McDermott International Inc (MDR) Stake Boosted by Towle & Co.

Towle & Co. increased its holdings in shares of McDermott International Inc (NYSE:MDR) by 0.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,704,212 shares of the oil and gas company’s stock after purchasing an additional 12,593 shares during the period. McDermott International makes up 2.9% of Towle & Co.’s portfolio, making the stock its 18th biggest position. Towle & Co. owned approximately 0.94% of McDermott International worth $31,409,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Hanson & Doremus Investment Management lifted its holdings in shares of 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 in the last quarter. Oppenheimer & Co. Inc. lifted its stake in McDermott International by 7.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 56,580 shares of the oil and gas company’s stock valued at $1,043,000 after acquiring an additional 3,918 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in McDermott International by 25.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 23,140 shares of the oil and gas company’s stock valued at $455,000 after acquiring an additional 4,760 shares in the last quarter. Aperio Group LLC lifted its stake in McDermott International by 7.9% in the 3rd quarter. Aperio Group LLC now owns 76,672 shares of the oil and gas company’s stock valued at $1,413,000 after acquiring an additional 5,623 shares in the last quarter. Finally, Envestnet Asset Management Inc. bought a new stake in McDermott International in the 2nd quarter valued at approximately $117,000. Institutional investors and hedge funds own 87.89% of the company’s stock.

Several equities research analysts have commented on the company. Zacks Investment Research upgraded McDermott International from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Wednesday, July 25th. Citigroup cut their target price 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. ValuEngine upgraded McDermott International from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 2nd. Credit Suisse Group cut their target price on McDermott International from $25.00 to $23.00 and set a “neutral” rating on the stock in a research note on Monday, August 13th. Finally, KeyCorp cut their target price 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 investment 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. The company has a consensus rating of “Hold” and a consensus target price of $24.91.

In other McDermott International news, SVP Scott Munro sold 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, October 16th. The stock was sold at an average price of $15.90, for a total transaction of $35,775.00. Following the transaction, the senior vice president now owns 33,020 shares of the company’s stock, valued at approximately $525,018. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is owned by insiders.

NYSE MDR opened at $8.73 on Friday. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 4.55 and a beta of 2.58. The company has a current ratio of 0.78, a quick ratio of 0.92 and a debt-to-equity ratio of 0.96. McDermott International Inc has a 52 week low of $6.97 and a 52 week high of $27.21.

McDermott International (NYSE:MDR) last posted its quarterly earnings results on Tuesday, October 30th. The oil and gas company reported $0.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.09). The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.50 billion. McDermott International had a return on equity of 8.40% and a net margin of 2.05%. The firm’s revenue for the quarter was up 138.7% compared to the same quarter last year. During the same period last year, the firm earned $0.33 EPS. As a group, equities analysts expect that McDermott International Inc will post 1.03 EPS for the current year.

McDermott International Company 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.

Featured Story: Bear Market

Want to see what other hedge funds are holding MDR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McDermott International Inc (NYSE:MDR).

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

Receive News & Ratings for McDermott International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for McDermott International and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply