Thrivent Financial for Lutherans Has $67.78 Million Stock Position in TechnipFMC plc $FTI

Key Points

• Thrivent Financial for Lutherans cut its TechnipFMC stake by 22.3% in the fourth quarter, selling 436,345 shares and ending with 1.52 million shares worth about $67.78 million.
• Wall Street sentiment remains positive, with analysts holding an average “Moderate Buy” rating and an average price target of $66.53, while several firms recently raised targets as high as $87.
• TechnipFMC reported stronger-than-expected quarterly earnings of $0.64 per share, beating estimates, and revenue rose 11.6% year over year to $2.49 billion; the company also announced a quarterly dividend of $0.05 per share.

Thrivent Financial for Lutherans trimmed its position in TechnipFMC plc (NYSE:FTI - Free Report) by 22.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,520,645 shares of the oil and gas company's stock after selling 436,345 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.38% of TechnipFMC worth $67,779,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in FTI. Focus Partners Wealth boosted its holdings in shares of TechnipFMC by 27.2% in the first quarter. Focus Partners Wealth now owns 24,120 shares of the oil and gas company's stock worth $764,000 after buying an additional 5,161 shares during the period. Geneos Wealth Management Inc. boosted its holdings in shares of TechnipFMC by 45.3% in the first quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company's stock worth $35,000 after buying an additional 340 shares during the period. Sivia Capital Partners LLC boosted its holdings in shares of TechnipFMC by 76.1% in the second quarter. Sivia Capital Partners LLC now owns 14,764 shares of the oil and gas company's stock worth $508,000 after buying an additional 6,381 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of TechnipFMC by 132.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,449 shares of the oil and gas company's stock worth $188,000 after buying an additional 3,105 shares during the period. Finally, Ossiam boosted its holdings in shares of TechnipFMC by 52.0% in the second quarter. Ossiam now owns 1,597 shares of the oil and gas company's stock worth $55,000 after buying an additional 546 shares during the period. 96.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on FTI shares. Barclays raised their target price 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 raised their price target on shares of TechnipFMC from $52.00 to $67.00 and gave the stock a "market perform" rating in a report on Monday, February 23rd. Piper Sandler raised their price target on shares of TechnipFMC from $70.00 to $80.00 and gave the stock an "overweight" rating in a report on Wednesday, April 15th. Wall Street Zen upgraded shares of TechnipFMC from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. Finally, Evercore restated an "outperform" rating and set a $83.00 price target on shares of TechnipFMC in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $66.53.

TechnipFMC Stock Performance

FTI stock opened at $71.21 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 1.13. The stock has a market cap of $28.39 billion, a P/E ratio of 27.18, a P/E/G ratio of 1.48 and a beta of 0.74. The firm has a 50 day simple moving average of $70.27 and a 200 day simple moving average of $57.33. TechnipFMC plc has a 52 week low of $28.87 and a 52 week high of $77.78.

TechnipFMC (NYSE:FTI - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.07. The firm had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.52 billion. TechnipFMC had a net margin of 10.62% and a return on equity of 34.06%. The company's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.33 earnings per share. Research analysts anticipate that TechnipFMC plc will post 2.93 earnings per share for the current fiscal year.

TechnipFMC Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Tuesday, May 19th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, May 19th. TechnipFMC's dividend payout ratio (DPR) is presently 7.63%.

Insider Activity

In related news, insider Jonathan Landes sold 116,194 shares of the firm's stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $62.20, for a total transaction of $7,227,266.80. Following the transaction, the insider owned 71,356 shares of the company's stock, valued at approximately $4,438,343.20. This trade represents a 61.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Justin Rounce sold 172,276 shares of the firm's stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $62.10, for a total transaction of $10,698,339.60. Following the transaction, the executive vice president directly owned 119,667 shares in the company, valued at approximately $7,431,320.70. The trade was a 59.01% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 1,216,442 shares of company stock valued at $75,762,414. 1.40% of the stock is currently owned by company insiders.

About TechnipFMC

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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