Mutual of America Capital Management LLC Makes New $7.49 Million Investment in TechnipFMC plc $FTI

Mutual of America Capital Management LLC acquired a new stake in shares of TechnipFMC plc (NYSE:FTI) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 189,818 shares of the oil and gas company’s stock, valued at approximately $7,488,000.

Several other hedge funds have also recently modified their holdings of the stock. Massachusetts Financial Services Co. MA lifted its stake in TechnipFMC by 2.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,374,192 shares of the oil and gas company’s stock worth $409,262,000 after purchasing an additional 232,491 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of TechnipFMC by 13.8% in the second quarter. AQR Capital Management LLC now owns 9,938,410 shares of the oil and gas company’s stock worth $342,279,000 after purchasing an additional 1,202,713 shares during the last quarter. Boston Partners lifted its position in shares of TechnipFMC by 267.5% in the second quarter. Boston Partners now owns 9,669,433 shares of the oil and gas company’s stock worth $333,041,000 after buying an additional 7,038,640 shares in the last quarter. Norges Bank bought a new position in TechnipFMC during the second quarter valued at approximately $151,413,000. Finally, Pacer Advisors Inc. grew its holdings in TechnipFMC by 91.5% during the 3rd quarter. Pacer Advisors Inc. now owns 3,837,314 shares of the oil and gas company’s stock valued at $151,382,000 after buying an additional 1,833,601 shares in the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.

TechnipFMC Trading Up 1.7%

Shares of FTI opened at $55.58 on Wednesday. The firm has a market capitalization of $22.48 billion, a price-to-earnings ratio of 24.81, a PEG ratio of 1.06 and a beta of 0.66. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.13 and a quick ratio of 0.90. TechnipFMC plc has a 1-year low of $22.11 and a 1-year high of $55.83. The company has a 50-day moving average of $47.38 and a 200 day moving average of $41.28.

TechnipFMC declared that its board has approved a stock repurchase program on Wednesday, October 22nd that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to purchase up to 13.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have commented on FTI. TD Cowen reiterated a “buy” rating on shares of TechnipFMC in a research report on Wednesday, January 7th. JPMorgan Chase & Co. upped their target price on shares of TechnipFMC from $41.00 to $43.00 and gave the company an “overweight” rating in a research report on Thursday, October 2nd. Jefferies Financial Group increased their price target on shares of TechnipFMC from $47.00 to $50.00 and gave the company a “buy” rating in a report on Monday, November 3rd. BNP Paribas Exane set a $47.00 price objective on TechnipFMC and gave the stock an “outperform” rating in a research note on Friday, October 10th. Finally, Susquehanna upped their price objective on TechnipFMC from $48.00 to $56.00 and gave the company a “positive” rating in a research report on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $48.58.

TechnipFMC Profile

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.