Velanne Asset Management Ltd boosted its position in shares of Franks International NV (NYSE:FI) by 4.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,256,227 shares of the pipeline company’s stock after purchasing an additional 49,463 shares during the quarter. Franks International comprises 5.4% of Velanne Asset Management Ltd’s holdings, making the stock its 6th biggest position. Velanne Asset Management Ltd owned 0.56% of Franks International worth $7,801,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the business. Nordea Investment Management AB acquired a new position in shares of Franks International during the 3rd quarter worth about $65,378,000. Northern Trust Corp grew its position in shares of Franks International by 24.1% in the 4th quarter. Northern Trust Corp now owns 5,074,085 shares of the pipeline company’s stock valued at $26,487,000 after purchasing an additional 986,192 shares during the period. Norges Bank acquired a new position in shares of Franks International in the 4th quarter valued at approximately $4,789,000. Dimensional Fund Advisors LP grew its position in shares of Franks International by 61.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,345,838 shares of the pipeline company’s stock valued at $20,361,000 after purchasing an additional 895,796 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Franks International by 31.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,743,681 shares of the pipeline company’s stock valued at $23,816,000 after purchasing an additional 648,574 shares during the period. 41.18% of the stock is owned by hedge funds and other institutional investors.
FI has been the subject of several research analyst reports. Zacks Investment Research lowered Franks International from a “buy” rating to a “hold” rating in a research report on Tuesday, January 8th. JPMorgan Chase & Co. initiated coverage on Franks International in a research report on Thursday, January 17th. They issued a “neutral” rating for the company. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $8.29.
In other news, insider Darren C. Miles sold 16,091 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $6.27, for a total transaction of $100,890.57. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 18.20% of the company’s stock.
FI traded up $0.01 during trading hours on Wednesday, reaching $6.40. The company’s stock had a trading volume of 7,945 shares, compared to its average volume of 718,898. Franks International NV has a 52 week low of $4.80 and a 52 week high of $9.75. The stock has a market cap of $1.42 billion, a PE ratio of -15.26 and a beta of 1.62.
Franks International (NYSE:FI) last issued its quarterly earnings data on Monday, February 25th. The pipeline company reported ($0.06) EPS for the quarter, meeting analysts’ consensus estimates of ($0.06). Franks International had a negative return on equity of 8.77% and a negative net margin of 17.36%. The firm had revenue of $145.90 million for the quarter, compared to analyst estimates of $138.67 million. During the same period in the prior year, the firm posted ($0.26) EPS. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. Analysts predict that Franks International NV will post -0.23 earnings per share for the current year.
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About Franks International
Frank's International N.V. provides various engineered tubular services for the oil and gas exploration and production, and oilfield services companies in the United States, Europe, the Middle East, Africa, Latin America, the Asia Pacific, and internationally. The company operates through four segments: International Services, U.S.
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