#4 Chicago Bridge & Iron Company N.V. (NYSE:CBI)
– Shares Owned by Greenlight Capital (as of September 30): 7.48 million
– Value of Holding (as of September 30): $296.71 million
Shares of Chicago Bridge & Iron Company N.V. (NYSE:CBI) did try to recoup the over 20% losses they suffered during the third quarter by moving up in October. However, the gradual decline they saw after the company reported its third-quarter earnings on November 5 resulted in them ending the final quarter of 2015 down marginally by 1.6%. Taking into account that shares of the company have fallen by more than 10% since the start of 2016, it seems Greenlight Capital didn’t make a wise move by upping its stake in Chicago Bridge & Iron Company N.V. (NYSE:CBI) by 12% during the third quarter.
Even though its share price has been collapsing, Chicago Bridge & Iron Company has been doing well in terms of contract wins. In December, the company won several multi-million dollar contracts and continued that winning streak this year by winning a contract to build a polypropylene unit for China’s Hebei Haiwei Group. This perhaps explains why most of the 26 analysts who cover the stock are bullish on it currently with an average rating of ‘Overweight’.
On January 15, analysts at Robert W. Baird upgraded the stock to ‘Outperform’ from ‘Neutral’ while keeping their price target on it constant at $52, which represents a potential upside of almost 50% from the stock’s current trading price. Warren Buffett’s Berkshire Hathaway was one of the funds that reduced its stake in the company significantly during the third quarter; it brought its holdings down by 79% to slightly under 2 million shares.