Thornburg Investment Management Inc. Lowers Stake in TechnipFMC plc $FTI

Thornburg Investment Management Inc. cut its position in shares of TechnipFMC plc (NYSE:FTI) by 10.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 472,380 shares of the oil and gas company’s stock after selling 56,229 shares during the quarter. Thornburg Investment Management Inc. owned about 0.12% of TechnipFMC worth $18,635,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Boston Partners increased its position in TechnipFMC by 267.5% during the 2nd quarter. Boston Partners now owns 9,669,433 shares of the oil and gas company’s stock worth $333,041,000 after purchasing an additional 7,038,640 shares in the last quarter. Norges Bank purchased a new stake in TechnipFMC during the second quarter worth approximately $151,413,000. Pacer Advisors Inc. increased its position in shares of TechnipFMC by 91.5% in the third quarter. Pacer Advisors Inc. now owns 3,837,314 shares of the oil and gas company’s stock worth $151,382,000 after acquiring an additional 1,833,601 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of TechnipFMC by 80.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,172,213 shares of the oil and gas company’s stock valued at $125,144,000 after acquiring an additional 1,415,621 shares during the period. Finally, Qube Research & Technologies Ltd raised its stake in shares of TechnipFMC by 61.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 3,399,955 shares of the oil and gas company’s stock valued at $117,094,000 after acquiring an additional 1,296,358 shares during the period. 96.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FTI. BMO Capital Markets upped their price target on shares of TechnipFMC from $52.00 to $67.00 and gave the stock a “market perform” rating in a research report on Monday. Piper Sandler boosted their price objective on TechnipFMC from $49.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Barclays reaffirmed an “overweight” rating and issued a $69.00 target price on shares of TechnipFMC in a research report on Friday, February 20th. TD Cowen reiterated a “buy” rating on shares of TechnipFMC in a report on Friday, February 20th. Finally, UBS Group set a $70.00 price target on TechnipFMC in a research report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $55.93.

TechnipFMC Trading Up 1.1%

NYSE:FTI opened at $66.12 on Thursday. The stock has a market cap of $26.45 billion, a price-to-earnings ratio of 28.62, a price-to-earnings-growth ratio of 1.25 and a beta of 0.69. TechnipFMC plc has a one year low of $22.11 and a one year high of $66.41. 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 business’s 50-day simple moving average is $53.61 and its 200 day simple moving average is $44.93.

TechnipFMC (NYSE:FTI) last posted its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.19. TechnipFMC had a return on equity of 31.14% and a net margin of 9.70%.The company had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the previous year, the business earned $0.54 EPS. TechnipFMC’s revenue for the quarter was up 6.3% compared to the same quarter last year. As a group, sell-side analysts predict that TechnipFMC plc will post 1.63 earnings per share for the current fiscal year.

TechnipFMC Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Tuesday, March 17th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.20 annualized dividend and a yield of 0.3%. TechnipFMC’s dividend payout ratio is currently 8.66%.

Insider Buying and Selling

In other TechnipFMC news, Director Carvalho Filho Eleazar De sold 6,350 shares of the stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $65.40, for a total transaction of $415,290.00. Following the transaction, the director directly owned 97,860 shares in the company, valued at $6,400,044. This represents a 6.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.80% of the stock is owned by company 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.