Arizona State Retirement System Cuts Stock Position in TechnipFMC plc $FTI

Arizona State Retirement System cut its holdings in TechnipFMC plc (NYSE:FTI) by 8.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 114,004 shares of the oil and gas company’s stock after selling 10,051 shares during the quarter. Arizona State Retirement System’s holdings in TechnipFMC were worth $5,080,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. AE Wealth Management LLC increased its stake in shares of TechnipFMC by 38.0% during the third quarter. AE Wealth Management LLC now owns 183,603 shares of the oil and gas company’s stock worth $7,243,000 after purchasing an additional 50,593 shares in the last quarter. Lingohr Asset Management GmbH increased its stake in TechnipFMC by 461.7% during the 3rd quarter. Lingohr Asset Management GmbH now owns 212,295 shares of the oil and gas company’s stock worth $8,375,000 after buying an additional 174,500 shares in the last quarter. Bank of New York Mellon Corp increased its stake in TechnipFMC by 80.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,172,213 shares of the oil and gas company’s stock worth $125,144,000 after buying an additional 1,415,621 shares in the last quarter. Rothschild Investment LLC increased its stake in TechnipFMC by 25,468.9% during the 3rd quarter. Rothschild Investment LLC now owns 11,506 shares of the oil and gas company’s stock worth $454,000 after buying an additional 11,461 shares in the last quarter. Finally, New York State Common Retirement Fund increased its stake in TechnipFMC by 8.4% during the 3rd quarter. New York State Common Retirement Fund now owns 305,535 shares of the oil and gas company’s stock worth $12,053,000 after buying an additional 23,600 shares in the last quarter. 96.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other TechnipFMC news, CFO Alf Melin sold 43,554 shares of the company’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $63.13, for a total value of $2,749,564.02. Following the completion of the sale, the chief financial officer directly owned 238,983 shares in the company, valued at $15,086,996.79. This represents a 15.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jonathan Landes sold 116,194 shares of the company’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $62.20, for a total value of $7,227,266.80. Following the completion of the sale, the insider owned 71,356 shares of the company’s stock, valued at approximately $4,438,343.20. The trade was a 61.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,216,442 shares of company stock worth $75,762,414 over the last quarter. Corporate insiders own 1.40% of the company’s stock.

TechnipFMC Stock Up 0.5%

Shares of NYSE FTI opened at $75.13 on Tuesday. TechnipFMC plc has a 12-month low of $27.70 and a 12-month high of $76.12. The stock has a market cap of $30.17 billion, a PE ratio of 32.52, a P/E/G ratio of 1.52 and a beta of 0.71. The company has a current ratio of 1.13, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average of $68.22 and a 200 day moving average of $54.40.

TechnipFMC (NYSE:FTI) last announced its quarterly earnings data on Saturday, February 14th. The oil and gas company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.19. The company had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.54 billion. TechnipFMC had a net margin of 9.70% and a return on equity of 31.14%. TechnipFMC’s revenue was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.54 EPS. As a group, sell-side analysts predict that TechnipFMC plc will post 2.92 EPS for the current fiscal year.

TechnipFMC Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Tuesday, March 17th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.3%. The ex-dividend date was Tuesday, March 17th. TechnipFMC’s dividend payout ratio is presently 8.66%.

Analyst Ratings Changes

FTI has been the subject of several research reports. Barclays reiterated an “overweight” rating and set a $69.00 price target on shares of TechnipFMC in a research report on Friday, February 20th. Piper Sandler boosted their price target on TechnipFMC from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 15th. Susquehanna boosted their price target on TechnipFMC from $82.00 to $83.00 and gave the stock a “positive” rating in a research report on Tuesday, April 7th. UBS Group set a $70.00 price target on TechnipFMC in a research report on Friday, February 20th. Finally, TD Cowen reiterated a “buy” rating on shares of TechnipFMC in a research report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $61.73.

TechnipFMC Company Profile

TechnipFMC is an integrated oilfield services and technology company that designs, manufactures and delivers systems and services for the energy industry. The company’s activities span the full lifecycle of oil and gas projects, with capabilities in subsea production systems, surface wellhead and intervention equipment, and onshore/offshore engineering and construction. TechnipFMC combines engineering and project management with fabrication, installation and maintenance services to help operators develop and produce hydrocarbon resources.

Its product and service portfolio includes subsea hardware such as trees, manifolds, umbilicals, risers and flowlines, as well as surface equipment for drilling, completions and well intervention.