Bank of New York Mellon Corp Invests $99,000 in Drilling Tools International Co. (NASDAQ:DTI)

Bank of New York Mellon Corp bought a new stake in shares of Drilling Tools International Co. (NASDAQ:DTI) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 17,586 shares of the company’s stock, valued at approximately $99,000. Bank of New York Mellon Corp owned 0.06% of Drilling Tools International as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Concurrent Investment Advisors LLC grew its position in Drilling Tools International by 30.8% in the 1st quarter. Concurrent Investment Advisors LLC now owns 85,000 shares of the company’s stock worth $255,000 after purchasing an additional 20,000 shares during the last quarter. Fifth Lane Capital LP grew its position in Drilling Tools International by 12.6% during the first quarter. Fifth Lane Capital LP now owns 45,000 shares of the company’s stock worth $135,000 after buying an additional 5,024 shares in the last quarter. Shaolin Capital Management LLC increased its stake in Drilling Tools International by 14.0% during the first quarter. Shaolin Capital Management LLC now owns 83,217 shares of the company’s stock valued at $250,000 after acquiring an additional 10,204 shares during the period. Finally, Gendell Jeffrey L bought a new position in Drilling Tools International during the first quarter valued at about $35,000. Institutional investors and hedge funds own 2.79% of the company’s stock.

Drilling Tools International Trading Down 0.8 %

Shares of DTI opened at $3.75 on Friday. The stock has a fifty day moving average price of $4.29 and a two-hundred day moving average price of $4.78. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.50 and a current ratio of 1.97. Drilling Tools International Co. has a 52-week low of $2.43 and a 52-week high of $6.36. The company has a market cap of $130.16 million, a price-to-earnings ratio of 8.72, a PEG ratio of 1.18 and a beta of -0.98.

Drilling Tools International (NASDAQ:DTI) last announced its earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). Drilling Tools International had a return on equity of 16.64% and a net margin of 7.85%. The company had revenue of $37.53 million for the quarter, compared to analyst estimates of $42.72 million. Analysts predict that Drilling Tools International Co. will post 0.37 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Alliance Global Partners lowered their price target on shares of Drilling Tools International from $8.50 to $7.50 and set a “buy” rating on the stock in a report on Wednesday, August 7th.

About Drilling Tools International

Drilling Tools International Corporation provides oilfield equipment and services to oil and natural gas sectors in North America, Europe, and the Middle East. It offers downhole tool rentals, machining, and inspection services to support the global drilling and wellbore construction industry. The company also provides products are bottom hole assembly components, such as stabilizers, subs, non-magnetic and steel drill collars, hole openers, and roller reamers, as well as drill pipe and drill pipe accessories; ancillary equipment and handling tools to support its rental platform, including float valves, ring gauges, tool baskets, lift bail, lift subs, mud magnets, elevators, bracket and bail assemblies, slips, tongs, stabbing guides and safety clamps; and blowout preventers, and pressure control accessory equipment.