McDermott International Inc. (MDR) Position Boosted by ClariVest Asset Management LLC
ClariVest Asset Management LLC raised its stake in shares of McDermott International Inc. (NYSE:MDR) by 713.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 237,165 shares of the company’s stock after buying an additional 208,000 shares during the period. ClariVest Asset Management LLC’s holdings in McDermott International were worth $1,171,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of MDR. Pinnacle Holdings LLC raised its position in McDermott International by 1.1% in the first quarter. Pinnacle Holdings LLC now owns 151,788 shares of the company’s stock valued at $621,000 after buying an additional 1,620 shares during the last quarter. BlackRock Inc. raised its position in McDermott International by 7.5% in the first quarter. BlackRock Inc. now owns 31,880 shares of the company’s stock valued at $130,000 after buying an additional 2,211 shares during the last quarter. Sippican Capital Advisors raised its position in McDermott International by 1.0% in the second quarter. Sippican Capital Advisors now owns 320,843 shares of the company’s stock valued at $1,585,000 after buying an additional 3,185 shares during the last quarter. Pitcairn Co. raised its position in McDermott International by 5.0% in the second quarter. Pitcairn Co. now owns 75,116 shares of the company’s stock valued at $371,000 after buying an additional 3,553 shares during the last quarter. Finally, Baker Avenue Asset Management LP raised its position in shares of McDermott International by 3.9% in the first quarter. Baker Avenue Asset Management LP now owns 105,400 shares of the company’s stock valued at $431,000 after buying an additional 4,000 shares during the last quarter. 78.97% of the stock is currently owned by hedge funds and other institutional investors.
Shares of McDermott International Inc. (NYSE:MDR) traded down 1.33% on Friday, hitting $5.21. The stock had a trading volume of 1,301,753 shares. The stock has a market capitalization of $1.25 billion, a PE ratio of 434.17 and a beta of 1.21. McDermott International Inc. has a one year low of $2.20 and a one year high of $6.00. The firm’s 50 day moving average is $5.03 and its 200-day moving average is $4.76.
McDermott International (NYSE:MDR) last posted its earnings results on Tuesday, July 26th. The company reported $0.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.06. The firm had revenue of $706.60 million for the quarter, compared to analyst estimates of $753.43 million. McDermott International had a return on equity of 6.51% and a net margin of 0.12%. The company’s revenue for the quarter was down 32.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.04 earnings per share. Equities research analysts expect that McDermott International Inc. will post $0.13 earnings per share for the current fiscal year.
Several research analysts have weighed in on the company. Imperial Capital reaffirmed an “outperform” rating and issued a $7.00 target price on shares of McDermott International in a research report on Friday, September 9th. Zacks Investment Research raised McDermott International from a “hold” rating to a “strong-buy” rating and set a $6.00 target price on the stock in a research report on Friday, July 29th. Finally, Citigroup Inc. upped their target price on McDermott International from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. McDermott International has a consensus rating of “Hold” and an average target price of $5.04.
McDermott International Company Profile
McDermott International, Inc is a provider of integrated engineering, procurement, construction and installation (EPCI) and module fabrication services for upstream field developments. The Company delivers fixed and floating production facilities, pipeline installations and subsea systems from concept to commissioning for complex offshore and subsea oil and gas projects.
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