Wellington Management Group LLP Has $57,000 Holdings in Drilling Tools International Corp. $DTI

Wellington Management Group LLP grew its holdings in shares of Drilling Tools International Corp. (NASDAQ:DTI) by 50.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,965 shares of the company’s stock after purchasing an additional 8,054 shares during the period. Wellington Management Group LLP owned about 0.07% of Drilling Tools International worth $57,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP acquired a new position in shares of Drilling Tools International during the 4th quarter worth approximately $43,000. XTX Topco Ltd bought a new stake in shares of Drilling Tools International during the 1st quarter worth approximately $32,000. BNP Paribas Financial Markets bought a new stake in shares of Drilling Tools International during the 4th quarter worth approximately $46,000. Nuveen LLC bought a new stake in shares of Drilling Tools International during the 1st quarter worth approximately $40,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Drilling Tools International by 38.0% during the 1st quarter. Bank of New York Mellon Corp now owns 22,526 shares of the company’s stock worth $53,000 after acquiring an additional 6,203 shares during the period. Institutional investors and hedge funds own 2.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Wall Street Zen raised shares of Drilling Tools International from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Zacks Research downgraded shares of Drilling Tools International from a “hold” rating to a “strong sell” rating in a report on Friday, August 15th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $5.50.

Drilling Tools International Price Performance

Shares of NASDAQ:DTI opened at $1.89 on Wednesday. The company has a market cap of $67.40 million, a price-to-earnings ratio of -14.54, a PEG ratio of 22.22 and a beta of -0.42. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.06 and a quick ratio of 1.49. The firm has a 50 day simple moving average of $2.29 and a 200 day simple moving average of $2.49. Drilling Tools International Corp. has a one year low of $1.43 and a one year high of $4.21.

Drilling Tools International (NASDAQ:DTI) last issued its quarterly earnings data on Wednesday, August 13th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.06). The company had revenue of $39.42 million during the quarter, compared to the consensus estimate of $40.14 million. Drilling Tools International had a negative net margin of 2.81% and a positive return on equity of 4.29%. Drilling Tools International has set its FY 2025 guidance at EPS. Research analysts predict that Drilling Tools International Corp. will post 0.38 earnings per share for the current fiscal year.

Drilling Tools International declared that its Board of Directors has approved a stock buyback plan on Tuesday, May 13th that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the company to buy up to 10.2% of its shares through open market purchases. Shares repurchase plans are generally 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.