PNC Financial Services Group Inc. Increases Holdings in McDermott International Inc (MDR)

PNC Financial Services Group Inc. raised its position in McDermott International Inc (NYSE:MDR) by 25.9% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 23,140 shares of the oil and gas company’s stock after acquiring an additional 4,760 shares during the period. PNC Financial Services Group Inc.’s holdings in McDermott International were worth $455,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Hunter Associates Investment Management LLC acquired a new stake in McDermott International in the second quarter valued at approximately $373,000. Independent Advisor Alliance acquired a new stake in McDermott International in the second quarter valued at approximately $226,000. Gideon Capital Advisors Inc. acquired a new stake in McDermott International in the second quarter valued at approximately $711,000. Nisa Investment Advisors LLC grew its stake in McDermott International by 549.3% in the second quarter. Nisa Investment Advisors LLC now owns 9,252 shares of the oil and gas company’s stock valued at $182,000 after acquiring an additional 7,827 shares during the period. Finally, D.A. Davidson & CO. acquired a new stake in McDermott International in the second quarter valued at approximately $332,000. 87.82% of the stock is owned by hedge funds and other institutional investors.

In other news, SVP Scott Munro sold 2,250 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $630,274.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.80% of the stock is owned by company insiders.

MDR stock opened at $18.39 on Tuesday. McDermott International Inc has a twelve month low of $16.14 and a twelve month high of $27.21. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.92 and a current ratio of 0.93. The company has a market capitalization of $3.34 billion, a PE ratio of 9.79 and a beta of 1.76.

McDermott International (NYSE:MDR) last posted its earnings results on Tuesday, July 31st. The oil and gas company reported $0.29 earnings per share for the quarter, beating the Zacks’ 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 company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.98 billion. During the same quarter last year, the company earned $0.13 earnings per share. The company’s revenue for the quarter was up 119.9% on a year-over-year basis. equities research analysts anticipate that McDermott International Inc will post 1.53 EPS for the current fiscal year.

MDR has been the subject of a number of research reports. Zacks Investment Research cut McDermott International from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 11th. ValuEngine cut McDermott International from a “sell” rating to a “strong sell” rating in a research note on Thursday, September 6th. Credit Suisse Group reduced their price objective on McDermott International from $25.00 to $23.00 and set a “neutral” rating for the company in a research note on Monday, August 13th. Citigroup dropped their target price on McDermott International from $27.00 to $21.00 and set a “$17.66” rating on the stock in a report on Monday, July 23rd. Finally, KeyCorp dropped their target price on McDermott International from $42.00 to $38.00 and set a “$17.66” rating on the stock in a report on Monday, July 23rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $26.18.

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

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