NorthCrest Asset Manangement LLC Raises Position in TechnipFMC plc $FTI

NorthCrest Asset Manangement LLC lifted its holdings in shares of TechnipFMC plc (NYSE:FTI) by 43.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 33,284 shares of the oil and gas company’s stock after purchasing an additional 10,156 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in TechnipFMC were worth $1,607,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in FTI. AQR Capital Management LLC lifted its position in TechnipFMC by 34.0% during the third quarter. AQR Capital Management LLC now owns 13,316,569 shares of the oil and gas company’s stock worth $525,339,000 after buying an additional 3,378,159 shares during the period. State Street Corp increased its stake in shares of TechnipFMC by 62.2% during the 3rd quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company’s stock valued at $508,276,000 after acquiring an additional 4,938,498 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of TechnipFMC by 2.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,374,192 shares of the oil and gas company’s stock valued at $409,262,000 after acquiring an additional 232,491 shares during the last quarter. Boston Partners lifted its holdings in shares of TechnipFMC by 2.0% during the 3rd quarter. Boston Partners now owns 9,861,982 shares of the oil and gas company’s stock worth $389,018,000 after acquiring an additional 192,549 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in shares of TechnipFMC by 184.0% during the 3rd quarter. Alliancebernstein L.P. now owns 4,802,525 shares of the oil and gas company’s stock worth $189,460,000 after acquiring an additional 3,111,399 shares during the period. Hedge funds and other institutional investors own 96.58% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Douglas J. Pferdehirt sold 733,424 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $62.24, for a total value of $45,648,309.76. Following the completion of the sale, the chief executive officer directly owned 2,411,852 shares in the company, valued at approximately $150,113,668.48. This represents a 23.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jonathan Landes sold 116,194 shares of the firm’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $62.20, for a total value of $7,227,266.80. Following the completion of the transaction, the insider directly owned 71,356 shares in the company, valued at $4,438,343.20. This trade represents a 61.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,210,092 shares of company stock worth $75,322,232. 1.80% of the stock is owned by company insiders.

TechnipFMC Stock Up 4.3%

FTI opened at $68.10 on Tuesday. TechnipFMC plc has a 1 year low of $22.11 and a 1 year high of $68.74. The firm has a 50 day moving average price of $60.36 and a 200 day moving average price of $48.66. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 1.13. The company has a market cap of $27.24 billion, a PE ratio of 29.48, a price-to-earnings-growth ratio of 1.20 and a beta of 0.70.

TechnipFMC (NYSE:FTI) last announced its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.19. TechnipFMC had a net margin of 9.70% and a return on equity of 31.14%. The firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the previous year, the company posted $0.54 earnings per share. TechnipFMC’s revenue was up 6.3% compared to the same quarter last year. Sell-side analysts expect that TechnipFMC plc will post 1.63 earnings per share for the current year.

TechnipFMC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Tuesday, March 17th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, March 17th. TechnipFMC’s dividend payout ratio (DPR) is currently 8.66%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Barclays restated an “overweight” rating and issued a $69.00 target price on shares of TechnipFMC in a report on Friday, February 20th. HSBC downgraded shares of TechnipFMC from a “buy” rating to a “hold” rating and increased their price target for the stock from $49.00 to $62.00 in a research note on Friday, February 20th. Piper Sandler lifted their price target on shares of TechnipFMC from $49.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. The Goldman Sachs Group boosted their price objective on shares of TechnipFMC from $55.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. Finally, Citigroup upped their price objective on TechnipFMC from $48.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, TechnipFMC has a consensus rating of “Moderate Buy” and a consensus target price of $58.47.

TechnipFMC Company 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.