Fairpointe Capital LLC decreased its holdings in shares of TechnipFMC PLC (NYSE:FTI) by 3.3% in the second quarter, HoldingsChannel.com reports. The fund owned 2,884,395 shares of the oil and gas company’s stock after selling 98,671 shares during the quarter. TechnipFMC makes up about 2.1% of Fairpointe Capital LLC’s portfolio, making the stock its 25th largest holding. Fairpointe Capital LLC’s holdings in TechnipFMC were worth $91,550,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also modified their holdings of FTI. Pinebridge Investments L.P. boosted its holdings in TechnipFMC by 270.1% in the 2nd quarter. Pinebridge Investments L.P. now owns 3,775 shares of the oil and gas company’s stock worth $120,000 after buying an additional 2,755 shares during the period. Tower Research Capital LLC TRC bought a new position in TechnipFMC in the 2nd quarter worth $143,000. Point72 Asia Hong Kong Ltd boosted its holdings in TechnipFMC by 315.2% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 5,298 shares of the oil and gas company’s stock worth $156,000 after buying an additional 4,022 shares during the period. Segall Bryant & Hamill LLC bought a new position in TechnipFMC in the 1st quarter worth $206,000. Finally, Dai Ichi Life Insurance Company Ltd bought a new position in TechnipFMC in the 2nd quarter worth $210,000. 64.63% of the stock is owned by hedge funds and other institutional investors.
FTI opened at $30.13 on Monday. TechnipFMC PLC has a 52 week low of $24.53 and a 52 week high of $35.00. The stock has a market cap of $14.00 billion, a price-to-earnings ratio of 23.36, a P/E/G ratio of 2.25 and a beta of 0.88. The company has a quick ratio of 1.17, a current ratio of 1.29 and a debt-to-equity ratio of 0.29.
TechnipFMC (NYSE:FTI) last released its quarterly earnings data on Wednesday, July 25th. The oil and gas company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.11). TechnipFMC had a net margin of 1.21% and a return on equity of 4.02%. The company had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $3.20 billion. During the same period last year, the company earned $0.39 EPS. The firm’s revenue for the quarter was down 23.0% on a year-over-year basis. sell-side analysts forecast that TechnipFMC PLC will post 1.39 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 5th. Shareholders of record on Tuesday, August 21st were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.73%. The ex-dividend date was Monday, August 20th. TechnipFMC’s dividend payout ratio (DPR) is presently 20.16%.
Several research analysts recently weighed in on the stock. Credit Suisse Group assumed coverage on shares of TechnipFMC in a report on Tuesday, July 17th. They issued an “outperform” rating and a $38.00 target price for the company. Exane BNP Paribas assumed coverage on shares of TechnipFMC in a report on Thursday, June 21st. They issued an “underperform” rating for the company. Jefferies Financial Group raised shares of TechnipFMC from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a report on Thursday, August 16th. BNP Paribas downgraded shares of TechnipFMC from a “neutral” rating to an “underperform” rating in a report on Thursday, June 21st. Finally, Barclays upped their target price on shares of TechnipFMC from $32.00 to $35.00 and gave the stock a “hold” rating in a report on Thursday, August 2nd. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and sixteen have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $35.90.
In other TechnipFMC news, EVP Bradley D. Beitler sold 20,000 shares of the stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $30.09, for a total transaction of $601,800.00. Following the completion of the transaction, the executive vice president now owns 73,856 shares of the company’s stock, valued at approximately $2,222,327.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.58% of the stock is owned by corporate insiders.
TechnipFMC Company Profile
TechnipFMC plc engages in the oil and gas projects, technologies, and systems and services businesses. It operates through three segments: Subsea, Onshore/Offshore, and Surface Technologies. The Subsea segment manufactures and designs products and systems; performs engineering, procurement, and project management; and provides services used by oil and gas companies involved in deepwater exploration and production of crude oil and natural gas.
Further Reading: Asset Allocation, Balancing Your Investments
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