Creative Planning Sells 96,681 Shares of McDermott International Inc (MDR)

Creative Planning trimmed its holdings in shares of McDermott International Inc (NYSE:MDR) by 57.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,396 shares of the oil and gas company’s stock after selling 96,681 shares during the period. Creative Planning’s holdings in McDermott International were worth $1,334,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Renaissance Technologies LLC acquired a new position in shares of McDermott International during the second quarter worth $37,690,000. Luminus Management LLC acquired a new position in shares of McDermott International during the second quarter worth $45,791,000. Victory Capital Management Inc. lifted its position in shares of McDermott International by 8,843.0% during the second quarter. Victory Capital Management Inc. now owns 2,266,777 shares of the oil and gas company’s stock worth $44,542,000 after purchasing an additional 2,241,430 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of McDermott International during the second quarter worth $43,106,000. Finally, Beck Mack & Oliver LLC acquired a new position in shares of McDermott International during the second quarter worth $35,605,000. 87.89% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:MDR opened at $8.73 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a market capitalization of $2.32 billion, a P/E ratio of 4.55 and a beta of 1.79. McDermott International Inc has a 12-month low of $6.97 and a 12-month high of $27.21.

McDermott International (NYSE:MDR) last issued its quarterly earnings results on Tuesday, October 30th. The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.09). The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.50 billion. McDermott International had a return on equity of 9.45% 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 last year, the firm posted $0.33 EPS. Equities research analysts predict that McDermott International Inc will post 1.53 earnings per share for the current year.

A number of research firms have recently commented on MDR. Citigroup reduced their target price on shares of McDermott International from $21.00 to $13.00 and set a “neutral” rating on the stock in a research report on Thursday. TheStreet cut shares of McDermott International from a “b-” rating to a “c+” rating in a research report on Wednesday, October 24th. Zacks Investment Research cut shares of McDermott International from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 11th. ValuEngine cut shares of McDermott International from a “sell” rating to a “strong sell” rating in a research report on Thursday, September 6th. Finally, Credit Suisse Group reduced their target price on shares of McDermott International from $25.00 to $23.00 and set a “neutral” rating on the stock in a research report on Monday, August 13th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $24.91.

In related news, SVP Scott Munro sold 2,250 shares of McDermott International stock in a transaction on Tuesday, October 16th. The shares were sold at an average price of $15.90, for a total value of $35,775.00. Following the completion of the sale, the senior vice president now owns 33,020 shares in the company, valued at $525,018. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.30% of the stock is currently owned by insiders.

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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