California State Teachers Retirement System Reduces Position in Flotek Industries Inc. (FTK)
California State Teachers Retirement System decreased its position in shares of Flotek Industries Inc. (NYSE:FTK) by 3.6% during the second quarter, Holdings Channel reports. The institutional investor owned 109,178 shares of the company’s stock after selling 4,082 shares during the period. California State Teachers Retirement System owned 0.20% of Flotek Industries worth $1,441,000 as of its most recent filing with the SEC.
Other large investors also recently made changes to their positions in the company. Royal Bank of Canada raised its stake in Flotek Industries by 1,320.7% in the first quarter. Royal Bank of Canada now owns 20,075 shares of the company’s stock valued at $147,000 after buying an additional 18,662 shares during the period. Arizona State Retirement System raised its stake in Flotek Industries by 0.4% in the first quarter. Arizona State Retirement System now owns 27,467 shares of the company’s stock valued at $201,000 after buying an additional 100 shares during the period. Capstone Asset Management Co. raised its stake in Flotek Industries by 4.9% in the second quarter. Capstone Asset Management Co. now owns 16,110 shares of the company’s stock valued at $213,000 after buying an additional 750 shares during the period. BNP Paribas Arbitrage SA raised its stake in Flotek Industries by 113.4% in the second quarter. BNP Paribas Arbitrage SA now owns 16,823 shares of the company’s stock valued at $222,000 after buying an additional 8,941 shares during the period. Finally, Pacad Investment Ltd. bought a new stake in Flotek Industries during the first quarter valued at approximately $242,000. Institutional investors and hedge funds own 94.89% of the company’s stock.
Shares of Flotek Industries Inc. (NYSE:FTK) traded up 4.70% during midday trading on Wednesday, reaching $14.47. The company’s stock had a trading volume of 568,642 shares. The stock has a 50-day moving average of $15.09 and a 200 day moving average of $11.84. Flotek Industries Inc. has a 12-month low of $4.89 and a 12-month high of $21.15. The firm’s market capitalization is $780.06 million.
Flotek Industries (NYSE:FTK) last released its earnings results on Tuesday, July 26th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.06. The business earned $72.32 million during the quarter, compared to analysts’ expectations of $65 million. Flotek Industries had a negative net margin of 10.29% and a negative return on equity of 2.24%. The company’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.02 earnings per share. Equities research analysts predict that Flotek Industries Inc. will post ($0.14) EPS for the current fiscal year.
Several research firms have recently commented on FTK. Zacks Investment Research upgraded Flotek Industries from a “sell” rating to a “hold” rating in a research note on Monday, August 8th. Stephens restated a “top pick” rating on shares of Flotek Industries in a research note on Friday, July 15th. One analyst has rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $10.81.
In other news, Director L Melvin Cooper sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $16.01, for a total transaction of $160,100.00. Following the completion of the sale, the director now owns 92,475 shares of the company’s stock, valued at $1,480,524.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.64% of the company’s stock.
About Flotek Industries
Flotek Industries, Inc is a technology-driven company that develops and supplies oilfield products, services and equipment to the oil, gas and mining industries. The Company has four business segments: Energy Chemistry Technologies, Consumer and Industrial Chemical Technologies, Drilling Technologies, and Production Technologies.
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