Mason Street Advisors LLC bought a new position in Flotek Industries Inc. (NYSE:FTK) during the second quarter, Holdings Channel reports. The institutional investor bought 10,523 shares of the company’s stock, valued at approximately $139,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of FTK. DIAM Co. Ltd. purchased a new position in Flotek Industries during the second quarter worth $284,000. Emerald Acquisition Ltd. bought a new stake in shares of Flotek Industries during the second quarter worth approximately $1,463,000. Bank of New York Mellon Corp boosted its stake in shares of Flotek Industries by 76.9% in the second quarter. Bank of New York Mellon Corp now owns 1,063,355 shares of the company’s stock worth $14,036,000 after buying an additional 462,093 shares in the last quarter. Northpointe Capital LLC boosted its stake in shares of Flotek Industries by 2.8% in the second quarter. Northpointe Capital LLC now owns 1,231,934 shares of the company’s stock worth $16,262,000 after buying an additional 33,947 shares in the last quarter. Finally, Deprince Race & Zollo Inc. bought a new stake in shares of Flotek Industries during the second quarter worth approximately $506,000. Hedge funds and other institutional investors own 94.88% of the company’s stock.
Flotek Industries Inc. (NYSE:FTK) opened at 13.81 on Monday. The company has a 50-day moving average price of $14.69 and a 200 day moving average price of $12.56. Flotek Industries Inc. has a 52-week low of $4.89 and a 52-week high of $19.90. The company’s market capitalization is $744.48 million.
Flotek Industries (NYSE:FTK) last announced its quarterly earnings data on Tuesday, July 26th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.06. The business earned $72.32 million during the quarter, compared to the consensus estimate of $65 million. Flotek Industries had a negative net margin of 10.29% and a negative return on equity of 2.24%. The firm’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.02 earnings per share. Equities research analysts anticipate that Flotek Industries Inc. will post ($0.14) earnings per share for the current year.
A number of brokerages have recently commented on FTK. Zacks Investment Research raised Flotek Industries from a “sell” rating to a “hold” rating in a research report on Monday, August 8th. Stephens reissued a “top pick” rating on shares of Flotek Industries in a research report on Friday, July 15th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Flotek Industries has a consensus rating of “Buy” and a consensus price target of $10.81.
In other Flotek Industries news, Director L Melvin Cooper sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $16.01, for a total value 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.64% of the stock is currently owned by company insiders.
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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