Dimensional Fund Advisors LP Grows Holdings in McDermott International, Inc. (MDR)
Dimensional Fund Advisors LP grew its stake in McDermott International, Inc. (NYSE:MDR) by 10.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,082,635 shares of the oil and gas company’s stock after buying an additional 2,151,895 shares during the period. Dimensional Fund Advisors LP owned approximately 8.13% of McDermott International worth $167,811,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in shares of McDermott International by 109.1% in the 2nd quarter. BlackRock Inc. now owns 35,201,940 shares of the oil and gas company’s stock worth $252,397,000 after acquiring an additional 18,363,073 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of McDermott International by 31.0% in the 2nd quarter. Vanguard Group Inc. now owns 30,112,732 shares of the oil and gas company’s stock worth $215,909,000 after acquiring an additional 7,129,111 shares during the last quarter. Thompson Siegel & Walmsley LLC bought a new stake in shares of McDermott International in the 2nd quarter worth approximately $17,846,000. Bank of New York Mellon Corp lifted its holdings in shares of McDermott International by 138.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,939,387 shares of the oil and gas company’s stock worth $28,246,000 after acquiring an additional 2,286,320 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of McDermott International by 37.3% in the 2nd quarter. State Street Corp now owns 8,384,938 shares of the oil and gas company’s stock worth $60,118,000 after acquiring an additional 2,277,274 shares during the last quarter. 86.11% of the stock is owned by institutional investors and hedge funds.
McDermott International, Inc. (NYSE:MDR) traded up $0.01 during trading hours on Wednesday, reaching $7.40. 1,701,000 shares of the company were exchanged, compared to its average volume of 3,058,995. McDermott International, Inc. has a 52 week low of $5.56 and a 52 week high of $8.33. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.30. The company has a market cap of $2,098.82, a price-to-earnings ratio of 13.20 and a beta of 1.35.
MDR has been the subject of a number of recent research reports. ValuEngine lowered shares of McDermott International from a “strong-buy” rating to a “buy” rating in a report on Wednesday, November 15th. Scotiabank restated a “buy” rating and issued a $9.00 price objective on shares of McDermott International in a report on Wednesday, November 1st. Deutsche Bank lowered their price objective on shares of McDermott International from $6.50 to $5.25 and set a “hold” rating for the company in a report on Tuesday, October 24th. KeyCorp restated a “hold” rating on shares of McDermott International in a report on Friday, October 6th. Finally, Zacks Investment Research upgraded shares of McDermott International from a “sell” rating to a “hold” rating in a report on Friday, November 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $7.94.
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About McDermott International
McDermott International, Inc is a provider of integrated engineering, procurement, construction and installation (EPCI), front-end engineering and design (FEED) and module fabrication services for upstream field developments across the world. 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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