Sumitomo Mitsui Trust Group Inc. Sells 28,148 Shares of TechnipFMC plc $FTI

Key Points

• Sumitomo Mitsui Trust Group cut its TechnipFMC stake by 13.1% in the first quarter, selling 28,148 shares and leaving it with 186,259 shares valued at about $12.9 million.
• Institutional ownership remains heavy, with hedge funds and other institutions holding 96.58% of TechnipFMC’s stock. Several other investors modestly increased their positions during recent quarters.
• TechnipFMC posted stronger-than-expected quarterly results, with EPS of $0.64 versus the $0.57 estimate and revenue up 11.6% year over year. Analysts remain generally positive, with a Moderate Buy consensus and an average target price of $69.64.

Sumitomo Mitsui Trust Group Inc. reduced its stake in TechnipFMC plc (NYSE:FTI - Free Report) by 13.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 186,259 shares of the oil and gas company's stock after selling 28,148 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in TechnipFMC were worth $12,876,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in FTI. PFG Investments LLC increased its stake in shares of TechnipFMC by 2.4% in the first quarter. PFG Investments LLC now owns 7,160 shares of the oil and gas company's stock worth $495,000 after buying an additional 165 shares during the period. Independent Advisor Alliance boosted its position in TechnipFMC by 0.3% during the 4th quarter. Independent Advisor Alliance now owns 61,262 shares of the oil and gas company's stock valued at $2,730,000 after buying an additional 184 shares during the period. Personal CFO Solutions LLC boosted its position in TechnipFMC by 3.0% during the 4th quarter. Personal CFO Solutions LLC now owns 7,759 shares of the oil and gas company's stock valued at $346,000 after buying an additional 225 shares during the period. Evolve Private Wealth LLC grew its holdings in TechnipFMC by 0.7% in the 1st quarter. Evolve Private Wealth LLC now owns 34,879 shares of the oil and gas company's stock worth $2,411,000 after acquiring an additional 227 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in TechnipFMC by 5.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 5,266 shares of the oil and gas company's stock worth $235,000 after acquiring an additional 262 shares during the last quarter. Hedge funds and other institutional investors own 96.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FTI. Jefferies Financial Group reaffirmed a "buy" rating on shares of TechnipFMC in a research note on Sunday, May 31st. Zacks Research cut TechnipFMC from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. Weiss Ratings downgraded TechnipFMC from a "buy (a-)" rating to a "buy (b+)" rating in a report on Tuesday, June 23rd. Susquehanna dropped their price objective on TechnipFMC from $90.00 to $85.00 and set a "positive" rating for the company in a report on Wednesday, July 8th. Finally, Piper Sandler lifted their price objective on TechnipFMC from $70.00 to $80.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 15th. Thirteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $69.64.

TechnipFMC Trading Up 2.1%

NYSE:FTI opened at $74.55 on Wednesday. The company has a 50-day moving average price of $69.24 and a 200-day moving average price of $64.71. TechnipFMC plc has a 12 month low of $31.88 and a 12 month high of $77.78. The company has a current ratio of 1.13, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13. The stock has a market cap of $29.72 billion, a price-to-earnings ratio of 28.46, a P/E/G ratio of 1.56 and a beta of 0.70.

TechnipFMC (NYSE:FTI - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $2.52 billion. During the same quarter in the previous year, the company earned $0.33 earnings per share. TechnipFMC's quarterly revenue was up 11.6% on a year-over-year basis. Equities analysts predict that TechnipFMC plc will post 3.01 EPS for the current year.

TechnipFMC Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Tuesday, May 19th were issued a dividend of $0.05 per share. The ex-dividend date was Tuesday, May 19th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.3%. TechnipFMC's dividend payout ratio is 7.63%.

TechnipFMC Company 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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