Dimensional Fund Advisors LP Buys Shares of 13,224 Drilling Tools International Co. (NASDAQ:DTI)

Dimensional Fund Advisors LP bought a new stake in Drilling Tools International Co. (NASDAQ:DTI) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 13,224 shares of the company’s stock, valued at approximately $43,000.

Several other hedge funds and other institutional investors also recently modified their holdings of DTI. Barclays PLC grew its stake in shares of Drilling Tools International by 414.6% in the 3rd quarter. Barclays PLC now owns 16,730 shares of the company’s stock valued at $62,000 after purchasing an additional 13,479 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Drilling Tools International by 189.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 20,241 shares of the company’s stock valued at $75,000 after purchasing an additional 13,249 shares during the last quarter. Soltis Investment Advisors LLC purchased a new position in shares of Drilling Tools International in the 4th quarter valued at approximately $36,000. Rhumbline Advisers grew its stake in shares of Drilling Tools International by 42.8% in the 4th quarter. Rhumbline Advisers now owns 12,689 shares of the company’s stock valued at $41,000 after purchasing an additional 3,806 shares during the last quarter. Finally, Global Retirement Partners LLC grew its stake in shares of Drilling Tools International by 7.5% in the 4th quarter. Global Retirement Partners LLC now owns 80,079 shares of the company’s stock valued at $262,000 after purchasing an additional 5,574 shares during the last quarter. 2.79% of the stock is currently owned by hedge funds and other institutional investors.

Drilling Tools International Stock Up 6.3%

Drilling Tools International stock opened at $2.55 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.32 and a quick ratio of 0.99. Drilling Tools International Co. has a 1-year low of $1.43 and a 1-year high of $6.36. The company has a market cap of $90.76 million, a PE ratio of 9.11, a price-to-earnings-growth ratio of 0.90 and a beta of -0.64. The stock’s 50 day moving average price is $2.25 and its 200 day moving average price is $2.93.

Drilling Tools International (NASDAQ:DTI) last posted its quarterly earnings results on Tuesday, May 13th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). Drilling Tools International had a net margin of 5.46% and a return on equity of 15.38%. The business had revenue of $42.88 million during the quarter, compared to analysts’ expectations of $38.53 million. On average, sell-side analysts predict that Drilling Tools International Co. will post 0.38 EPS for the current fiscal year.

Drilling Tools International announced that its board has authorized a share buyback plan on Tuesday, May 13th that allows the company to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 10.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

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.