Technology
Booz Allen Hamilton Sinks on Secondary Offering
Published:
Last Updated:
Shares of Booz Allen Hamilton Holding Corp. (NYSE: BAH) dropped early Thursday after the company announced a massive sale of shares. An affiliate of the Carlyle Group will be selling these 16.66 million shares of Class A common stock on an underwritten basis to Barclays, which will in turn offer these shares to the public at a fixed price.
Upon completion of the offering, the Carlyle Group will not beneficially own any shares of common stock of Booz Allen. The offering is expected to close and settle on December 6. Booz Allen is not selling any shares of common stock in the offering and will not receive any of the proceeds.
At the most recent closing price of $37.81, the entire offering would be valued up to $629.9 million.
Booz Allen has been at the forefront of strategy and technology for more than 100 years. Currently, the firm provides management and technology consulting and engineering services to leading Fortune 500 corporations, governments and not-for-profits across the globe. Booz Allen partners with public and private sector clients to solve their most difficult challenges through a combination of consulting, analytics, mission operations, technology, systems delivery, cybersecurity, engineering and innovation expertise.
Excluding Thursday’s move, Booz Allen has outperformed the broad markets, with the stock up 22.5% year to date.
Shares of Booz Allen were down about 3% at $36.69 on Thursday, with a consensus analyst price target of $38.38 and a 52-week trading range of $25.03 to $38.54.
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
