California Public Employees Retirement System lowered its stake in Flotek Industries Inc. (NYSE:FTK) by 3.0% during the second quarter, Holdings Channel reports. The fund owned 194,400 shares of the company’s stock after selling 6,100 shares during the period. California Public Employees Retirement System owned about 0.36% of Flotek Industries worth $2,566,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Fund Advisors raised its stake in shares of Flotek Industries by 0.7% in the first quarter. BlackRock Fund Advisors now owns 3,465,736 shares of the company’s stock valued at $25,404,000 after buying an additional 24,681 shares in the last quarter. Northpointe Capital LLC raised 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 valued at $16,262,000 after buying an additional 33,947 shares in the last quarter. Bank of New York Mellon Corp raised 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 valued at $14,036,000 after buying an additional 462,093 shares in the last quarter. Eagle Asset Management Inc. purchased a new stake in shares of Flotek Industries during the second quarter valued at about $8,034,000. Finally, Geode Capital Management LLC raised its stake in shares of Flotek Industries by 6.4% in the first quarter. Geode Capital Management LLC now owns 342,010 shares of the company’s stock valued at $2,506,000 after buying an additional 20,428 shares in the last quarter. 94.89% of the stock is owned by institutional investors.
Shares of Flotek Industries Inc. (NYSE:FTK) traded up 2.54% during mid-day trading on Friday, reaching $14.54. The company’s stock had a trading volume of 976,386 shares. The company has a 50-day moving average price of $14.87 and a 200 day moving average price of $12.12. The company’s market cap is $783.84 million. Flotek Industries Inc. has a 52-week low of $4.89 and a 52-week high of $21.15.
Flotek Industries (NYSE:FTK) last announced its earnings results on Tuesday, July 26th. The company reported ($0.04) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.06. The firm earned $72.32 million during the quarter, compared to analysts’ expectations of $65 million. Flotek Industries had a negative return on equity of 2.24% and a negative net margin of 10.29%. The company’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.02 EPS. Equities analysts expect that Flotek Industries Inc. will post ($0.14) earnings per share for the current year.
Several analysts have issued reports on the company. Zacks Investment Research lowered Flotek Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, August 2nd. Stephens reaffirmed a “top pick” rating on shares of Flotek Industries in a research note on Friday, July 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $10.81.
In other news, Director L Melvin Cooper sold 10,000 shares of Flotek Industries stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $16.01, for a total value of $160,100.00. Following the completion of the transaction, the director now owns 92,475 shares in the company, valued at approximately $1,480,524.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 5.64% of the stock is owned by insiders.
Flotek Industries Company Profile
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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