Chicago Bridge & Iron Company NV (NYSE:CBI), based in The Hague, moved down to the record low in around a year after deciding to acquire The Shaw Group Inc (NYSE:SHAW) for around $3 billion as the energy construction and engineering corporation expands its nuclear building services.
Shares of the company plunged 14% to settle in New York at $34.94 and marked the major decline since Au. 8. Shaw Group’s 55% gain to $41.49 was still short of Chicago Bridge & Iron’s $46 cash-and-stock offer, 72% above the July 27 ending price.
A William Blair & Co analyst in New York Chase Jacobson stated in a telephone interview on Monday that this was a big change in strategy for CB&I. Chase Jacobson further stated that CB&I had described its action to purchase as being focused on smaller targets, not over doubling or around tripling the corporation’s backlog and diversifying the entire corporation.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Quanta Services Inc (NYSE:PWR) increased +0.56% to settle at $23.27, The Shaw Group Inc. (NYSE:SHAW) moved up +55.45% to end at $41.49 while KBR, Inc. (NYSE:KBR) plunged -0.81% to finish on Monday at $26.90.
Chicago Bridge & Iron Company N.V. (NYSE:CBI) on July 30, 2012 decreased -14.15% to the closing price of $34.94. The overall volume in the last trading session was 20.07 million shares. Its fifty two week range was $23.88-$47.74. The total market capitalization remained $3.39 billion.
CBI is ahead its 52 week low with +46.86% and lagging behind from its 52 week high price with -26.63%. CBI last month stock price volatility remained 3.13%. In its share capital CBI has 96.98 million outstanding shares among them 95.13 million shares have been floated in market exchange. CBI stock institutional ownership remained 84.58% while insider ownership included 1.61%.
The stock price of CBI is moving down from its 20 days moving average with -7.38% and remote negatively from 50 days moving average with -5.03%. CBI current year earnings per share experienced an addition with 24.99% while its current quarter performance remained -21.24%. Company’s beta coefficient included 2.29. Beta factors measures the amount of market risk associated with market trade.
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