FMC Technologies’ (FTI) “Neutral” Rating Reaffirmed at Seaport Global Securities
A number of other equities research analysts have also recently commented on the company. Scotiabank set a $36.00 price objective on FMC Technologies and gave the stock a buy rating in a research note on Thursday. Piper Jaffray Companies set a $32.00 price objective on FMC Technologies and gave the stock a buy rating in a research note on Wednesday, July 26th. Jefferies Group LLC reaffirmed a hold rating and set a $31.00 price objective on shares of FMC Technologies in a research note on Friday, July 14th. Sanford C. Bernstein cut FMC Technologies from a market perform rating to an underperform rating and decreased their price objective for the stock from $39.00 to $22.00 in a research note on Thursday, July 13th. Finally, Cowen and Company reaffirmed a buy rating and set a $32.00 price objective on shares of FMC Technologies in a research note on Tuesday, July 11th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the company. FMC Technologies has an average rating of Hold and an average target price of $35.28.
FMC Technologies (FTI) opened at 28.89 on Thursday. FMC Technologies has a 52-week low of $26.25 and a 52-week high of $36.14. The firm has a market cap of $13.48 billion, a price-to-earnings ratio of 34.93 and a beta of 0.92. The company has a 50 day moving average price of $27.65 and a 200-day moving average price of $31.02.
FMC Technologies (NYSE:FTI) last announced its quarterly earnings data on Wednesday, July 26th. The oil and gas company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. The company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.80 billion. Equities research analysts anticipate that FMC Technologies will post $1.06 EPS for the current year.
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FMC Technologies announced that its board has initiated a stock repurchase program on Wednesday, April 26th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to buy up to 135% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
In related news, CFO Maryann T. Mannen sold 6,500 shares of the company’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $29.20, for a total transaction of $189,800.00. Following the sale, the chief financial officer now owns 309,261 shares in the company, valued at $9,030,421.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Bradley D. Beitler sold 12,000 shares of the company’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $32.00, for a total value of $384,000.00. Following the sale, the executive vice president now owns 87,886 shares in the company, valued at approximately $2,812,352. The disclosure for this sale can be found here. Corporate insiders own 0.86% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in FMC Technologies by 18.5% in the first quarter. Vanguard Group Inc. now owns 26,271,582 shares of the oil and gas company’s stock valued at $853,826,000 after buying an additional 4,105,582 shares during the last quarter. State Street Corp raised its stake in FMC Technologies by 48.1% in the first quarter. State Street Corp now owns 20,471,445 shares of the oil and gas company’s stock valued at $665,332,000 after buying an additional 6,648,002 shares during the last quarter. BlackRock Inc. raised its stake in FMC Technologies by 3,127.8% in the first quarter. BlackRock Inc. now owns 20,159,977 shares of the oil and gas company’s stock valued at $655,198,000 after buying an additional 19,535,400 shares during the last quarter. First Eagle Investment Management LLC raised its stake in FMC Technologies by 68.6% in the first quarter. First Eagle Investment Management LLC now owns 19,967,797 shares of the oil and gas company’s stock valued at $648,953,000 after buying an additional 8,122,004 shares during the last quarter. Finally, OppenheimerFunds Inc. raised its stake in FMC Technologies by 5,960.8% in the first quarter. OppenheimerFunds Inc. now owns 13,171,232 shares of the oil and gas company’s stock valued at $428,601,000 after buying an additional 12,953,913 shares during the last quarter. Institutional investors and hedge funds own 64.20% of the company’s stock.
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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