TechnipFMC plc $FTI Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon cut its TechnipFMC stake by 15.4% in the fourth quarter, selling 488,214 shares and leaving it with 2.68 million shares valued at about $119.6 million.
• Insiders also sold shares, including Director Sophie Zurquiyah and CFO Alf Melin, while institutional ownership remains high at 96.58% and insider ownership at 1.40%.
• TechnipFMC beat quarterly EPS estimates, reporting $0.64 per share versus $0.57 expected, and analysts remain generally positive with a Moderate Buy consensus and average price target of $69.71.

Bank of New York Mellon Corp reduced its stake in shares of TechnipFMC plc (NYSE:FTI - Free Report) by 15.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,683,999 shares of the oil and gas company's stock after selling 488,214 shares during the period. Bank of New York Mellon Corp owned approximately 0.66% of TechnipFMC worth $119,599,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Harbor Investment Advisory LLC acquired a new position in TechnipFMC during the fourth quarter worth about $32,000. Newbridge Financial Services Group Inc. acquired a new stake in TechnipFMC during the 3rd quarter valued at $32,000. Geneos Wealth Management Inc. lifted its holdings in TechnipFMC by 45.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company's stock valued at $35,000 after purchasing an additional 340 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in TechnipFMC in the 4th quarter valued at about $41,000. Finally, Torren Management LLC acquired a new stake in shares of TechnipFMC during the 4th quarter worth about $45,000. 96.58% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other TechnipFMC news, Director Rousset Sophie Zurquiyah sold 6,350 shares of the stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of $69.32, for a total value of $440,182.00. Following the sale, the director directly owned 59,887 shares of the company's stock, valued at $4,151,366.84. This trade represents a 9.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Alf Melin sold 43,554 shares of the firm's stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $63.13, for a total transaction of $2,749,564.02. Following the completion of the sale, the chief financial officer owned 238,983 shares in the company, valued at $15,086,996.79. The trade was a 15.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on FTI shares. Jefferies Financial Group reissued a "buy" rating on shares of TechnipFMC in a research report on Sunday, May 31st. Royal Bank Of Canada raised their price target on TechnipFMC from $78.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, May 1st. Barclays increased their price objective on shares of TechnipFMC from $70.00 to $87.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. BMO Capital Markets boosted their target price 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. Finally, TD Cowen reaffirmed a "buy" rating on shares of TechnipFMC in a research report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $69.71.

TechnipFMC Price Performance

FTI stock opened at $66.76 on Monday. TechnipFMC plc has a 52-week low of $31.88 and a 52-week high of $77.78. The company has a quick ratio of 0.88, a current ratio of 1.13 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $26.62 billion, a PE ratio of 25.48, a P/E/G ratio of 1.44 and a beta of 0.69. The stock's 50 day moving average is $71.66 and its two-hundred day moving average is $60.36.

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

TechnipFMC Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Tuesday, May 19th were given 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 yield of 0.3%. TechnipFMC's payout ratio is currently 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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