Voya Investment Management LLC Invests $9.52 Million in McDermott International Inc (MDR)
Voya Investment Management LLC purchased a new stake in shares of McDermott International Inc (NYSE:MDR) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 484,678 shares of the oil and gas company’s stock, valued at approximately $9,524,000. Voya Investment Management LLC owned about 0.27% of McDermott International at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the company. Fairfax Financial Holdings Ltd Can purchased a new position in shares of McDermott International during the 2nd quarter valued at about $12,879,000. Renaissance Technologies LLC purchased a new position in shares of McDermott International during the 2nd quarter valued at about $37,690,000. Hunter Associates Investment Management LLC purchased a new position in shares of McDermott International during the 2nd quarter valued at about $373,000. Bandera Partners LLC purchased a new position in shares of McDermott International during the 2nd quarter valued at about $2,501,000. Finally, Nokota Management LP purchased a new position in shares of McDermott International during the 2nd quarter valued at about $30,719,000. Hedge funds and other institutional investors own 87.81% of the company’s stock.
Shares of McDermott International stock opened at $18.50 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.92 and a current ratio of 0.93. The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of 9.19 and a beta of 1.76. McDermott International Inc has a one year low of $16.14 and a one year high of $27.21.
MDR has been the topic of a number of research reports. Citigroup decreased their price objective on McDermott International from $27.00 to $21.00 and set a “$17.66” rating on the stock in a report on Monday, July 23rd. KeyCorp decreased their price objective on McDermott International from $42.00 to $38.00 and set a “$17.66” rating on the stock in a report on Monday, July 23rd. Zacks Investment Research raised McDermott International from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a report on Wednesday, July 25th. ValuEngine cut McDermott International from a “buy” rating to a “hold” rating in a report on Saturday, June 2nd. Finally, Credit Suisse Group decreased their price target on McDermott International from $25.00 to $23.00 and set a “neutral” rating on the stock in a research note on Monday, August 13th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. McDermott International currently has a consensus rating of “Hold” and a consensus target price of $26.18.
In other McDermott International news, SVP Scott Munro sold 2,250 shares of McDermott International stock in a transaction that occurred on Monday, July 16th. The stock was sold at an average price of $17.87, for a total value of $40,207.50. Following the transaction, the senior vice president now directly owns 35,270 shares of the company’s stock, valued at approximately $630,274.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by insiders.
McDermott International Profile
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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