Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of McDermott International Inc (NYSE:MDR) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,271 shares of the oil and gas company’s stock, valued at approximately $208,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Envestnet Asset Management Inc. purchased a new stake in McDermott International during the 2nd quarter worth about $117,000. Icon Wealth Partners LLC purchased a new stake in McDermott International during the 2nd quarter worth about $134,000. 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 worth $134,000 after purchasing an additional 2,566 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new stake in McDermott International during the 3rd quarter worth about $147,000. Finally, NumerixS Investment Technologies Inc purchased a new stake in McDermott International during the 2nd quarter worth about $162,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.
NYSE:MDR opened at $7.54 on Friday. McDermott International Inc has a twelve month low of $6.97 and a twelve month high of $27.21. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of 3.93 and a beta of 2.56. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.77 and a current ratio of 0.78.
Several analysts have weighed in on the company. Zacks Investment Research reaffirmed a “sell” rating on shares of McDermott International in a report on Tuesday, November 13th. Credit Suisse Group lowered their price target on McDermott International from $25.00 to $23.00 and set a “neutral” rating on the stock in a report on Monday, August 13th. ValuEngine cut McDermott International from a “sell” rating to a “strong sell” rating in a report on Thursday, September 6th. Citigroup lowered their price target on McDermott International from $21.00 to $13.00 and set a “neutral” rating on the stock in a report on Thursday, November 1st. Finally, TheStreet cut McDermott International from a “b-” rating to a “c+” rating in a report on Wednesday, October 24th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $25.32.
In other news, CEO David Dickson acquired 39,800 shares of McDermott International stock in a transaction dated Tuesday, November 6th. The shares were purchased at an average cost of $9.96 per share, for a total transaction of $396,408.00. Following 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 SEC, which is accessible through this hyperlink. Also, SVP Scott Munro sold 2,250 shares of the stock in a transaction dated Tuesday, October 16th. The shares were sold at an average price of $15.90, for a total value of $35,775.00. Following the transaction, the senior vice president now owns 33,020 shares in the company, valued at $525,018. The disclosure for this sale can be found here. Insiders have bought a total of 173,300 shares of company stock worth $1,629,968 over the last quarter. Corporate insiders own 1.30% of the company’s stock.
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.
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