Thornburg Investment Management Inc. Sells 305,336 Shares of TechnipFMC plc $FTI

Thornburg Investment Management Inc. cut its holdings in TechnipFMC plc (NYSE:FTI) by 91.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,838 shares of the oil and gas company’s stock after selling 305,336 shares during the period. Thornburg Investment Management Inc.’s holdings in TechnipFMC were worth $1,846,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new position in shares of TechnipFMC during the first quarter worth $26,000. Newbridge Financial Services Group Inc. bought a new stake in TechnipFMC in the 3rd quarter valued at $32,000. Geneos Wealth Management Inc. lifted its stake in TechnipFMC by 45.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company’s stock worth $35,000 after purchasing an additional 340 shares in the last quarter. Ascentis Independent Advisors bought a new position in shares of TechnipFMC during the 1st quarter valued at about $37,000. Finally, Keating Financial Advisory Services Inc. bought a new position in shares of TechnipFMC during the 2nd quarter valued at about $37,000. 96.58% of the stock is currently owned by institutional investors.

TechnipFMC Stock Performance

TechnipFMC stock opened at $75.81 on Friday. The company’s 50-day moving average price is $72.07 and its 200-day moving average price is $69.86. The company has a quick ratio of 0.85, a current ratio of 1.08 and a debt-to-equity ratio of 0.10. The company has a market cap of $29.73 billion, a PE ratio of 26.32, a price-to-earnings-growth ratio of 1.55 and a beta of 0.72. TechnipFMC plc has a twelve month low of $35.29 and a twelve month high of $80.55.

TechnipFMC (NYSE:FTI) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.11. The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.67 billion. TechnipFMC had a net margin of 11.28% and a return on equity of 36.54%. The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.68 EPS. On average, equities research analysts forecast that TechnipFMC plc will post 3.09 EPS for the current fiscal year.

TechnipFMC Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Tuesday, August 18th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, August 18th. TechnipFMC’s dividend payout ratio (DPR) is presently 6.94%.

Wall Street Analyst Weigh In

FTI has been the topic of several research reports. Citigroup lifted their target price on TechnipFMC from $76.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Weiss Ratings lowered TechnipFMC from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday. The Goldman Sachs Group restated a “buy” rating on shares of TechnipFMC in a report on Wednesday, June 3rd. Zacks Research downgraded TechnipFMC from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Finally, Susquehanna decreased their price objective on TechnipFMC from $90.00 to $85.00 and set a “positive” rating on the stock in a report on Wednesday, July 8th. Thirteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $69.64.

Insider Activity

In related news, Director Eric D. Mullins bought 6,365 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was purchased at an average price of $78.55 per share, for a total transaction of $499,970.75. Following the acquisition, the director owned 8,070 shares in the company, valued at $633,898.50. This trade represents a 373.31% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.40% of the stock is owned by insiders.

About TechnipFMC

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.