Legal & General Group Plc Sells 80,059 Shares of TechnipFMC plc $FTI

Key Points

• Legal & General Group cut its TechnipFMC stake by 9.5% in the fourth quarter, selling 80,059 shares and leaving it with 767,024 shares worth about $34.2 million.
• TechnipFMC reported better-than-expected quarterly earnings of $0.64 per share, above the $0.57 consensus, while revenue rose 11.6% year over year to $2.49 billion.
• The company also announced a quarterly dividend of $0.05 per share, and analysts remain constructive overall with a consensus rating of Moderate Buy and an average price target of $69.

Legal & General Group Plc lowered its holdings in shares of TechnipFMC plc (NYSE:FTI - Free Report) by 9.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 767,024 shares of the oil and gas company's stock after selling 80,059 shares during the quarter. Legal & General Group Plc owned about 0.19% of TechnipFMC worth $34,179,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. New Age Alpha Advisors LLC bought a new position in shares of TechnipFMC during the 4th quarter valued at $3,356,000. Hantz Financial Services Inc. raised its holdings in TechnipFMC by 13.0% in the 4th quarter. Hantz Financial Services Inc. now owns 27,141 shares of the oil and gas company's stock worth $1,209,000 after acquiring an additional 3,122 shares during the period. Todd Asset Management LLC lifted its position in TechnipFMC by 52.2% during the 4th quarter. Todd Asset Management LLC now owns 825,835 shares of the oil and gas company's stock worth $36,800,000 after acquiring an additional 283,129 shares during the last quarter. Jefferies Financial Group Inc. bought a new stake in TechnipFMC during the fourth quarter valued at about $909,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in TechnipFMC by 18.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 20,686 shares of the oil and gas company's stock valued at $922,000 after acquiring an additional 3,280 shares during the period. Institutional investors own 96.58% of the company's stock.

TechnipFMC Stock Performance

NYSE:FTI opened at $68.16 on Friday. The firm's 50-day moving average is $71.64 and its 200-day moving average is $59.37. TechnipFMC plc has a 52-week low of $30.64 and a 52-week high of $77.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 1.13. The company has a market cap of $27.17 billion, a price-to-earnings ratio of 26.01, a PEG ratio of 1.47 and a beta of 0.74.

TechnipFMC (NYSE:FTI - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.07. TechnipFMC had a net margin of 10.62% and a return on equity of 34.06%. The company had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter in the previous year, the firm posted $0.33 EPS. The business's revenue was up 11.6% compared to the same quarter last year. Equities research analysts anticipate that TechnipFMC plc will post 2.98 earnings per share for the current year.

TechnipFMC Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Tuesday, May 19th will be issued a dividend of $0.05 per share. The ex-dividend date is Tuesday, May 19th. This represents a $0.20 annualized dividend and a dividend yield of 0.3%. TechnipFMC's payout ratio is presently 7.63%.

Insider Activity at TechnipFMC

In other news, insider Jonathan Landes sold 116,194 shares of the business's stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $62.20, for a total transaction of $7,227,266.80. Following the transaction, the insider owned 71,356 shares in the company, valued at approximately $4,438,343.20. The trade was a 61.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Alf Melin sold 83,721 shares of the business's stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $61.83, for a total transaction of $5,176,469.43. Following the transaction, the chief financial officer owned 282,537 shares in the company, valued at approximately $17,469,262.71. The trade was a 22.86% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,210,092 shares of company stock worth $75,347,124. Insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on FTI. UBS Group set a $70.00 price target on shares of TechnipFMC in a report on Friday, February 20th. BMO Capital Markets upped their price target on shares of TechnipFMC from $52.00 to $67.00 and gave the company a "market perform" rating in a report on Monday, February 23rd. TD Cowen restated a "buy" rating on shares of TechnipFMC in a report on Friday, February 20th. Piper Sandler upped their price target on shares of TechnipFMC from $70.00 to $80.00 and gave the company an "overweight" rating in a report on Wednesday, April 15th. Finally, Evercore restated an "outperform" rating and set a $83.00 price target on shares of TechnipFMC in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, TechnipFMC currently has an average rating of "Moderate Buy" and a consensus price target of $69.00.

TechnipFMC Profile

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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