Russell Investments Group Ltd. lifted its position in McDermott International Inc (NYSE:MDR) by 16.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 976,315 shares of the oil and gas company’s stock after purchasing an additional 135,711 shares during the quarter. Russell Investments Group Ltd. owned about 0.54% of McDermott International worth $17,993,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in MDR. Envestnet Asset Management Inc. purchased a new position in shares of McDermott International in the second quarter worth about $117,000. Ladenburg Thalmann Financial Services Inc. purchased a new position in shares of McDermott International in the second quarter worth about $128,000. Hanson & Doremus Investment Management raised its stake in shares of McDermott International by 60.2% in the second 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 during the last quarter. Icon Wealth Partners LLC purchased a new position in McDermott International during the second quarter valued at approximately $134,000. Finally, NumerixS Investment Technologies Inc purchased a new position in McDermott International during the second quarter valued at approximately $162,000. Hedge funds and other institutional investors own 87.85% of the company’s stock.
Shares of MDR stock opened at $9.63 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.78 and a quick ratio of 0.77. The company has a market cap of $1.80 billion, a P/E ratio of 7.65 and a beta of 2.58. McDermott International Inc has a twelve month low of $6.97 and a twelve month high of $27.21.
In other McDermott International news, CEO David Dickson acquired 39,800 shares of the company’s stock in a transaction on Tuesday, November 6th. The shares were bought at an average cost of $9.96 per share, with a total value of $396,408.00. Following the completion of the acquisition, the chief executive officer now owns 459,889 shares in the company, valued at $4,580,494.44. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Scott Munro sold 2,250 shares of the firm’s stock in a transaction that occurred 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 directly owns 33,020 shares in the company, valued at $525,018. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 127,300 shares of company stock valued at $1,255,068. 1.30% of the stock is owned by company insiders.
MDR has been the subject of several recent research reports. Zacks Investment Research cut McDermott International from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 11th. ValuEngine cut McDermott International from a “sell” rating to a “strong sell” rating in a research report on Thursday, September 6th. Credit Suisse Group reduced their price target on McDermott International from $25.00 to $23.00 and set a “neutral” rating for the company in a research report on Monday, August 13th. Citigroup reduced their price target on McDermott International from $27.00 to $21.00 and set a “$17.66” rating for the company in a research report on Monday, July 23rd. Finally, TheStreet cut McDermott International from a “b-” rating to a “c+” rating in a research report on Wednesday, October 24th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $25.32.
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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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