Gotham Asset Management LLC Acquires 178,322 Shares of TechnipFMC plc $FTI

Key Points

• Gotham Asset Management increased its stake in TechnipFMC by 28.3%, buying 178,322 shares to hold 809,000 shares worth about $31.9 million (roughly 0.20% of the company) after the third quarter.
• TechnipFMC beat EPS expectations for the quarter with $0.70 vs. $0.51 consensus, delivered 6.3% year-over-year revenue growth to $2.52 billion, and declared a $0.05 quarterly dividend (annualized $0.20, ~0.3% yield).
• Significant insider and institutional activity: insiders sold about 1,210,092 shares (~$75.3M) in the last 90 days while institutional investors own 96.58% of the stock and insiders hold 1.80%.

Gotham Asset Management LLC increased its holdings in TechnipFMC plc (NYSE:FTI - Free Report) by 28.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 809,000 shares of the oil and gas company's stock after buying an additional 178,322 shares during the period. Gotham Asset Management LLC owned 0.20% of TechnipFMC worth $31,915,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. AE Wealth Management LLC grew its position in shares of TechnipFMC by 38.0% in the third quarter. AE Wealth Management LLC now owns 183,603 shares of the oil and gas company's stock valued at $7,243,000 after purchasing an additional 50,593 shares in the last quarter. Lingohr Asset Management GmbH lifted its holdings in TechnipFMC by 461.7% during the 3rd quarter. Lingohr Asset Management GmbH now owns 212,295 shares of the oil and gas company's stock worth $8,375,000 after purchasing an additional 174,500 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in TechnipFMC by 80.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,172,213 shares of the oil and gas company's stock worth $125,144,000 after purchasing an additional 1,415,621 shares during the period. Rothschild Investment LLC boosted its stake in TechnipFMC by 25,468.9% in the 3rd quarter. Rothschild Investment LLC now owns 11,506 shares of the oil and gas company's stock worth $454,000 after purchasing an additional 11,461 shares during the period. Finally, New York State Common Retirement Fund grew its holdings in TechnipFMC by 8.4% during the 3rd quarter. New York State Common Retirement Fund now owns 305,535 shares of the oil and gas company's stock valued at $12,053,000 after buying an additional 23,600 shares in the last quarter. 96.58% of the stock is currently owned by hedge funds and other institutional investors.

TechnipFMC Trading Up 1.1%

Shares of FTI stock opened at $63.71 on Tuesday. The company has a quick ratio of 0.89, a current ratio of 1.13 and a debt-to-equity ratio of 0.13. The firm has a market cap of $25.49 billion, a P/E ratio of 27.58, a price-to-earnings-growth ratio of 1.16 and a beta of 0.70. The business has a 50-day moving average price of $58.70 and a two-hundred day moving average price of $47.67. TechnipFMC plc has a 12-month low of $22.11 and a 12-month high of $68.29.

TechnipFMC (NYSE:FTI - Get Free Report) last issued its earnings results on Thursday, February 19th. The oil and gas company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.19. The business had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.54 billion. TechnipFMC had a return on equity of 31.14% and a net margin of 9.70%.TechnipFMC's revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 earnings per share. Equities analysts anticipate that TechnipFMC plc will post 1.63 EPS for the current fiscal year.

TechnipFMC Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Tuesday, March 17th will be issued a $0.05 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.20 annualized dividend and a dividend yield of 0.3%. TechnipFMC's payout ratio is currently 8.66%.

Insider Buying and Selling

In related news, CFO Alf Melin sold 43,554 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $63.13, for a total transaction of $2,749,564.02. Following the completion of the sale, the chief financial officer directly owned 238,983 shares in the company, valued at $15,086,996.79. This represents a 15.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO David Light sold 6,622 shares of TechnipFMC stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $62.43, for a total value of $413,411.46. Following the completion of the transaction, the chief accounting officer directly owned 5,005 shares in the company, valued at $312,462.15. This trade represents a 56.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,210,092 shares of company stock worth $75,322,232 in the last 90 days. 1.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Royal Bank Of Canada upped their price target on TechnipFMC from $47.00 to $70.00 and gave the company an "outperform" rating in a research report on Friday, February 20th. Barclays reaffirmed an "overweight" rating and set a $69.00 price objective on shares of TechnipFMC in a research note on Friday, February 20th. Piper Sandler upped their target price on shares of TechnipFMC from $49.00 to $52.00 and gave the stock an "overweight" rating in a report on Thursday, December 18th. Citigroup increased their target price on shares of TechnipFMC from $48.00 to $76.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Finally, Zacks Research upgraded shares of TechnipFMC from a "hold" rating to a "strong-buy" rating in a research report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, TechnipFMC currently has a consensus rating of "Moderate Buy" and an average price target of $58.47.

About TechnipFMC

TechnipFMC is an integrated oilfield services and technology company that designs, manufactures and delivers systems and services for the energy industry. The company's activities span the full lifecycle of oil and gas projects, with capabilities in subsea production systems, surface wellhead and intervention equipment, and onshore/offshore engineering and construction. TechnipFMC combines engineering and project management with fabrication, installation and maintenance services to help operators develop and produce hydrocarbon resources.

Its product and service portfolio includes subsea hardware such as trees, manifolds, umbilicals, risers and flowlines, as well as surface equipment for drilling, completions and well intervention.

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