Primecap Management Co. CA Sells 120,730 Shares of TechnipFMC plc (NYSE:FTI)

Key Points

• Primecap Management Co. CA has reduced its stake in TechnipFMC plc by 6.6%, now holding 1,708,370 shares valued at approximately $54.14 million.
• TechnipFMC announced a quarterly dividend of $0.05 per share, with an annualized yield of 0.6%, set to be paid on September 3rd.
• The company reported $0.68 earnings per share in its latest earnings result, surpassing estimates by $0.11.

Primecap Management Co. CA cut its stake in TechnipFMC plc (NYSE:FTI - Free Report) by 6.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,708,370 shares of the oil and gas company's stock after selling 120,730 shares during the period. Primecap Management Co. CA owned approximately 0.41% of TechnipFMC worth $54,138,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in FTI. Diversify Advisory Services LLC lifted its holdings in shares of TechnipFMC by 5.1% in the first quarter. Diversify Advisory Services LLC now owns 7,506 shares of the oil and gas company's stock valued at $238,000 after purchasing an additional 362 shares in the last quarter. Acuitas Investments LLC lifted its stake in TechnipFMC by 13.4% in the 1st quarter. Acuitas Investments LLC now owns 3,394 shares of the oil and gas company's stock valued at $108,000 after acquiring an additional 400 shares in the last quarter. KBC Group NV boosted its position in TechnipFMC by 2.4% during the 1st quarter. KBC Group NV now owns 18,129 shares of the oil and gas company's stock worth $575,000 after acquiring an additional 429 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of TechnipFMC by 27.0% during the 1st quarter. GAMMA Investing LLC now owns 2,886 shares of the oil and gas company's stock worth $91,000 after acquiring an additional 614 shares in the last quarter. Finally, Baker Tilly Wealth Management LLC raised its holdings in shares of TechnipFMC by 7.7% in the first quarter. Baker Tilly Wealth Management LLC now owns 9,238 shares of the oil and gas company's stock valued at $293,000 after purchasing an additional 657 shares during the last quarter. Institutional investors own 96.58% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Sanford C. Bernstein cut shares of TechnipFMC from a "strong-buy" rating to a "hold" rating and set a $32.00 target price for the company. in a report on Thursday, May 22nd. Susquehanna increased their price objective on shares of TechnipFMC from $40.00 to $45.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. Evercore ISI lifted their target price on TechnipFMC from $42.00 to $46.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Barclays increased their price target on TechnipFMC from $45.00 to $51.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Finally, BTIG Research downgraded TechnipFMC from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $38.92.

TechnipFMC Stock Performance

Shares of FTI stock traded down $0.18 during trading on Friday, reaching $34.94. 1,847,145 shares of the company's stock were exchanged, compared to its average volume of 4,619,238. TechnipFMC plc has a twelve month low of $22.11 and a twelve month high of $38.05. The firm's fifty day moving average price is $34.47 and its 200-day moving average price is $30.82. The company has a quick ratio of 0.86, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $14.36 billion, a PE ratio of 16.48, a PEG ratio of 1.16 and a beta of 1.04.

TechnipFMC (NYSE:FTI - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The oil and gas company reported $0.68 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.11. TechnipFMC had a net margin of 9.60% and a return on equity of 29.42%. The firm had revenue of $2.53 billion during the quarter, compared to analysts' expectations of $2.49 billion. During the same period in the previous year, the business posted $0.43 earnings per share. The company'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 1.63 EPS for the current year.

TechnipFMC Dividend Announcement

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

Insider Buying and Selling

In other TechnipFMC news, Director Rousset Sophie Zurquiyah sold 9,381 shares of the firm's 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 completion of the sale, the director directly 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 1.80% of the company's stock.

TechnipFMC 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.