Mackay Shields LLC Sells 17,398,436 Shares of Forum Energy Technologies, Inc. (NYSE:FET)

Mackay Shields LLC decreased its holdings in shares of Forum Energy Technologies, Inc. (NYSE:FET) by 95.0% in the fourth quarter, Holdings Channel reports. The firm owned 911,294 shares of the oil and gas company’s stock after selling 17,398,436 shares during the quarter. Mackay Shields LLC owned about 0.07% of Forum Energy Technologies worth $14,116,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SCF Partners Inc. bought a new position in shares of Forum Energy Technologies in the third quarter valued at approximately $12,843,000. Crossingbridge Advisors LLC bought a new position in shares of Forum Energy Technologies in the third quarter valued at approximately $3,721,000. Icon Wealth Advisors LLC raised its stake in shares of Forum Energy Technologies by 44.4% in the third quarter. Icon Wealth Advisors LLC now owns 91,758 shares of the oil and gas company’s stock valued at $1,419,000 after acquiring an additional 28,225 shares during the last quarter. Barclays PLC raised its stake in shares of Forum Energy Technologies by 86.0% in the third quarter. Barclays PLC now owns 27,714 shares of the oil and gas company’s stock valued at $428,000 after acquiring an additional 12,810 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Forum Energy Technologies by 6.9% in the third quarter. State Street Corp now owns 198,479 shares of the oil and gas company’s stock valued at $3,068,000 after acquiring an additional 12,785 shares during the last quarter. Institutional investors own 65.60% of the company’s stock.

Forum Energy Technologies Stock Performance

NYSE:FET opened at $18.26 on Friday. Forum Energy Technologies, Inc. has a 1 year low of $12.83 and a 1 year high of $20.85. The firm has a 50 day moving average of $17.23 and a 200-day moving average of $16.22. The company has a current ratio of 1.93, a quick ratio of 0.87 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $224.31 million, a P/E ratio of -1.66 and a beta of 2.38.

Forum Energy Technologies (NYSE:FET) last posted its earnings results on Thursday, February 20th. The oil and gas company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.58). Forum Energy Technologies had a negative net margin of 16.57% and a negative return on equity of 2.39%. The firm had revenue of $201.00 million during the quarter, compared to the consensus estimate of $201.85 million.

Insider Activity

In related news, Director Louis Raspino sold 4,950 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $15.41, for a total value of $76,279.50. Following the completion of the transaction, the director now owns 16,121 shares in the company, valued at $248,424.61. The trade was a 23.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 6.20% of the stock is currently owned by corporate insiders.

Forum Energy Technologies Profile

Forum Energy Technologies, Inc designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications.