Chicago Equity Partners LLC trimmed its position in McDermott International Inc (NYSE:MDR) by 32.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 168,449 shares of the oil and gas company’s stock after selling 81,200 shares during the quarter. Chicago Equity Partners LLC owned 0.09% of McDermott International worth $3,105,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of MDR. Renaissance Technologies LLC acquired a new stake in shares of McDermott International during the 2nd quarter worth $37,690,000. Luminus Management LLC acquired a new stake in shares of McDermott International during the 2nd quarter worth $45,791,000. Victory Capital Management Inc. grew its holdings in shares of McDermott International by 0.3% during the 3rd quarter. Victory Capital Management Inc. now owns 2,272,772 shares of the oil and gas company’s stock worth $41,887,000 after purchasing an additional 5,995 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of McDermott International during the 2nd quarter worth $43,106,000. Finally, Beck Mack & Oliver LLC acquired a new stake in shares of McDermott International during the 2nd quarter worth $35,605,000. 87.85% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MDR stock opened at $8.47 on Friday. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.96. McDermott International Inc has a twelve month low of $6.97 and a twelve month high of $27.21. The firm has a market cap of $1.80 billion, a P/E ratio of 4.41 and a beta of 2.58.
McDermott International (NYSE:MDR) last announced its quarterly earnings data on Tuesday, October 30th. The oil and gas company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.09). McDermott International had a return on equity of 8.40% and a net margin of 2.05%. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter in the prior year, the company earned $0.33 earnings per share. McDermott International’s quarterly revenue was up 138.7% compared to the same quarter last year. On average, research analysts expect that McDermott International Inc will post 1.03 earnings per share for the current fiscal year.
MDR has been the topic of several analyst reports. Citigroup reduced their target price on McDermott International from $21.00 to $13.00 and set a “neutral” rating on the stock in a report on Thursday, November 1st. TheStreet downgraded McDermott International from a “b-” rating to a “c+” rating in a research report on Wednesday, October 24th. KeyCorp dropped their price objective on McDermott International from $42.00 to $38.00 and set a “$17.66” rating for the company in a research report on Monday, July 23rd. Zacks Investment Research downgraded McDermott International from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 11th. Finally, ValuEngine downgraded McDermott International from a “sell” rating to a “strong sell” rating in a research report on Thursday, September 6th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. McDermott International presently has an average rating of “Hold” and a consensus price target of $25.32.
In other news, SVP Ian Prescott bought 12,000 shares of the company’s stock in a transaction on Friday, November 2nd. The stock was purchased at an average cost of $8.68 per share, for a total transaction of $104,160.00. Following the completion of the transaction, the senior vice president now owns 12,000 shares of the company’s stock, valued at $104,160. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Scott Munro sold 2,250 shares of the stock in a transaction dated Tuesday, October 16th. The shares were sold at an average price of $15.90, for a total value of $35,775.00. Following the completion of the transaction, the senior vice president now owns 33,020 shares of the company’s stock, valued at $525,018. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 127,300 shares of company stock valued at $1,255,068. 1.30% of the stock is owned by corporate insiders.
About McDermott International
McDermott International, Inc provides engineering, procurement, construction and installation, front-end engineering and design, and module fabrication services for upstream field developments. It operates through three segments: the Americas, Europe and Africa; the Middle East; and Asia. The company delivers fixed and floating production facilities, pipeline installations, and subsea systems from concept to commissioning for offshore and subsea oil and gas projects.
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