TechnipFMC plc $FTI Stock: Allspring Global Investments Holdings LLC Increases Stake

Key Points

• Allspring Global Investments increased its TechnipFMC stake by 50% in the third quarter, adding 392,736 shares to reach 1,178,987 shares valued at about $81.2 million.
• TechnipFMC reported quarterly EPS of $1.05, topping the $0.88 consensus, while revenue of $2.90 billion exceeded estimates and grew 9.4% year over year.
• Analysts broadly rated the stock a Buy, with an average price target of $78.18; 12 of 14 analysts cited had Buy or Strong Buy ratings.

Allspring Global Investments Holdings LLC grew its stake in shares of TechnipFMC plc (NYSE:FTI - Free Report) by 50.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,178,987 shares of the oil and gas company's stock after purchasing an additional 392,736 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.30% of TechnipFMC worth $81,173,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Entrust Financial LLC increased its holdings in TechnipFMC by 361.8% during the 3rd quarter. Entrust Financial LLC now owns 956 shares of the oil and gas company's stock valued at $65,000 after purchasing an additional 749 shares during the period. Ethic Inc. raised its holdings in shares of TechnipFMC by 12.4% during the third quarter. Ethic Inc. now owns 122,602 shares of the oil and gas company's stock valued at $8,327,000 after acquiring an additional 13,517 shares in the last quarter. Pictet Asset Management Holding SA raised its holdings in shares of TechnipFMC by 23.0% during the third quarter. Pictet Asset Management Holding SA now owns 185,043 shares of the oil and gas company's stock valued at $12,568,000 after acquiring an additional 34,544 shares in the last quarter. Calamos Wealth Management LLC lifted its stake in TechnipFMC by 38.6% in the third quarter. Calamos Wealth Management LLC now owns 71,290 shares of the oil and gas company's stock worth $4,842,000 after acquiring an additional 19,868 shares during the period. Finally, Calamos Advisors LLC lifted its stake in TechnipFMC by 20.5% in the third quarter. Calamos Advisors LLC now owns 312,713 shares of the oil and gas company's stock worth $21,239,000 after acquiring an additional 53,255 shares during the period. 96.58% of the stock is owned by hedge funds and other institutional investors.

TechnipFMC Price Performance

Shares of FTI stock opened at $63.92 on Tuesday. The stock has a market cap of $24.86 billion, a price-to-earnings ratio of 20.10, a PEG ratio of 1.01 and a beta of 0.89. The business's fifty day moving average is $70.93 and its 200 day moving average is $69.36. TechnipFMC plc has a twelve month low of $42.46 and a twelve month high of $80.70. The company has a quick ratio of 0.86, a current ratio of 1.09 and a debt-to-equity ratio of 0.10.

TechnipFMC (NYSE:FTI - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The oil and gas company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.88 by $0.17. The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.79 billion. TechnipFMC had a return on equity of 39.82% and a net margin of 12.04%. The company's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.75 earnings per share. Research analysts expect that TechnipFMC plc will post 3.28 EPS for the current fiscal year.

TechnipFMC Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Tuesday, November 17th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, November 17th. TechnipFMC's dividend payout ratio (DPR) is 6.29%.

Insider Activity

In related news, insider Thierry Conti sold 6,000 shares of the business's stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $71.85, for a total transaction of $431,100.00. Following the sale, the insider owned 85,813 shares of the company's stock, valued at $6,165,664.05. The trade was a 6.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric Mullins acquired 6,365 shares of the business's stock in a transaction on Friday, August 14th. The stock was acquired at an average price of $78.55 per share, for a total transaction of $499,970.75. Following the acquisition, the director owned 8,070 shares of the company's stock, valued at approximately $633,898.50. This trade represents a 373.31% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 1.40% of the company's stock.

Wall Street Analysts Forecast Growth

FTI has been the topic of several recent analyst reports. Piper Sandler lifted their price target on shares of TechnipFMC from $85.00 to $88.00 and gave the company an "overweight" rating in a report on Tuesday, November 3rd. UBS Group started coverage on shares of TechnipFMC in a report on Monday, October 12th. They issued a "buy" rating and a $89.00 price objective for the company. Zacks Research raised shares of TechnipFMC from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 5th. Citigroup lifted their target price on shares of TechnipFMC from $80.00 to $85.00 and gave the company a "buy" rating in a research note on Tuesday, September 15th. Finally, Barclays lifted their target price on shares of TechnipFMC from $86.00 to $90.00 and gave the company an "overweight" rating in a research note on Monday, November 2nd. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $78.18.

TechnipFMC Company Profile

TechnipFMC is a global technology and services company serving the energy industry. It designs and delivers equipment and solutions for offshore and onshore oil and gas projects, with a particular focus on subsea production and related services.

Its offerings include subsea production systems, subsea installation and project services, and surface wellhead and production equipment. TechnipFMC also provides engineering and project-management capabilities, working with customers to develop and operate energy projects.

The company was formed in 2017 through the combination of Technip and FMC Technologies.

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