Velanne Asset Management Ltd purchased a new position in Franks International NV (NYSE:FI) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,206,764 shares of the pipeline company’s stock, valued at approximately $6,299,000. Franks International makes up about 5.0% of Velanne Asset Management Ltd’s investment portfolio, making the stock its 9th biggest holding. Velanne Asset Management Ltd owned 0.54% of Franks International as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of FI. PNC Financial Services Group Inc. boosted its position in Franks International by 41.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,640 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 1,950 shares during the last quarter. SeaBridge Investment Advisors LLC boosted its position in Franks International by 6.6% during the 4th quarter. SeaBridge Investment Advisors LLC now owns 26,790 shares of the pipeline company’s stock worth $140,000 after acquiring an additional 1,650 shares during the last quarter. CWM Advisors LLC raised its stake in Franks International by 26.5% in the 4th quarter. CWM Advisors LLC now owns 16,632 shares of the pipeline company’s stock valued at $87,000 after acquiring an additional 3,484 shares during the period. Rhumbline Advisers raised its stake in Franks International by 45.7% in the 4th quarter. Rhumbline Advisers now owns 103,624 shares of the pipeline company’s stock valued at $541,000 after acquiring an additional 32,510 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Franks International by 138.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,466 shares of the pipeline company’s stock valued at $34,000 after acquiring an additional 3,755 shares during the period. 40.57% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently weighed in on FI. JPMorgan Chase & Co. began coverage on Franks International in a research note on Thursday, January 17th. They issued a “neutral” rating on the stock. Zacks Investment Research cut Franks International from a “buy” rating to a “hold” rating in a research note on Tuesday, January 8th. Finally, Piper Jaffray Companies set a $7.00 price objective on Franks International and gave the stock a “hold” rating in a research report on Thursday, November 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $8.29.
In other news, Director Steven B. Mosing sold 200,000 shares of the stock in a transaction on Wednesday, November 28th. The stock was sold at an average price of $7.93, for a total transaction of $1,586,000.00. Following the sale, the director now directly owns 3,082,193 shares of the company’s stock, valued at approximately $24,441,790.49. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 18.20% of the company’s stock.
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About Franks International
Frank's International N.V. provides various engineered tubular services for the oil and gas exploration and production, and oilfield services companies in the United States, Europe, the Middle East, Africa, Latin America, the Asia Pacific, and internationally. The company operates through four segments: International Services, U.S.
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