CX Institutional Sells 65,255 Shares of TechnipFMC plc $FTI

Key Points

• CX Institutional reduced its TechnipFMC stake by 96.5% in the third quarter, selling 65,255 shares and retaining 2,349 shares valued at approximately $160,000. Institutional investors and hedge funds collectively own 96.58% of the company.
• Analysts maintain a generally positive view, with 12 Buy ratings and three Holds, producing a consensus rating of “Moderate Buy” and an average price target of $72.08.
• TechnipFMC exceeded quarterly expectations, reporting $0.91 in EPS versus the $0.80 consensus and $2.76 billion in revenue, up 9% year over year. The company also declared a quarterly dividend of $0.05 per share.

CX Institutional trimmed its position in TechnipFMC plc (NYSE:FTI - Free Report) by 96.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,349 shares of the oil and gas company's stock after selling 65,255 shares during the quarter. CX Institutional's holdings in TechnipFMC were worth $160,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of FTI. V Square Quantitative Management LLC bought a new stake in TechnipFMC in the 1st quarter valued at $26,000. Coppell Advisory Solutions LLC acquired a new position in shares of TechnipFMC in the second quarter valued at $35,000. Ascentis Independent Advisors bought a new position in shares of TechnipFMC in the first quarter valued at about $37,000. Keating Financial Advisory Services Inc. acquired a new stake in shares of TechnipFMC during the 2nd quarter worth about $37,000. Finally, Ameritas Advisory Services LLC bought a new stake in shares of TechnipFMC during the 2nd quarter worth about $44,000. 96.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Weiss Ratings cut shares of TechnipFMC from a "buy (a-)" rating to a "buy (b+)" rating in a report on Friday. Wall Street Zen downgraded TechnipFMC from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Susquehanna decreased their price objective on TechnipFMC from $90.00 to $85.00 and set a "positive" rating on the stock in a report on Wednesday, July 8th. Finally, Citigroup increased their price objective on TechnipFMC from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, September 15th. Twelve equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $72.08.

Insider Activity

In other news, Director Eric Mullins acquired 6,365 shares of the stock in a transaction dated Friday, August 14th. The stock was bought at an average price 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 of the company's stock, valued at $633,898.50. This represents a 373.31% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thierry Conti sold 6,000 shares of the firm's stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $71.85, for a total transaction of $431,100.00. Following the completion of the transaction, the insider owned 85,813 shares of the company's stock, valued at approximately $6,165,664.05. This trade represents a 6.54% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.40% of the company's stock.

TechnipFMC Stock Performance

TechnipFMC stock opened at $70.08 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 1.08 and a debt-to-equity ratio of 0.10. The stock has a market cap of $27.48 billion, a PE ratio of 24.33, a P/E/G ratio of 1.13 and a beta of 0.83. TechnipFMC plc has a 12-month low of $35.29 and a 12-month high of $80.70. The business's 50-day moving average price is $73.99 and its two-hundred day moving average price is $71.81.

TechnipFMC (NYSE:FTI - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.11. The company had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.67 billion. TechnipFMC had a net margin of 11.28% and a return on equity of 36.54%. The company's revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.68 earnings per share. As a group, analysts expect that TechnipFMC plc will post 3.2 earnings per share for the current fiscal year.

TechnipFMC Announces Dividend

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

About TechnipFMC

TechnipFMC plc NYSE: FTI is an energy technology company that provides products, systems and services for the development and production of oil and natural gas resources. Its operations are organized primarily across Subsea and Surface Technologies, serving offshore and onshore energy projects throughout the world.

The company's Subsea business designs and supplies integrated solutions for offshore field development, including subsea production systems, subsea controls, flexible pipe, umbilicals, installation services and lifecycle support.

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