Bank of New York Mellon Corp cut its position in shares of McDermott International Inc. (NYSE:MDR) by 5.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,589,235 shares of the company’s stock after selling 83,856 shares during the period. Bank of New York Mellon Corp owned 0.66% of McDermott International worth $7,850,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Fairpointe Capital LLC raised its position in McDermott International by 0.5% in the first quarter. Fairpointe Capital LLC now owns 24,049,487 shares of the company’s stock worth $98,362,000 after buying an additional 124,696 shares during the last quarter. UBS Asset Management Americas Inc. raised its position in McDermott International by 15.3% in the first quarter. UBS Asset Management Americas Inc. now owns 6,616,809 shares of the company’s stock worth $27,063,000 after buying an additional 877,527 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in McDermott International by 1.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 5,886,709 shares of the company’s stock worth $24,077,000 after buying an additional 70,761 shares during the last quarter. James Investment Research Inc. purchased a new position in McDermott International during the second quarter worth about $17,420,000. Finally, Teachers Advisors Inc. raised its position in McDermott International by 33.7% in the first quarter. Teachers Advisors Inc. now owns 3,523,653 shares of the company’s stock worth $14,412,000 after buying an additional 887,989 shares during the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

Shares of McDermott International Inc. (NYSE:MDR) traded down 1.64% during trading on Friday, reaching $4.80. 2,549,304 shares of the company traded hands. The stock has a market capitalization of $1.15 billion, a PE ratio of 400.00 and a beta of 1.39. The company has a 50-day moving average of $5.10 and a 200-day moving average of $4.61. McDermott International Inc. has a 12 month low of $2.20 and a 12 month high of $6.00.

McDermott International (NYSE:MDR) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.06. McDermott International had a net margin of 0.12% and a return on equity of 6.51%. The firm had revenue of $706.60 million for the quarter, compared to analyst estimates of $753.43 million. During the same period in the prior year, the firm posted $0.04 earnings per share. The company’s quarterly revenue was down 32.5% compared to the same quarter last year. Analysts forecast that McDermott International Inc. will post $0.13 earnings per share for the current fiscal year.

Several research firms have issued reports on MDR. Imperial Capital restated an “outperform” rating and issued a $6.00 price target on shares of McDermott International in a research report on Wednesday, June 8th. Citigroup Inc. raised their price target on shares of McDermott International from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. Zacks Investment Research lowered shares of McDermott International from a “buy” rating to a “hold” rating in a research report on Tuesday, July 26th. Credit Suisse Group AG restated a “hold” rating and issued a $4.41 price target on shares of McDermott International in a research report on Saturday, June 4th. Finally, Sterne Agee CRT began coverage on shares of McDermott International in a research report on Tuesday, May 24th. They issued a “neutral” rating on the stock. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $5.04.

McDermott International Company Profile

McDermott International, Inc is a provider of integrated engineering, procurement, construction and installation (EPCI) and module fabrication services for upstream field developments. The Company delivers fixed and floating production facilities, pipeline installations and subsea systems from concept to commissioning for complex offshore and subsea oil and gas projects.

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