Russell Investments Group Ltd. reduced its stake in shares of TechnipFMC PLC (NYSE:FTI) by 60.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 148,219 shares of the oil and gas company’s stock after selling 230,271 shares during the period. Russell Investments Group Ltd.’s holdings in TechnipFMC were worth $4,685,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in FTI. Point72 Asia Hong Kong Ltd raised its holdings in shares of TechnipFMC by 315.2% in the first quarter. Point72 Asia Hong Kong Ltd now owns 5,298 shares of the oil and gas company’s stock valued at $156,000 after purchasing an additional 4,022 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new stake in shares of TechnipFMC in the first quarter valued at approximately $206,000. Suntrust Banks Inc. acquired a new stake in shares of TechnipFMC in the first quarter valued at approximately $213,000. Intact Investment Management Inc. acquired a new stake in shares of TechnipFMC in the first quarter valued at approximately $221,000. Finally, Nisa Investment Advisors LLC acquired a new stake in shares of TechnipFMC in the second quarter valued at approximately $244,000. Hedge funds and other institutional investors own 64.63% of the company’s stock.
In related news, EVP Bradley D. Beitler sold 20,000 shares of the firm’s stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $30.09, for a total value of $601,800.00. Following the completion of the transaction, the executive vice president now directly owns 73,856 shares of the company’s stock, valued at $2,222,327.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.58% of the stock is currently owned by company insiders.
TechnipFMC (NYSE:FTI) last released its earnings results on Wednesday, July 25th. The oil and gas company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.11). TechnipFMC had a net margin of 1.21% and a return on equity of 4.02%. The firm had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $3.20 billion. During the same period in the prior year, the business posted $0.39 earnings per share. TechnipFMC’s quarterly revenue was down 23.0% compared to the same quarter last year. sell-side analysts anticipate that TechnipFMC PLC will post 1.39 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 5th. Investors of record on Tuesday, August 21st were paid a $0.13 dividend. The ex-dividend date of this dividend was Monday, August 20th. This represents a $0.52 annualized dividend and a dividend yield of 1.73%. TechnipFMC’s dividend payout ratio is presently 20.16%.
FTI has been the topic of a number of recent research reports. Wells Fargo & Co lifted their price objective on shares of TechnipFMC from $37.00 to $44.00 and gave the company an “outperform” rating in a report on Thursday, May 24th. Credit Suisse Group initiated coverage on shares of TechnipFMC in a report on Tuesday, July 17th. They issued an “outperform” rating and a $38.00 price objective on the stock. BMO Capital Markets lifted their price objective on shares of TechnipFMC from $34.00 to $35.00 and gave the company a “market perform” rating in a report on Monday, July 30th. Exane BNP Paribas initiated coverage on shares of TechnipFMC in a report on Thursday, June 21st. They issued an “underperform” rating on the stock. Finally, BNP Paribas downgraded shares of TechnipFMC from a “neutral” rating to an “underperform” rating in a report on Thursday, June 21st. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $35.90.
TechnipFMC Company Profile
TechnipFMC plc engages in the oil and gas projects, technologies, and systems and services businesses. It operates through three segments: Subsea, Onshore/Offshore, and Surface Technologies. The Subsea segment manufactures and designs products and systems; performs engineering, procurement, and project management; and provides services used by oil and gas companies involved in deepwater exploration and production of crude oil and natural gas.
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