Bank of New York Mellon Corp Has $53,000 Stock Holdings in Drilling Tools International Corp. (NASDAQ:DTI)

Bank of New York Mellon Corp grew its stake in Drilling Tools International Corp. (NASDAQ:DTI) by 38.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 22,526 shares of the company’s stock after purchasing an additional 6,203 shares during the quarter. Bank of New York Mellon Corp owned about 0.06% of Drilling Tools International worth $53,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Cresset Asset Management LLC bought a new stake in shares of Drilling Tools International in the fourth quarter worth about $252,000. Mariner LLC purchased a new stake in Drilling Tools International during the 4th quarter valued at $86,000. JPMorgan Chase & Co. lifted its stake in Drilling Tools International by 114.6% during the 4th quarter. JPMorgan Chase & Co. now owns 43,441 shares of the company’s stock valued at $142,000 after acquiring an additional 23,200 shares during the period. Wellington Management Group LLP purchased a new position in shares of Drilling Tools International in the 4th quarter worth $52,000. Finally, BNP Paribas Financial Markets bought a new stake in Drilling Tools International during the fourth quarter valued at approximately $46,000. Institutional investors and hedge funds own 2.79% of the company’s stock.

Drilling Tools International Stock Performance

NASDAQ:DTI opened at $2.28 on Thursday. The company has a market cap of $81.15 million, a price-to-earnings ratio of -45.59, a PEG ratio of 3.21 and a beta of -0.41. The stock’s 50 day simple moving average is $2.71 and its two-hundred day simple moving average is $2.66. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.94 and a quick ratio of 1.41. Drilling Tools International Corp. has a 1 year low of $1.43 and a 1 year high of $4.55.

Drilling Tools International (NASDAQ:DTI) last posted 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). 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 negative net margin of 1.11% and a positive return on equity of 7.79%. As a group, equities analysts anticipate that Drilling Tools International Corp. will post 0.38 earnings per share for the current fiscal year.

Drilling Tools International announced that its board has authorized a stock buyback plan on Tuesday, May 13th that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the company to buy up to 10.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

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 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.