MAC Alpha Capital Management LP Sells 123,630 Shares of TechnipFMC plc $FTI

Key Points

• MAC Alpha Capital Management cut its TechnipFMC position by 65.1% in the second quarter, selling 123,630 shares and retaining 66,175 shares valued at approximately $4.4 million.
• TechnipFMC reported quarterly adjusted EPS of $0.91, beating 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.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating, although the average target price of $70 is below the stock’s reported $71.96 opening price.

MAC Alpha Capital Management LP lowered its position in shares of TechnipFMC plc (NYSE:FTI - Free Report) by 65.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 66,175 shares of the oil and gas company's stock after selling 123,630 shares during the quarter. TechnipFMC accounts for 0.9% of MAC Alpha Capital Management LP's holdings, making the stock its 18th biggest position. MAC Alpha Capital Management LP's holdings in TechnipFMC were worth $4,388,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Sequoia Financial Advisors LLC increased its stake in TechnipFMC by 2.7% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 14,808 shares of the oil and gas company's stock valued at $982,000 after buying an additional 386 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of TechnipFMC by 63.4% in the 2nd quarter. Tidal Investments LLC now owns 30,475 shares of the oil and gas company's stock valued at $2,020,000 after acquiring an additional 11,822 shares in the last quarter. National Pension Service bought a new position in shares of TechnipFMC in the 2nd quarter valued at about $40,511,000. WINTON GROUP Ltd acquired a new stake in shares of TechnipFMC in the second quarter valued at about $325,000. Finally, Integrated Wealth Concepts LLC raised its holdings in TechnipFMC by 36.1% during the second quarter. Integrated Wealth Concepts LLC now owns 76,883 shares of the oil and gas company's stock worth $5,097,000 after acquiring an additional 20,406 shares in the last quarter. 96.58% of the stock is owned by institutional investors.

TechnipFMC Stock Down 0.1%

Shares of FTI opened at $71.96 on Monday. 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 plc has a 52 week low of $35.29 and a 52 week high of $80.70. The stock has a market capitalization of $28.22 billion, a price-to-earnings ratio of 24.99, a PEG ratio of 1.44 and a beta of 0.74. The stock has a fifty day moving average of $74.89 and a 200-day moving average of $71.32.

TechnipFMC (NYSE:FTI - Get Free Report) last issued its earnings results on Thursday, July 30th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.11. TechnipFMC had a return on equity of 36.54% and a net margin of 11.28%.The business had revenue of $2.76 billion during the quarter, compared to analysts' expectations of $2.67 billion. During the same quarter in the prior year, the firm earned $0.68 EPS. The business's revenue for the quarter was up 9.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that TechnipFMC plc will post 3.17 earnings per share for the current fiscal year.

TechnipFMC Announces Dividend

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

Insiders Place Their Bets

In related news, Director Eric Mullins bought 6,365 shares of the business's stock in a transaction on Friday, August 14th. The shares were purchased at an average cost of $78.55 per share, with a total value of $499,970.75. Following the acquisition, the director owned 8,070 shares of the company's stock, valued at $633,898.50. This represents a 373.31% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

FTI has been the topic of several recent analyst reports. The Goldman Sachs Group reaffirmed a "buy" rating on shares of TechnipFMC in a research report on Wednesday, June 3rd. UBS Group set a $80.00 target price on shares of TechnipFMC in a report on Wednesday, June 3rd. Susquehanna cut their price objective on shares of TechnipFMC from $90.00 to $85.00 and set a "positive" rating for the company in a research report on Wednesday, July 8th. Wall Street Zen cut shares of TechnipFMC from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Finally, Citigroup increased their price target on shares of TechnipFMC from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, September 15th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $70.00.

TechnipFMC 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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