Franklin Resources Inc. decreased its holdings in shares of McDermott International Inc (NYSE:MDR) by 1.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,351,600 shares of the oil and gas company’s stock after selling 65,457 shares during the quarter. Franklin Resources Inc. owned approximately 2.41% of McDermott International worth $80,200,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Envestnet Asset Management Inc. acquired a new stake in McDermott International during the 2nd quarter valued at $117,000. Ladenburg Thalmann Financial Services Inc. acquired a new stake in McDermott International during the 2nd quarter valued at $128,000. Hanson & Doremus Investment Management lifted its holdings in McDermott International by 60.2% during the 2nd quarter. Hanson & Doremus Investment Management now owns 6,831 shares of the oil and gas company’s stock valued at $134,000 after purchasing an additional 2,566 shares during the last quarter. Icon Wealth Partners LLC acquired a new stake in McDermott International during the 2nd quarter valued at $134,000. Finally, Stratos Wealth Partners LTD. acquired a new stake in McDermott International during the 3rd quarter valued at $147,000. 85.34% of the stock is owned by institutional investors and hedge funds.
MDR stock opened at $8.28 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.96. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 4.31 and a beta of 2.56. McDermott International Inc has a fifty-two week low of $6.97 and a fifty-two week high of $27.21.
McDermott International (NYSE:MDR) last posted its quarterly earnings data on Tuesday, October 30th. The oil and gas company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.09). The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.50 billion. McDermott International had a return on equity of 8.40% and a net margin of 2.05%. The firm’s quarterly revenue was up 138.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.33 EPS. As a group, equities analysts expect that McDermott International Inc will post 1.03 EPS for the current fiscal year.
In related news, CEO David Dickson purchased 39,800 shares of the firm’s stock in a transaction that occurred on Tuesday, November 6th. The shares were bought at an average price of $9.96 per share, for a total transaction of $396,408.00. Following the completion of the transaction, the chief executive officer now owns 459,889 shares of the company’s stock, valued at $4,580,494.44. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Scott Munro sold 2,250 shares of the firm’s stock in a transaction on Tuesday, October 16th. The stock was sold at an average price of $15.90, for a total value of $35,775.00. Following the completion of the transaction, the senior vice president now owns 33,020 shares in the company, valued at approximately $525,018. The disclosure for this sale can be found here. Insiders have acquired a total of 173,300 shares of company stock worth $1,629,968 in the last quarter. Company insiders own 1.30% of the company’s stock.
Several equities research analysts have issued reports on the company. TheStreet downgraded McDermott International from a “b-” rating to a “c+” rating in a report on Wednesday, October 24th. Credit Suisse Group cut their price target on McDermott International from $25.00 to $23.00 and set a “neutral” rating for the company in a report on Monday, August 13th. ValuEngine cut McDermott International from a “sell” rating to a “strong sell” rating in a research report on Thursday, September 6th. Citigroup lowered their price objective on McDermott International from $21.00 to $13.00 and set a “neutral” rating on the stock in a research report on Thursday, November 1st. Finally, Zacks Investment Research cut McDermott International from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 11th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $25.32.
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McDermott International Profile
McDermott International, Inc provides engineering, procurement, construction and installation, front-end engineering and design, and module fabrication services for upstream field developments. It operates through three segments: the Americas, Europe and Africa; the Middle East; and Asia. The company delivers fixed and floating production facilities, pipeline installations, and subsea systems from concept to commissioning for offshore and subsea oil and gas projects.
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