State Treasurer State of Michigan purchased a new position in McDermott International Inc (NYSE:MDR) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 66,199 shares of the oil and gas company’s stock, valued at approximately $1,301,000.

A number of other hedge funds also recently made changes to their positions in MDR. CIBC World Markets Inc. bought a new position in McDermott International during the 2nd quarter valued at about $4,280,000. Gideon Capital Advisors Inc. bought a new position in McDermott International during the 2nd quarter valued at about $711,000. Canada Pension Plan Investment Board bought a new position in McDermott International during the 2nd quarter valued at about $6,991,000. SG Americas Securities LLC grew its holdings in McDermott International by 21.6% during the 2nd quarter. SG Americas Securities LLC now owns 660,139 shares of the oil and gas company’s stock valued at $12,972,000 after purchasing an additional 117,149 shares during the last quarter. Finally, Strs Ohio grew its holdings in McDermott International by 2,742.9% during the 2nd quarter. Strs Ohio now owns 19,900 shares of the oil and gas company’s stock valued at $391,000 after purchasing an additional 19,200 shares during the last quarter.

In other news, SVP Scott Munro sold 2,250 shares of the company’s stock in a transaction that occurred on Monday, July 16th. The shares were sold at an average price of $17.87, for a total value of $40,207.50. Following the completion of the sale, the senior vice president now owns 35,270 shares of the company’s stock, valued at approximately $630,274.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.80% of the stock is currently owned by corporate insiders.

Several brokerages recently commented on MDR. Credit Suisse Group cut their price target 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. ValuEngine raised shares of McDermott International from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 2nd. Zacks Investment Research raised shares of McDermott International from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Wednesday, July 25th. Citigroup lowered their price objective on shares of 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, KeyCorp lowered their price objective on shares of McDermott International from $42.00 to $38.00 and set a “$17.66” rating for the company in a research report on Monday, July 23rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. McDermott International presently has a consensus rating of “Hold” and an average price target of $26.18.

McDermott International stock opened at $18.81 on Tuesday. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of 9.80 and a beta of 1.81. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.93 and a quick ratio of 0.92. McDermott International Inc has a 1 year low of $16.14 and a 1 year high of $27.21.

McDermott International (NYSE:MDR) last released its quarterly earnings data on Tuesday, July 31st. The oil and gas company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.07. McDermott International had a net margin of 5.04% and a return on equity of 10.38%. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.98 billion. During the same period in the previous year, the company earned $0.13 EPS. The firm’s quarterly revenue was up 119.9% on a year-over-year basis. research analysts expect that McDermott International Inc will post 1.53 earnings per share for the current fiscal year.

About McDermott International

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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Institutional Ownership by Quarter for McDermott International (NYSE:MDR)

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