Westfield Capital Management Co. LP Sells 392,413 Shares of TechnipFMC plc (NYSE:FTI)

Key Points

• Westfield Capital Management Co. LP reduced its stake in TechnipFMC plc by 20.9%, holding 1,483,510 shares valued at $47.01 million after selling 392,413 shares in Q1.
• A number of hedge funds increased their positions in TechnipFMC during Q4, with Ameriprise Financial raising its holdings by 31.5%, and Deutsche Bank AG increasing theirs by 92.5%.
• TechnipFMC announced a quarterly dividend of $0.05 per share, with a yield of 0.6%, payable on September 3rd to shareholders recorded on August 19th.

Westfield Capital Management Co. LP cut its holdings in shares of TechnipFMC plc (NYSE:FTI - Free Report) by 20.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,483,510 shares of the oil and gas company's stock after selling 392,413 shares during the quarter. Westfield Capital Management Co. LP owned approximately 0.35% of TechnipFMC worth $47,012,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. SCP Investment LP increased its holdings in TechnipFMC by 69.5% in the 1st quarter. SCP Investment LP now owns 55,600 shares of the oil and gas company's stock worth $1,762,000 after acquiring an additional 22,800 shares during the last quarter. Bank of Nova Scotia increased its holdings in TechnipFMC by 23.4% in the 1st quarter. Bank of Nova Scotia now owns 971,141 shares of the oil and gas company's stock worth $30,775,000 after acquiring an additional 183,874 shares during the last quarter. R Squared Ltd increased its holdings in TechnipFMC by 95.8% in the 1st quarter. R Squared Ltd now owns 11,690 shares of the oil and gas company's stock worth $370,000 after acquiring an additional 5,720 shares during the last quarter. Cumberland Partners Ltd purchased a new stake in TechnipFMC in the 1st quarter worth about $951,000. Finally, Federated Hermes Inc. increased its holdings in TechnipFMC by 54.4% in the 1st quarter. Federated Hermes Inc. now owns 183,907 shares of the oil and gas company's stock worth $5,828,000 after acquiring an additional 64,793 shares during the last quarter. 96.58% of the stock is owned by hedge funds and other institutional investors.

TechnipFMC Trading Up 0.2%

Shares of FTI traded up $0.09 during mid-day trading on Wednesday, hitting $35.58. 1,914,180 shares of the company's stock traded hands, compared to its average volume of 4,631,488. The company has a quick ratio of 0.86, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. TechnipFMC plc has a 1 year low of $22.11 and a 1 year high of $38.05. The firm has a market capitalization of $14.62 billion, a P/E ratio of 16.78, a PEG ratio of 1.17 and a beta of 1.04. The business's 50-day moving average price is $34.22 and its 200-day moving average price is $30.75.

TechnipFMC (NYSE:FTI - Get Free Report) last posted its earnings results on Thursday, July 24th. The oil and gas company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.11. TechnipFMC had a return on equity of 29.42% and a net margin of 9.60%. The firm had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.49 billion. During the same period in the previous year, the firm earned $0.43 earnings per share. The business's revenue was up 9.0% compared to the same quarter last year. As a group, sell-side analysts forecast that TechnipFMC plc will post 1.63 EPS for the current fiscal year.

TechnipFMC Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Tuesday, August 19th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Tuesday, August 19th. TechnipFMC's payout ratio is 9.43%.

Insider Buying and Selling

In other TechnipFMC news, Director Rousset Sophie Zurquiyah sold 9,381 shares of the business's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $37.12, for a total value of $348,222.72. Following the sale, the director directly owned 62,978 shares of the company's stock, valued at approximately $2,337,743.36. The trade was a 12.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.80% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Citigroup reissued a "buy" rating and issued a $41.00 price objective (up previously from $35.00) on shares of TechnipFMC in a report on Thursday, July 10th. Barclays raised their target price on TechnipFMC from $45.00 to $51.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Susquehanna raised their target price on TechnipFMC from $40.00 to $45.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. Royal Bank Of Canada raised their target price on TechnipFMC from $37.00 to $40.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Finally, BTIG Research downgraded TechnipFMC from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Three analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $38.92.

TechnipFMC Profile

TechnipFMC plc engages in the energy projects, technologies, and systems and services businesses in Europe, Central Asia, North America, Latin America, the Asia Pacific, Africa, the Middle East, and internationally. It operates through two segments: Subsea and Surface Technologies. The Subsea segment engages in the design, engineering, procurement, manufacturing, fabrication, installation, and life of field services for subsea systems, subsea field infrastructure, and subsea pipe systems used in oil and gas production and transportation.