Principal Financial Group Inc. cut its position in shares of FMC Technologies Inc. (NYSE:FTI) by 0.1% during the second quarter, Holdings Channel reports. The fund owned 364,703 shares of the company’s stock after selling 409 shares during the period. Principal Financial Group Inc. owned approximately 0.16% of FMC Technologies worth $9,726,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in FTI. Bank of Montreal Can acquired a new stake in FMC Technologies during the second quarter worth about $77,891,000. JPMorgan Chase & Co. raised its stake in FMC Technologies by 725.1% in the first quarter. JPMorgan Chase & Co. now owns 2,796,096 shares of the company’s stock worth $76,501,000 after buying an additional 2,457,213 shares during the last quarter. Natixis acquired a new stake in FMC Technologies during the first quarter worth about $36,735,000. Renaissance Technologies LLC acquired a new stake in FMC Technologies during the first quarter worth about $29,308,000. Finally, Los Angeles Capital Management & Equity Research Inc. raised its stake in FMC Technologies by 119.8% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,518,517 shares of the company’s stock worth $40,499,000 after buying an additional 827,740 shares during the last quarter. Institutional investors own 89.64% of the company’s stock.
FMC Technologies Inc. (NYSE:FTI) opened at 31.73 on Friday. FMC Technologies Inc. has a 1-year low of $22.30 and a 1-year high of $35.93. The stock has a 50 day moving average of $28.94 and a 200-day moving average of $27.74. The company has a market cap of $7.16 billion, a PE ratio of 45.39 and a beta of 1.14.
FMC Technologies (NYSE:FTI) last issued its earnings results on Wednesday, July 20th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.30 by $0.08. The firm earned $1.20 billion during the quarter, compared to the consensus estimate of $1.26 billion. FMC Technologies had a net margin of 2.99% and a return on equity of 13.44%. The firm’s revenue for the quarter was down 32.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.52 earnings per share. On average, equities research analysts predict that FMC Technologies Inc. will post $0.92 earnings per share for the current year.
FTI has been the subject of a number of research analyst reports. Simmons restated an “overweight” rating and issued a $29.00 target price (up previously from $27.00) on shares of FMC Technologies in a report on Monday, July 25th. Capital One Financial Corp. upgraded FMC Technologies from an “equal weight” rating to an “overweight” rating and set a $36.00 price objective for the company in a report on Thursday, August 25th. Citigroup Inc. increased their price objective on FMC Technologies from $29.00 to $31.00 and gave the stock a “neutral” rating in a report on Monday, September 12th. Jefferies Group reiterated a “hold” rating on shares of FMC Technologies in a report on Friday, August 5th. Finally, Seaport Global Securities lowered FMC Technologies from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $29.00 to $28.00 in a report on Thursday, September 22nd. Fifteen research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $31.56.
In other news, VP Sanjay Bhatia sold 2,800 shares of the company’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $28.44, for a total value of $79,632.00. Following the sale, the vice president now directly owns 48,943 shares of the company’s stock, valued at approximately $1,391,938.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.86% of the stock is currently owned by insiders.
About FMC Technologies
FMC Technologies, Inc is a global provider of technology solutions for the energy industry. The Company designs, manufactures and services a range of systems and products, including subsea production and processing systems, surface wellhead production systems, high pressure fluid control equipment, measurement solutions and marine loading systems.
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