PNC Financial Services Group Inc. Sells 99,102 Shares of TechnipFMC plc (NYSE:FTI)

Key Points

• PNC Financial Services Group Inc. has significantly reduced its stake in TechnipFMC plc by 81.3%, now holding 22,801 shares valued at approximately $723,000.
• Several institutional investors, including Bank of New York Mellon and Federated Hermes, have adjusted their positions in TechnipFMC, contributing to a total institutional ownership of 96.58%.
• TechnipFMC reported earnings of $0.68 per share, exceeding analysts' expectations, and announced a quarterly dividend of $0.05 per share with a yield of 0.6%.

PNC Financial Services Group Inc. cut its stake in shares of TechnipFMC plc (NYSE:FTI - Free Report) by 81.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,801 shares of the oil and gas company's stock after selling 99,102 shares during the quarter. PNC Financial Services Group Inc.'s holdings in TechnipFMC were worth $723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of FTI. Ameriprise Financial Inc. grew its position in TechnipFMC by 31.5% during the fourth quarter. Ameriprise Financial Inc. now owns 16,538,230 shares of the oil and gas company's stock valued at $478,620,000 after acquiring an additional 3,962,315 shares during the last quarter. Anomaly Capital Management LP grew its position in TechnipFMC by 46.5% during the fourth quarter. Anomaly Capital Management LP now owns 7,266,580 shares of the oil and gas company's stock valued at $210,295,000 after acquiring an additional 2,306,342 shares during the last quarter. AQR Capital Management LLC grew its position in TechnipFMC by 70.6% during the fourth quarter. AQR Capital Management LLC now owns 4,132,758 shares of the oil and gas company's stock valued at $119,602,000 after acquiring an additional 1,710,183 shares during the last quarter. Deutsche Bank AG grew its position in TechnipFMC by 92.5% during the fourth quarter. Deutsche Bank AG now owns 2,777,040 shares of the oil and gas company's stock valued at $80,368,000 after acquiring an additional 1,334,555 shares during the last quarter. Finally, Yaupon Capital Management LP bought a new position in TechnipFMC during the fourth quarter valued at approximately $36,567,000. 96.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on FTI shares. Sanford C. Bernstein downgraded TechnipFMC from a "strong-buy" rating to a "hold" rating and set a $32.00 price objective for the company. in a research report on Thursday, May 22nd. Citigroup reissued a "buy" rating and set a $41.00 price target (up previously from $35.00) on shares of TechnipFMC in a research report on Thursday, July 10th. Royal Bank Of Canada increased their price target on shares of TechnipFMC from $37.00 to $40.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Evercore ISI increased their price target on shares of TechnipFMC from $42.00 to $46.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Finally, Susquehanna increased their price target on shares of TechnipFMC from $40.00 to $45.00 and gave the company a "positive" rating in a research report on Friday, July 25th. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, TechnipFMC presently has a consensus rating of "Moderate Buy" and a consensus target price of $38.92.

TechnipFMC Stock Down 0.2%

Shares of NYSE:FTI traded down $0.08 during trading on Wednesday, hitting $35.04. The stock had a trading volume of 2,006,233 shares, compared to its average volume of 4,320,360. TechnipFMC plc has a 12 month low of $22.11 and a 12 month high of $38.05. The company has a market capitalization of $14.40 billion, a PE ratio of 16.53, a PEG ratio of 1.16 and a beta of 1.04. The firm's fifty day moving average is $34.68 and its 200 day moving average is $30.89. The company has a quick ratio of 0.86, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

TechnipFMC (NYSE:FTI - Get Free Report) last announced 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 return on equity of 29.42% and a net margin of 9.60%. The firm had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same quarter in the prior year, the company earned $0.43 EPS. The business's revenue was up 9.0% compared to the same quarter last year. Analysts anticipate that TechnipFMC plc will post 1.63 EPS for the current fiscal year.

TechnipFMC Announces Dividend

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

Insider Activity at TechnipFMC

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

About TechnipFMC

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.