Los Angeles Capital Management & Equity Research Inc. acquired a new stake in McDermott International Inc. (NYSE:MDR) during the second quarter, Holdings Channel reports. The institutional investor acquired 27,275 shares of the company’s stock, valued at approximately $135,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Virginia Retirement System purchased a new stake in McDermott International during the first quarter valued at approximately $382,000. TIAA CREF Investment Management LLC boosted its stake in McDermott International by 6.5% in the first quarter. TIAA CREF Investment Management LLC now owns 1,467,528 shares of the company’s stock valued at $6,002,000 after buying an additional 89,818 shares during the period. Teachers Advisors Inc. boosted its stake in McDermott International by 33.7% in the first quarter. Teachers Advisors Inc. now owns 3,523,653 shares of the company’s stock valued at $14,412,000 after buying an additional 887,989 shares during the period. Algert Global LLC boosted its stake in McDermott International by 13.6% in the first quarter. Algert Global LLC now owns 48,371 shares of the company’s stock valued at $198,000 after buying an additional 5,781 shares during the period. Finally, Franklin Resources Inc. boosted its stake in McDermott International by 18.3% in the first quarter. Franklin Resources Inc. now owns 2,033,100 shares of the company’s stock valued at $8,315,000 after buying an additional 315,100 shares during the period. 78.97% of the stock is currently owned by institutional investors.
Shares of McDermott International Inc. (NYSE:MDR) traded up 1.80% during midday trading on Monday, hitting $5.10. 1,302,311 shares of the stock were exchanged. The stock has a market cap of $1.23 billion, a P/E ratio of 425.00 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 stock’s 50-day moving average price is $5.00 and its 200 day moving average price is $4.68.
McDermott International (NYSE:MDR) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.02 by $0.06. The business earned $706.60 million during the quarter, compared to analyst estimates of $753.43 million. McDermott International had a net margin of 0.12% and a return on equity of 6.51%. The company’s quarterly revenue was down 32.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.04 earnings per share. On average, analysts anticipate that McDermott International Inc. will post $0.13 earnings per share for the current year.
Several research firms have recently commented on MDR. Imperial Capital restated an “outperform” rating and issued a $7.00 target price on shares of McDermott International in a research note on Friday, September 9th. Zacks Investment Research upgraded shares of McDermott International from a “hold” rating to a “strong-buy” rating and set a $6.00 target price for the company in a research note on Friday, July 29th. Finally, Citigroup Inc. raised their target price on shares of McDermott International from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 27th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $5.04.
About McDermott International
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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