Van ECK Associates Corp decreased its position in McDermott International Inc (NYSE:MDR) by 50.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,401,720 shares of the oil and gas company’s stock after selling 2,396,930 shares during the period. Van ECK Associates Corp owned about 2.52% of McDermott International worth $47,194,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Hanson & Doremus Investment Management increased its stake in shares of McDermott International by 60.2% during the second quarter. Hanson & Doremus Investment Management now owns 6,831 shares of the oil and gas company’s stock worth $134,000 after purchasing an additional 2,566 shares in the last quarter. Pitcairn Co. increased its stake in shares of McDermott International by 6.0% during the first quarter. Pitcairn Co. now owns 65,154 shares of the oil and gas company’s stock worth $397,000 after purchasing an additional 3,685 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of McDermott International by 27.7% during the first quarter. PNC Financial Services Group Inc. now owns 18,380 shares of the oil and gas company’s stock worth $112,000 after purchasing an additional 3,992 shares in the last quarter. Envestnet Asset Management Inc. purchased a new stake in shares of McDermott International during the second quarter worth about $117,000. Finally, Municipal Employees Retirement System of Michigan increased its stake in shares of McDermott International by 4.1% during the first quarter. Municipal Employees Retirement System of Michigan now owns 152,220 shares of the oil and gas company’s stock worth $927,000 after purchasing an additional 5,950 shares in the last quarter. 87.85% of the stock is owned by institutional investors.
A number of research firms have recently commented on MDR. Credit Suisse Group boosted their target price on shares of McDermott International from $21.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, May 24th. ValuEngine cut shares of McDermott International from a “buy” rating to a “hold” rating in a research note on Saturday, June 2nd. Zacks Investment Research cut shares of McDermott International from a “buy” rating to a “hold” rating in a research note on Tuesday, June 26th. Finally, KeyCorp cut their target price on shares of McDermott International from $42.00 to $38.00 and set a “$17.66” rating for the company in a research note on Monday, July 23rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $26.18.
In related news, SVP Scott Munro sold 2,250 shares of the business’s stock in a transaction dated Monday, July 16th. The shares were sold at an average price of $17.87, for a total transaction of $40,207.50. Following the transaction, the senior vice president now directly owns 35,270 shares in the company, valued at $630,274.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.
MDR opened at $17.75 on Friday. The stock has a market cap of $3.28 billion, a P/E ratio of 9.24 and a beta of 1.76. McDermott International Inc has a twelve month low of $16.14 and a twelve month high of $27.21. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.96.
McDermott International (NYSE:MDR) last posted its quarterly earnings results on Tuesday, July 31st. The oil and gas company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.07. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.98 billion. McDermott International had a net margin of 5.04% and a return on equity of 10.38%. McDermott International’s quarterly revenue was up 119.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.13 earnings per share. equities analysts predict that McDermott International Inc will post 1.53 EPS for the current year.
McDermott International Company Profile
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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