July 11th. They now have a “buy” rating on the stock. Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of B/E Aerospace in a research note on Wednesday, July 9th. They now have a $95.00 price target on the stock, up previously from $94.00. Finally, analysts at Goldman Sachs downgraded shares of B/E Aerospace from a “conviction-buy” rating to a “buy” rating in a research note on Monday, June 23rd. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $101.68.
The stock has a 50-day moving average of $94.34 and a 200-day moving average of $88.48. The company has a market cap of $9.682 billion and a price-to-earnings ratio of 25.70. B/E Aerospace also was the recipient of a significant increase in short interest in June. As of June 30th, there was short interest totalling 1,793,210 shares, an increase of 45.6% from the June 13th total of 1,231,782 shares. Based on an average daily volume of 1,252,715 shares, the short-interest ratio is presently 1.4 days. Approximately 1.7% of the shares of the stock are short sold.
B/E Aerospace, Inc is a manufacturer of cabin interior products for commercial aircraft and business jets and distributor of aerospace fasteners and consumables.
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