BHP Group (NYSE:BHP) Hits New 52-Week High – Still a Buy?

BHP Group Limited Sponsored ADR (NYSE:BHP) shares hit a new 52-week high on Tuesday . The company traded as high as $93.75 and last traded at $93.5140, with a volume of 212958 shares trading hands. The stock had previously closed at $92.13.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BHP. The Goldman Sachs Group raised shares of BHP Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 17th. Wall Street Zen downgraded shares of BHP Group from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. Bank of America downgraded BHP Group from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Zacks Research downgraded BHP Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Finally, Citigroup restated a “neutral” rating on shares of BHP Group in a research report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $62.33.

BHP Group Trading Down 2.2%

The firm’s 50 day simple moving average is $83.84 and its 200 day simple moving average is $73.36. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.28 and a current ratio of 1.65.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in BHP. Paradigm Asset Management Co. LLC purchased a new position in shares of BHP Group in the third quarter worth about $1,345,000. Abbington Investment Group increased its holdings in shares of BHP Group by 45.6% in the fourth quarter. Abbington Investment Group now owns 69,288 shares of the mining company’s stock worth $4,183,000 after buying an additional 21,700 shares during the period. Fisher Asset Management LLC increased its holdings in shares of BHP Group by 1.3% in the third quarter. Fisher Asset Management LLC now owns 23,149,649 shares of the mining company’s stock worth $1,290,593,000 after buying an additional 307,397 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of BHP Group by 1,769.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 464,133 shares of the mining company’s stock worth $25,875,000 after purchasing an additional 439,304 shares during the last quarter. Finally, Factory Mutual Insurance Co. bought a new position in shares of BHP Group in the third quarter worth approximately $4,976,000. 3.79% of the stock is owned by hedge funds and other institutional investors.

About BHP Group

BHP Group is an Anglo-Australian natural resources company engaged principally in the exploration, development, production and marketing of commodities. Its core businesses include the extraction and processing of iron ore, copper, metallurgical and thermal coal, nickel and other minerals. BHP operates large-scale mining and processing assets and supplies raw materials used across steelmaking, energy and industrial supply chains.

The company has a global operating footprint with significant assets and projects in Australia and the Americas, and commercial activities that serve customers worldwide.