Schwerin Boyle Capital Management Inc. trimmed its holdings in McDermott International Inc (NYSE:MDR) by 1.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,401,107 shares of the oil and gas company’s stock after selling 19,460 shares during the quarter. McDermott International comprises about 2.7% of Schwerin Boyle Capital Management Inc.’s portfolio, making the stock its 12th biggest position. Schwerin Boyle Capital Management Inc.’s holdings in McDermott International were worth $25,822,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in MDR. Nisa Investment Advisors LLC boosted its stake in shares of McDermott International by 549.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 9,252 shares of the oil and gas company’s stock worth $182,000 after purchasing an additional 7,827 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of McDermott International during the 2nd quarter worth about $1,543,000. Daiwa Securities Group Inc. purchased a new position in shares of McDermott International during the 2nd quarter worth about $218,000. State of New Jersey Common Pension Fund D purchased a new position in shares of McDermott International during the 2nd quarter worth about $2,834,000. Finally, Commonwealth Equity Services LLC purchased a new position in shares of McDermott International during the 2nd quarter worth about $855,000. 85.34% of the stock is currently owned by institutional investors.
In other McDermott International news, SVP Tareq Kawash purchased 26,000 shares of the business’s stock in a transaction that occurred on Friday, November 23rd. The shares were purchased at an average price of $7.90 per share, for a total transaction of $205,400.00. Following the completion of the acquisition, the senior vice president now owns 28,481 shares of the company’s stock, valued at approximately $224,999.90. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Linh Austin purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 13th. The stock was acquired at an average price of $8.03 per share, for a total transaction of $80,300.00. Following the acquisition, the senior vice president now directly owns 54,644 shares of the company’s stock, valued at approximately $438,791.32. The disclosure for this purchase can be found here. Insiders purchased 173,300 shares of company stock worth $1,629,968 in the last 90 days. 0.80% of the stock is currently owned by insiders.
McDermott International (NYSE:MDR) last posted its quarterly earnings results on Tuesday, October 30th. The oil and gas company reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.09). McDermott International had a net margin of 2.05% and a return on equity of 8.40%. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter in the previous year, the business posted $0.33 EPS. The company’s quarterly revenue was up 138.7% on a year-over-year basis. Analysts forecast that McDermott International Inc will post 1.03 earnings per share for the current fiscal year.
Several brokerages have recently weighed in on MDR. Zacks Investment Research reiterated a “sell” rating on shares of McDermott International in a report on Tuesday, November 13th. Credit Suisse Group cut their price objective on shares of McDermott International from $25.00 to $23.00 and set a “neutral” rating on the stock in a report on Monday, August 13th. Citigroup cut their price objective on shares of McDermott International from $21.00 to $13.00 and set a “neutral” rating on the stock in a report on Thursday, November 1st. ValuEngine lowered shares of McDermott International from a “sell” rating to a “strong sell” rating in a report on Thursday, September 6th. Finally, TheStreet lowered shares of 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 issued a buy rating to the stock. The stock presently has a consensus 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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