Primecap Management Co. CA Sells 60,000 Shares of TechnipFMC plc (NYSE:FTI)

Primecap Management Co. CA cut its position in shares of TechnipFMC plc (NYSE:FTI - Free Report) by 3.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,829,100 shares of the oil and gas company's stock after selling 60,000 shares during the quarter. Primecap Management Co. CA owned 0.43% of TechnipFMC worth $52,934,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Franklin Resources Inc. lifted its stake in TechnipFMC by 23.0% during the third quarter. Franklin Resources Inc. now owns 3,639,244 shares of the oil and gas company's stock worth $98,838,000 after purchasing an additional 679,748 shares during the last quarter. Avantax Advisory Services Inc. lifted its stake in TechnipFMC by 24.5% during the fourth quarter. Avantax Advisory Services Inc. now owns 21,921 shares of the oil and gas company's stock worth $634,000 after purchasing an additional 4,314 shares during the last quarter. Park Avenue Securities LLC bought a new position in TechnipFMC during the fourth quarter worth $519,000. Westfield Capital Management Co. LP bought a new position in TechnipFMC during the third quarter worth $49,273,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in TechnipFMC by 7.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,649,541 shares of the oil and gas company's stock worth $105,618,000 after purchasing an additional 249,719 shares during the last quarter. 96.58% of the stock is currently owned by institutional investors.

TechnipFMC Price Performance

NYSE:FTI traded up $0.02 during mid-day trading on Friday, reaching $29.31. 11,450,670 shares of the stock were exchanged, compared to its average volume of 3,756,118. The business has a fifty day moving average price of $29.74 and a 200 day moving average price of $28.66. The firm has a market capitalization of $12.33 billion, a PE ratio of 19.28 and a beta of 1.54. TechnipFMC plc has a 1-year low of $22.99 and a 1-year high of $33.45. The company has a current ratio of 1.14, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22.

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TechnipFMC Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Tuesday, March 18th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $0.20 dividend on an annualized basis and a yield of 0.68%. TechnipFMC's payout ratio is presently 10.42%.

Analysts Set New Price Targets

FTI has been the topic of several research analyst reports. Piper Sandler raised their price objective on TechnipFMC from $39.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, February 28th. Evercore ISI raised their target price on TechnipFMC from $37.00 to $39.00 and gave the company an "outperform" rating in a research note on Wednesday, January 15th. TD Cowen reiterated a "buy" rating and issued a $37.00 target price on shares of TechnipFMC in a research note on Wednesday, November 27th. The Goldman Sachs Group initiated coverage on TechnipFMC in a research note on Friday, December 13th. They issued a "buy" rating and a $38.00 target price on the stock. Finally, Jefferies Financial Group upgraded TechnipFMC from a "hold" rating to a "buy" rating and raised their target price for the company from $29.00 to $40.00 in a research note on Friday, December 6th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $36.31.

Insiders Place Their Bets

In related news, EVP Justin Rounce sold 42,178 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $26.55, for a total value of $1,119,825.90. Following the completion of the sale, the executive vice president now directly owns 140,207 shares in the company, valued at approximately $3,722,495.85. The trade was a 23.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO David Light sold 10,147 shares of TechnipFMC stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $24.90, for a total value of $252,660.30. Following the completion of the transaction, the chief accounting officer now directly owns 7,529 shares in the company, valued at approximately $187,472.10. This represents a 57.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.06% of the company's stock.

TechnipFMC Company Profile

TechnipFMC plc engages in the energy projects, technologies, and systems and services businesses in Europe, Central Asia, North America, Latin America, the Asia Pacific, Africa, the Middle East, and internationally. It operates through two segments: Subsea and Surface Technologies. The Subsea segment engages in the design, engineering, procurement, manufacturing, fabrication, installation, and life of field services for subsea systems, subsea field infrastructure, and subsea pipe systems used in oil and gas production and transportation.