Northern Trust Corp Purchases 4,639 Shares of Drilling Tools International Co. (NASDAQ:DTI)

Northern Trust Corp lifted its position in Drilling Tools International Co. (NASDAQ:DTI) by 6.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,848 shares of the company’s stock after buying an additional 4,639 shares during the period. Northern Trust Corp owned about 0.21% of Drilling Tools International worth $241,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Dimensional Fund Advisors LP acquired a new stake in shares of Drilling Tools International in the 4th quarter valued at about $43,000. Mariner LLC acquired a new stake in shares of Drilling Tools International in the 4th quarter valued at approximately $86,000. Perritt Capital Management Inc bought a new position in shares of Drilling Tools International in the fourth quarter valued at $114,000. Wellington Management Group LLP bought a new position in shares of Drilling Tools International in the fourth quarter valued at $52,000. Finally, JPMorgan Chase & Co. increased its holdings in Drilling Tools International by 114.6% during the fourth quarter. JPMorgan Chase & Co. now owns 43,441 shares of the company’s stock worth $142,000 after buying an additional 23,200 shares during the last quarter. Institutional investors own 2.79% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Drilling Tools International from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd.

Drilling Tools International Stock Up 0.4%

Shares of NASDAQ DTI opened at $2.63 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.99 and a current ratio of 1.32. Drilling Tools International Co. has a 52 week low of $1.43 and a 52 week high of $6.36. The stock has a market capitalization of $93.61 million, a P/E ratio of 9.39, a PEG ratio of 0.90 and a beta of -0.64. The stock’s fifty day moving average is $2.22 and its 200 day moving average is $2.87.

Drilling Tools International (NASDAQ:DTI) last issued 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). The firm had revenue of $42.88 million for the quarter, compared to the consensus estimate of $38.53 million. Drilling Tools International had a return on equity of 15.38% and a net margin of 5.46%. Sell-side analysts forecast that Drilling Tools International Co. will post 0.38 earnings per share for the current fiscal year.

Drilling Tools International declared that its board has initiated a share buyback program on Tuesday, May 13th that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the company to repurchase up to 10.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Drilling Tools International Company Profile

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.