Cubist Systematic Strategies LLC Increases Stake in Franks International NV (FI)
Cubist Systematic Strategies LLC lifted its holdings in shares of Franks International NV (NYSE:FI) by 1,125.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,512 shares of the pipeline company’s stock after acquiring an additional 22,512 shares during the period. Cubist Systematic Strategies LLC’s holdings in Franks International were worth $189,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Citigroup Inc. grew its position in shares of Franks International by 726.2% during the second quarter. Citigroup Inc. now owns 12,162 shares of the pipeline company’s stock worth $101,000 after acquiring an additional 10,690 shares during the last quarter. Legal & General Group Plc grew its position in shares of Franks International by 567.8% during the second quarter. Legal & General Group Plc now owns 14,305 shares of the pipeline company’s stock worth $118,000 after acquiring an additional 12,163 shares during the last quarter. Gagnon Securities LLC purchased a new position in shares of Franks International during the third quarter worth approximately $124,000. M&T Bank Corp purchased a new position in shares of Franks International during the second quarter worth approximately $138,000. Finally, Voya Investment Management LLC grew its position in shares of Franks International by 88.4% during the second quarter. Voya Investment Management LLC now owns 21,717 shares of the pipeline company’s stock worth $180,000 after acquiring an additional 10,192 shares during the last quarter. Institutional investors and hedge funds own 31.48% of the company’s stock.
In other Franks International news, Director D. Keith Mosing sold 350,000 shares of the firm’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $7.25, for a total value of $2,537,500.00. Following the completion of the sale, the director now owns 446,300 shares of the company’s stock, valued at $3,235,675. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Frank Mosing Family L. Michael sold 45,000 shares of the firm’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $7.28, for a total value of $327,600.00. Following the completion of the sale, the insider now directly owns 9,273,667 shares of the company’s stock, valued at approximately $67,512,295.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,796,592 shares of company stock valued at $29,774,337. Corporate insiders own 77.90% of the company’s stock.
Franks International (NYSE:FI) last issued its quarterly earnings results on Thursday, November 2nd. The pipeline company reported ($0.11) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.11). Franks International had a negative return on equity of 9.25% and a negative net margin of 26.21%. The firm had revenue of $108.08 million during the quarter, compared to the consensus estimate of $120.42 million. During the same period last year, the company earned ($0.14) earnings per share. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. research analysts predict that Franks International NV will post -0.45 EPS for the current fiscal year.
A number of brokerages have recently issued reports on FI. Scotiabank restated a “hold” rating and set a $12.00 target price on shares of Franks International in a research report on Friday, November 3rd. Piper Jaffray Companies reaffirmed a “hold” rating on shares of Franks International in a report on Sunday, October 22nd. Jefferies Group set a $7.00 price target on Franks International and gave the stock a “hold” rating in a report on Thursday, January 4th. Royal Bank of Canada set a $7.00 price target on Franks International and gave the stock a “buy” rating in a report on Thursday, December 21st. Finally, Credit Suisse Group downgraded Franks International from a “neutral” rating to an “underperform” rating in a report on Tuesday, November 7th. Five equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. Franks International presently has an average rating of “Hold” and a consensus target price of $7.61.
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Franks International Profile
Frank’s International N.V. (FINV) is a provider of engineered tubular services, tubular fabrication and specialty well construction and well intervention solutions to the oil and gas industry. The Company operates through four business segments: International Services, U. S. Services, Tubular Sales and Blackhawk.
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