California State Teachers Retirement System Has $6.07 Billion Stake in TechnipFMC plc $FTI

Key Points

• California State Teachers Retirement System increased its TechnipFMC stake by 19,380.5% in the second quarter, holding 91.6 million shares worth approximately $6.07 billion, or 23.36% of the company.
• Institutional investors own 96.58% of TechnipFMC. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $69.64, although one firm downgraded the stock to “Hold.”
• TechnipFMC reported quarterly EPS of $0.91, exceeding estimates of $0.80, while revenue rose 9% year over year to $2.76 billion. The company also declared a quarterly dividend of $0.05 per share.

California State Teachers Retirement System raised its stake in TechnipFMC plc (NYSE:FTI - Free Report) by 19,380.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 91,624,346 shares of the oil and gas company's stock after acquiring an additional 91,154,007 shares during the period. California State Teachers Retirement System owned about 23.36% of TechnipFMC worth $6,074,694,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of TechnipFMC in the 2nd quarter worth about $3,081,514,000. State Street Corp grew its stake in TechnipFMC by 62.2% during the third quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company's stock worth $508,276,000 after buying an additional 4,938,498 shares during the last quarter. Norges Bank acquired a new stake in shares of TechnipFMC during the fourth quarter worth approximately $205,468,000. Invesco Ltd. raised its stake in shares of TechnipFMC by 64.9% in the fourth quarter. Invesco Ltd. now owns 11,272,089 shares of the oil and gas company's stock valued at $502,284,000 after acquiring an additional 4,437,960 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of TechnipFMC by 26.7% in the 4th quarter. AQR Capital Management LLC now owns 16,866,408 shares of the oil and gas company's stock worth $751,567,000 after acquiring an additional 3,549,839 shares in the last quarter. 96.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group reaffirmed a "buy" rating on shares of TechnipFMC in a report on Sunday, May 31st. UBS Group set a $80.00 target price on TechnipFMC in a research note on Wednesday, June 3rd. Citigroup upped their price target on shares of TechnipFMC from $76.00 to $80.00 and gave the stock a "buy" rating in a research report on Thursday, June 18th. The Goldman Sachs Group reissued a "buy" rating on shares of TechnipFMC in a report on Wednesday, June 3rd. Finally, Wall Street Zen cut shares of TechnipFMC from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Thirteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $69.64.

Insider Activity at TechnipFMC

In other TechnipFMC news, Director Eric Mullins purchased 6,365 shares of the company's stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average cost of $78.55 per share, with a total value of $499,970.75. Following the completion of the purchase, the director directly owned 8,070 shares in the company, valued at approximately $633,898.50. This represents a 373.31% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.40% of the stock is currently owned by corporate insiders.

TechnipFMC Stock Down 0.3%

NYSE FTI opened at $77.94 on Thursday. The stock has a fifty day moving average of $74.18 and a 200-day moving average of $70.92. The stock has a market capitalization of $30.56 billion, a P/E ratio of 27.06, a price-to-earnings-growth ratio of 1.56 and a beta of 0.74. TechnipFMC plc has a 52 week low of $35.29 and a 52 week high of $80.70. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.85 and a current ratio of 1.08.

TechnipFMC (NYSE:FTI - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.11. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.67 billion. TechnipFMC had a return on equity of 36.54% and a net margin of 11.28%.The firm's revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.68 earnings per share. On average, equities research analysts forecast that TechnipFMC plc will post 3.17 EPS for the current year.

TechnipFMC Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Tuesday, August 18th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Tuesday, August 18th. TechnipFMC's dividend payout ratio (DPR) is 6.94%.

TechnipFMC Company Profile

TechnipFMC plc NYSE: FTI is an energy technology company that provides systems, products and services for the development and production of oil and natural gas resources. Its business is organized primarily into Subsea and Surface Technologies, serving energy companies, contractors and other customers across the global energy industry.

The Subsea segment designs and delivers integrated offshore production systems, subsea equipment and related services. Its offerings include subsea trees, manifolds, controls, risers, flexible pipe and other technologies used to develop offshore fields.

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