Vident Investment Advisory LLC Purchases New Position in McDermott International Inc (MDR)

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Vident Investment Advisory LLC purchased a new stake in McDermott International Inc (NYSE:MDR) during the 2nd quarter, Holdings Channel reports. The firm purchased 136,116 shares of the oil and gas company’s stock, valued at approximately $2,675,000.

A number of other hedge funds have also modified their holdings of the business. Wells Fargo & Company MN boosted its stake in McDermott International by 87.8% during the first quarter. Wells Fargo & Company MN now owns 892,301 shares of the oil and gas company’s stock worth $5,434,000 after buying an additional 417,147 shares during the last quarter. Rhumbline Advisers boosted its stake in McDermott International by 1.4% during the first quarter. Rhumbline Advisers now owns 671,794 shares of the oil and gas company’s stock worth $4,091,000 after buying an additional 9,502 shares during the last quarter. Comerica Bank boosted its stake in McDermott International by 2.8% during the first quarter. Comerica Bank now owns 300,448 shares of the oil and gas company’s stock worth $1,853,000 after buying an additional 8,298 shares during the last quarter. Mackay Shields LLC acquired a new position in McDermott International during the first quarter worth $2,084,000. Finally, Victory Capital Management Inc. acquired a new position in McDermott International during the first quarter worth $154,000. Hedge funds and other institutional investors own 87.81% of the company’s stock.

Shares of McDermott International stock opened at $18.39 on Friday. McDermott International Inc has a 52 week low of $16.14 and a 52 week high of $27.21. The firm has a market capitalization of $3.34 billion, a PE ratio of 9.58 and a beta of 1.76. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.96.

McDermott International (NYSE:MDR) last announced its quarterly earnings results on Tuesday, July 31st. The oil and gas company reported $0.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.07. McDermott International had a return on equity of 10.38% and a net margin of 5.04%. The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.98 billion. During the same quarter in the prior year, the company posted $0.13 EPS. The company’s quarterly revenue was up 119.9% on a year-over-year basis. equities analysts forecast that McDermott International Inc will post 1.53 earnings per share for the current fiscal year.

A number of research firms have weighed in on MDR. Citigroup lowered their price objective on McDermott International from $27.00 to $21.00 and set a “$17.66” rating on the stock in a research note on Monday, July 23rd. Credit Suisse Group boosted their price objective on McDermott International from $21.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, May 24th. ValuEngine lowered McDermott International from a “hold” rating to a “sell” rating in a research note on Friday, June 22nd. Zacks Investment Research lowered McDermott International from a “buy” rating to a “hold” rating in a research note on Tuesday, June 26th. Finally, KeyCorp decreased their price target on McDermott International from $42.00 to $38.00 and set a “$17.66” rating on the stock in a research note on Monday, July 23rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $26.18.

In other news, SVP Scott Munro sold 2,250 shares of the company’s stock in a transaction on Monday, July 16th. The stock was sold at an average price of $17.87, for a total value of $40,207.50. Following the transaction, the senior vice president now owns 35,270 shares of the company’s stock, valued at approximately $630,274.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.30% of the company’s stock.

About McDermott International

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.

Further Reading: Asset Allocation

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Institutional Ownership by Quarter for McDermott International (NYSE:MDR)

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