Wellington Management Group LLP Takes $52,000 Position in Drilling Tools International Co. (NASDAQ:DTI)

Wellington Management Group LLP acquired a new position in shares of Drilling Tools International Co. (NASDAQ:DTI) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 15,911 shares of the company’s stock, valued at approximately $52,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Cresset Asset Management LLC acquired a new position in Drilling Tools International during the 4th quarter worth approximately $252,000. BNP Paribas Financial Markets acquired a new position in Drilling Tools International during the 4th quarter worth approximately $46,000. Northern Trust Corp increased its position in Drilling Tools International by 6.7% during the 4th quarter. Northern Trust Corp now owns 73,848 shares of the company’s stock worth $241,000 after purchasing an additional 4,639 shares in the last quarter. Dimensional Fund Advisors LP acquired a new position in Drilling Tools International during the 4th quarter worth approximately $43,000. Finally, Mariner LLC acquired a new position in Drilling Tools International during the 4th quarter worth approximately $86,000. 2.79% of the stock is currently owned by institutional investors and hedge funds.

Drilling Tools International Stock Up 8.6%

Shares of NASDAQ DTI opened at $3.04 on Monday. The firm has a market cap of $108.20 million, a PE ratio of 10.86, a P/E/G ratio of 0.90 and a beta of -0.43. Drilling Tools International Co. has a 12-month low of $1.43 and a 12-month high of $6.36. The company’s fifty day simple moving average is $2.25 and its 200 day simple moving average is $2.86. The company has a quick ratio of 0.99, a current ratio of 1.32 and a debt-to-equity ratio of 0.15.

Drilling Tools International (NASDAQ:DTI) last released its quarterly earnings data 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 the consensus estimate of $38.53 million. As a group, 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 authorized a share repurchase plan on Tuesday, May 13th that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 10.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

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

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.