TechnipFMC plc $FTI Shares Sold by Hillsdale Investment Management Inc.

Key Points

• Hillsdale Investment Management reduced its TechnipFMC stake by 16.3% in the first quarter, selling 21,600 shares and ending with 110,700 shares valued at about $7.65 million.
• Analysts remain mostly bullish on TechnipFMC, with 13 Buy ratings and 3 Hold ratings, giving the stock a consensus “Moderate Buy” and an average price target of $69.64.
• TechnipFMC posted solid quarterly results, reporting EPS of $0.64 versus estimates of $0.57 and revenue up 11.6% year over year, while also paying a quarterly dividend of $0.05 per share.

Hillsdale Investment Management Inc. trimmed its position in TechnipFMC plc (NYSE:FTI - Free Report) by 16.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 110,700 shares of the oil and gas company's stock after selling 21,600 shares during the period. Hillsdale Investment Management Inc.'s holdings in TechnipFMC were worth $7,653,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. State Street Corp boosted its stake in shares of TechnipFMC by 62.2% in the third quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company's stock worth $508,276,000 after acquiring an additional 4,938,498 shares during the last quarter. Norges Bank acquired a new position in TechnipFMC in the 4th quarter valued at $205,468,000. Invesco Ltd. lifted its holdings in TechnipFMC by 64.9% in the 4th quarter. Invesco Ltd. now owns 11,272,089 shares of the oil and gas company's stock valued at $502,284,000 after purchasing an additional 4,437,960 shares in the last quarter. AQR Capital Management LLC lifted its holdings in TechnipFMC by 26.7% in the 4th quarter. AQR Capital Management LLC now owns 16,866,408 shares of the oil and gas company's stock valued at $751,567,000 after purchasing an additional 3,549,839 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in TechnipFMC by 184.0% during the 3rd quarter. Alliancebernstein L.P. now owns 4,802,525 shares of the oil and gas company's stock worth $189,460,000 after purchasing an additional 3,111,399 shares during the last quarter. Institutional investors and hedge funds own 96.58% of the company's stock.

Analyst Upgrades and Downgrades

FTI has been the topic of several research reports. Susquehanna decreased their price target on shares of TechnipFMC from $90.00 to $85.00 and set a "positive" rating on the stock in a research note on Wednesday, July 8th. Weiss Ratings downgraded shares of TechnipFMC from a "buy (a-)" rating to a "buy (b+)" rating in a report on Tuesday, June 23rd. UBS Group set a $80.00 target price on shares of TechnipFMC in a research note on Wednesday, June 3rd. Jefferies Financial Group restated a "buy" rating on shares of TechnipFMC in a report on Sunday, May 31st. Finally, Royal Bank Of Canada upped their price target on TechnipFMC from $78.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday, May 1st. Thirteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $69.64.

TechnipFMC Trading Up 1.6%

Shares of FTI opened at $73.01 on Tuesday. TechnipFMC plc has a 12-month low of $31.88 and a 12-month high of $77.78. The firm has a market capitalization of $29.11 billion, a P/E ratio of 27.87, a P/E/G ratio of 1.53 and a beta of 0.70. The firm has a 50-day moving average price of $69.25 and a 200 day moving average price of $64.50. The company has a current ratio of 1.13, a quick ratio of 0.88 and a debt-to-equity ratio of 0.13.

TechnipFMC (NYSE:FTI - Get Free Report) last issued its earnings results on Thursday, April 30th. The oil and gas company reported $0.64 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 company had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the previous year, the firm earned $0.33 earnings per share. TechnipFMC's quarterly revenue was up 11.6% compared to the same quarter last year. Sell-side analysts forecast that TechnipFMC plc will post 3.01 EPS for the current year.

TechnipFMC Announces Dividend

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

TechnipFMC 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.

Want to see what other hedge funds are holding FTI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TechnipFMC plc (NYSE:FTI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.