Convergence Investment Partners LLC reduced its position in shares of McDermott International, Inc. (NYSE:MDR) by 9.5% during the second quarter, Holdings Channel reports. The fund owned 544,017 shares of the oil and gas company’s stock after selling 56,839 shares during the period. Convergence Investment Partners LLC’s holdings in McDermott International were worth $3,901,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of McDermott International by 14,922.4% in the first quarter. BlackRock Inc. now owns 16,838,867 shares of the oil and gas company’s stock worth $113,663,000 after buying an additional 16,726,775 shares during the last quarter. LSV Asset Management raised its stake in shares of McDermott International by 57.5% in the first quarter. LSV Asset Management now owns 13,213,796 shares of the oil and gas company’s stock worth $89,193,000 after buying an additional 4,822,700 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of McDermott International by 31.9% in the first quarter. Dimensional Fund Advisors LP now owns 18,213,138 shares of the oil and gas company’s stock worth $122,938,000 after buying an additional 4,409,387 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of McDermott International by 67.7% in the first quarter. Acadian Asset Management LLC now owns 7,579,874 shares of the oil and gas company’s stock worth $51,165,000 after buying an additional 3,058,732 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of McDermott International during the fourth quarter worth $14,152,000. Institutional investors and hedge funds own 73.82% of the company’s stock.

McDermott International, Inc. (NYSE MDR) opened at 6.19 on Friday. McDermott International, Inc. has a 12 month low of $4.41 and a 12 month high of $8.33. The firm’s 50-day moving average is $7.03 and its 200 day moving average is $6.90. The stock has a market capitalization of $1.76 billion, a P/E ratio of 23.81 and a beta of 1.37.

McDermott International (NYSE:MDR) last issued its earnings results on Tuesday, July 25th. The oil and gas company reported $0.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.03. The business had revenue of $788.20 million for the quarter, compared to analyst estimates of $856.54 million. McDermott International had a return on equity of 5.55% and a net margin of 2.95%. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period last year, the company posted $0.07 earnings per share. On average, equities analysts anticipate that McDermott International, Inc. will post $0.42 earnings per share for the current year.

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Several equities research analysts recently commented on the stock. BidaskClub lowered shares of McDermott International from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Scotiabank reiterated a “buy” rating and set a $9.00 price target on shares of McDermott International in a research note on Friday, July 28th. TheStreet upgraded shares of McDermott International from a “c” rating to a “b-” rating in a research note on Tuesday, July 25th. ValuEngine lowered shares of McDermott International from a “buy” rating to a “hold” rating in a research note on Tuesday, June 6th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $7.00 price target (down from $8.00) on shares of McDermott International in a research note on Saturday, April 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $8.29.

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

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