ING Groep NV Sells 602,700 Shares of TechnipFMC plc (NYSE:FTI)

Key Points

• ING Groep NV has reduced its stake in TechnipFMC plc by 56.2%, now holding 469,294 shares valued at approximately $14.87 million after selling 602,700 shares in the first quarter.
• The company reported a quarterly EPS of $0.68, surpassing analysts' estimates of $0.57, with quarterly revenues reaching $2.53 billion, reflecting a 9.0% increase year-over-year.
• TechnipFMC recently announced a quarterly dividend of $0.05 per share, representing an annualized dividend of $0.20 and a dividend yield of 0.6%.

ING Groep NV cut its position in shares of TechnipFMC plc (NYSE:FTI - Free Report) by 56.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 469,294 shares of the oil and gas company's stock after selling 602,700 shares during the period. ING Groep NV owned approximately 0.11% of TechnipFMC worth $14,872,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Commonwealth Equity Services LLC lifted its holdings in shares of TechnipFMC by 49.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 14,206 shares of the oil and gas company's stock worth $411,000 after acquiring an additional 4,684 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in TechnipFMC during the 4th quarter valued at about $239,000. Envestnet Asset Management Inc. increased its position in TechnipFMC by 123.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 714,533 shares of the oil and gas company's stock valued at $20,679,000 after purchasing an additional 394,790 shares during the period. Russell Investments Group Ltd. increased its position in TechnipFMC by 51.3% during the 4th quarter. Russell Investments Group Ltd. now owns 747,697 shares of the oil and gas company's stock valued at $21,638,000 after purchasing an additional 253,519 shares during the period. Finally, Aster Capital Management DIFC Ltd purchased a new position in TechnipFMC during the 4th quarter valued at about $643,000. 96.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Sanford C. Bernstein downgraded shares of TechnipFMC from a "strong-buy" rating to a "hold" rating and set a $32.00 price objective on the stock. in a research report on Thursday, May 22nd. Susquehanna lifted their price objective on shares of TechnipFMC from $40.00 to $45.00 and gave the stock a "positive" rating in a research report on Friday, July 25th. Citigroup reissued a "buy" rating and set a $41.00 target price (up previously from $35.00) on shares of TechnipFMC in a research report on Thursday, July 10th. BTIG Research downgraded shares of TechnipFMC from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Finally, Wall Street Zen raised shares of TechnipFMC from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $38.92.

TechnipFMC Trading Up 0.2%

Shares of TechnipFMC stock traded up $0.09 during mid-day trading on Wednesday, hitting $35.58. 1,914,180 shares of the stock were exchanged, compared to its average volume of 4,631,488. The company has a 50-day simple moving average of $34.22 and a 200 day simple moving average of $30.75. The company has a current ratio of 1.10, a quick ratio of 0.86 and a debt-to-equity ratio of 0.15. TechnipFMC plc has a twelve month low of $22.11 and a twelve month high of $38.05. The stock has a market capitalization of $14.62 billion, a price-to-earnings ratio of 16.78, a price-to-earnings-growth ratio of 1.17 and a beta of 1.04.

TechnipFMC (NYSE:FTI - Get Free Report) last released its earnings results on Thursday, July 24th. The oil and gas company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.11. TechnipFMC had a net margin of 9.60% and a return on equity of 29.42%. The business had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.49 billion. During the same period last year, the company earned $0.43 earnings per share. The company's quarterly revenue was up 9.0% on a year-over-year basis. Research analysts forecast that TechnipFMC plc will post 1.63 EPS for the current year.

TechnipFMC Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Tuesday, August 19th will be paid a dividend of $0.05 per share. The ex-dividend date is Tuesday, August 19th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.6%. TechnipFMC's dividend payout ratio (DPR) is currently 9.43%.

Insider Activity

In other news, Director Rousset Sophie Zurquiyah sold 9,381 shares of TechnipFMC stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $37.12, for a total transaction of $348,222.72. Following the sale, the director owned 62,978 shares in the company, valued at $2,337,743.36. This trade represents a 12.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.80% of the stock is owned by corporate insiders.

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.