State Board of Administration of Florida Retirement System reduced its stake in shares of Flotek Industries Inc. (NYSE:FTK) by 1.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,884 shares of the company’s stock after selling 558 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.09% of Flotek Industries worth $632,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the stock. Royal Bank of Canada increased its stake in shares of 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 in the last quarter. Arizona State Retirement System increased its stake in shares of 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 in the last quarter. Capstone Asset Management Co. increased its stake in shares of 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 in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of 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 in the last quarter. Finally, Pacad Investment Ltd. acquired a new stake in shares of Flotek Industries during the first quarter valued at $242,000. Hedge funds and other institutional investors own 94.89% of the company’s stock.
Flotek Industries Inc. (NYSE:FTK) traded up 1.65% during trading on Monday, reaching $14.78. The company had a trading volume of 476,978 shares. The firm has a 50-day moving average price of $14.87 and a 200 day moving average price of $12.12. The stock’s market cap is $796.78 million. Flotek Industries Inc. has a 12-month low of $4.89 and a 12-month high of $21.15.
Flotek Industries (NYSE:FTK) last released its quarterly earnings data on Tuesday, July 26th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.06. Flotek Industries had a negative net margin of 10.29% and a negative return on equity of 2.24%. The business earned $72.32 million during the quarter, compared to analyst estimates of $65 million. During the same quarter in the previous year, the business earned $0.02 EPS. Flotek Industries’s quarterly revenue was down 16.9% compared to the same quarter last year. Equities research analysts predict that Flotek Industries Inc. will post ($0.14) EPS for the current fiscal year.
Several analysts have recently weighed in on FTK shares. Zacks Investment Research upgraded Flotek Industries from a “strong sell” rating to a “hold” rating in a research note on Monday, June 27th. Stephens restated a “top pick” rating on shares of Flotek Industries in a research note on Friday, July 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $10.81.
In related news, Director L Melvin Cooper sold 10,000 shares of Flotek Industries stock in a transaction on 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 approximately $1,480,524.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.64% of the stock is currently owned by corporate 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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