Bank of New York Mellon Corp cut its position in Forum Energy Technologies Inc. (NYSE:FET) by 1.1% during the second quarter, Holdings Channel reports. The fund owned 398,866 shares of the company’s stock after selling 4,387 shares during the period. Bank of New York Mellon Corp owned approximately 0.44% of Forum Energy Technologies worth $6,904,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Envestnet Asset Management Inc. increased its stake in shares of Forum Energy Technologies by 8.2% in the first quarter. Envestnet Asset Management Inc. now owns 9,868 shares of the company’s stock worth $130,000 after buying an additional 749 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Forum Energy Technologies by 28.9% in the first quarter. Legal & General Group Plc now owns 15,001 shares of the company’s stock worth $198,000 after buying an additional 3,364 shares during the last quarter. First Republic Investment Management Inc. increased its stake in shares of Forum Energy Technologies by 4.9% in the first quarter. First Republic Investment Management Inc. now owns 15,142 shares of the company’s stock worth $200,000 after buying an additional 712 shares during the last quarter. Strs Ohio acquired a new stake in shares of Forum Energy Technologies during the second quarter worth $282,000. Finally, NN Investment Partners Holdings N.V. acquired a new stake in shares of Forum Energy Technologies during the first quarter worth $241,000.

Shares of Forum Energy Technologies Inc. (NYSE:FET) traded up 0.70% on Tuesday, hitting $17.21. The company had a trading volume of 656,638 shares. The stock’s market capitalization is $1.56 billion. The firm’s 50 day moving average price is $17.47 and its 200-day moving average price is $15.99. Forum Energy Technologies Inc. has a 52 week low of $8.47 and a 52 week high of $19.32.

Forum Energy Technologies (NYSE:FET) last released its quarterly earnings data on Friday, July 29th. The company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.07. Forum Energy Technologies had a negative return on equity of 3.20% and a negative net margin of 28.04%. The business earned $142.80 million during the quarter, compared to analysts’ expectations of $143.17 million. During the same quarter last year, the business posted $0.16 EPS. The business’s revenue was down 49.8% on a year-over-year basis. Analysts forecast that Forum Energy Technologies Inc. will post ($0.78) earnings per share for the current fiscal year.

A number of brokerages have weighed in on FET. Citigroup Inc. lowered their target price on Forum Energy Technologies from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 3rd. Credit Suisse Group AG upgraded Forum Energy Technologies from a “neutral” rating to an “outperform” rating and set a $18.00 target price for the company in a report on Monday, July 18th. Jefferies Group decreased their price objective on Forum Energy Technologies from $19.00 to $18.00 and set a “hold” rating for the company in a report on Monday, July 11th. Capital One Financial Corp. restated an “equal weight” rating on shares of Forum Energy Technologies in a report on Friday, July 29th. Finally, Iberia Capital upgraded Forum Energy Technologies from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $18.00 to $21.00 in a report on Monday, August 1st. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the stock. Forum Energy Technologies currently has a consensus rating of “Hold” and a consensus target price of $16.45.

Forum Energy Technologies Company Profile

Forum Energy Technologies, Inc is an oilfield products company. The Company designs, manufactures and distributes products and engages in aftermarket services, parts supply and related services. It operates through two segments: Drilling & Subsea, and Production & Infrastructure. Its product offering includes a mix of engineered capital products and replaced items that are used in the exploration, development, production and transportation of oil and natural gas.

5 Day Chart for NYSE:FET

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