Citigroup Inc. trimmed its position in shares of TechnipFMC plc (NYSE:FTI - Free Report) by 27.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 758,192 shares of the oil and gas company's stock after selling 288,489 shares during the period. Citigroup Inc. owned about 0.18% of TechnipFMC worth $19,887,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of FTI. Blue Trust Inc. raised its position in TechnipFMC by 203.6% during the 3rd quarter. Blue Trust Inc. now owns 1,096 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 735 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of TechnipFMC by 73.1% during the second quarter. GAMMA Investing LLC now owns 1,165 shares of the oil and gas company's stock valued at $30,000 after acquiring an additional 492 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in TechnipFMC in the third quarter worth $30,000. ORG Partners LLC bought a new stake in TechnipFMC in the second quarter valued at $33,000. Finally, Crewe Advisors LLC bought a new stake in TechnipFMC in the second quarter valued at $51,000. 96.58% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities research analysts have recently commented on FTI shares. BMO Capital Markets raised their target price on shares of TechnipFMC from $32.00 to $33.00 and gave the stock a "market perform" rating in a research report on Thursday, October 10th. HSBC upgraded shares of TechnipFMC from a "hold" rating to a "buy" rating and set a $32.00 price objective for the company in a report on Tuesday, October 29th. Hsbc Global Res upgraded TechnipFMC from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 29th. Susquehanna lifted their price target on TechnipFMC from $35.00 to $37.00 and gave the company a "positive" rating in a research report on Friday, October 25th. Finally, TD Cowen reissued a "buy" rating and set a $37.00 price objective on shares of TechnipFMC in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, TechnipFMC currently has an average rating of "Buy" and a consensus price target of $33.91.
Read Our Latest Stock Report on TechnipFMC
TechnipFMC Stock Up 0.5 %
FTI stock traded up $0.15 during trading on Wednesday, hitting $31.19. 396,643 shares of the stock traded hands, compared to its average volume of 3,988,594. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.14 and a quick ratio of 0.89. The stock has a market cap of $13.27 billion, a price-to-earnings ratio of 20.59 and a beta of 1.51. TechnipFMC plc has a 1 year low of $18.33 and a 1 year high of $31.53. The firm's 50 day moving average is $27.21 and its two-hundred day moving average is $26.50.
TechnipFMC (NYSE:FTI - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.25. The company had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.35 billion. TechnipFMC had a net margin of 7.63% and a return on equity of 20.11%. The firm's quarterly revenue was up 14.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.21 earnings per share. On average, sell-side analysts anticipate that TechnipFMC plc will post 1.58 EPS for the current year.
TechnipFMC Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Tuesday, November 19th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.20 annualized dividend and a yield of 0.64%. TechnipFMC's payout ratio is 13.16%.
TechnipFMC announced that its Board of Directors has initiated a share repurchase plan on Wednesday, October 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.
TechnipFMC Profile
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Free Report)
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.
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