Scotiabank Analysts Give FMC Technologies, Inc. (FTI) a $36.00 Price Target
Several other equities research analysts also recently weighed in on FTI. Barclays PLC set a $33.00 price target on shares of FMC Technologies and gave the company a hold rating in a research note on Saturday, May 6th. Piper Jaffray Companies set a $32.00 price objective on shares of FMC Technologies and gave the company a buy rating in a report on Wednesday, July 26th. Jefferies Group LLC reiterated a hold rating and set a $31.00 price objective on shares of FMC Technologies in a report on Friday, July 14th. ValuEngine upgraded shares of FMC Technologies from a hold rating to a buy rating in a report on Saturday, July 8th. Finally, Sanford C. Bernstein cut shares of FMC Technologies from a market perform rating to an underperform rating and reduced their price objective for the company from $39.00 to $22.00 in a report on Thursday, July 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $35.28.
FMC Technologies (NYSE:FTI) opened at 28.89 on Thursday. The stock has a 50 day moving average price of $27.65 and a 200 day moving average price of $31.02. The stock has a market cap of $13.48 billion, a PE ratio of 34.93 and a beta of 0.92. FMC Technologies has a 52 week low of $26.25 and a 52 week high of $36.14.
FMC Technologies (NYSE:FTI) last posted its quarterly earnings results on Wednesday, July 26th. The oil and gas company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.08. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $3.80 billion. On average, equities analysts predict that FMC Technologies will post $1.06 earnings per share for the current year.
FMC Technologies announced that its Board of Directors has approved a stock repurchase program on Wednesday, April 26th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to reacquire up to 135% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
In other FMC Technologies news, CFO Maryann T. Mannen sold 6,500 shares of FMC Technologies stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $29.20, for a total value of $189,800.00. Following the sale, the chief financial officer now owns 309,261 shares of the company’s stock, valued at $9,030,421.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Bradley D. Beitler sold 12,000 shares of FMC Technologies stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $32.00, for a total transaction of $384,000.00. Following the completion of the sale, the executive vice president now directly owns 87,886 shares in the company, valued at approximately $2,812,352. The disclosure for this sale can be found here. Insiders own 0.86% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. Exxonmobil Investment Management Inc. TX raised its stake in shares of FMC Technologies by 98.3% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 103,614 shares of the oil and gas company’s stock valued at $3,367,000 after buying an additional 51,372 shares in the last quarter. CWM LLC raised its stake in shares of FMC Technologies by 7.6% in the first quarter. CWM LLC now owns 18,444 shares of the oil and gas company’s stock valued at $599,000 after buying an additional 1,309 shares in the last quarter. Quantitative Systematic Strategies LLC bought a new stake in shares of FMC Technologies during the first quarter valued at approximately $471,000. Louisiana State Employees Retirement System raised its stake in shares of FMC Technologies by 102.1% in the first quarter. Louisiana State Employees Retirement System now owns 28,700 shares of the oil and gas company’s stock valued at $933,000 after buying an additional 14,500 shares in the last quarter. Finally, Retirement Systems of Alabama raised its stake in shares of FMC Technologies by 104.8% in the first quarter. Retirement Systems of Alabama now owns 225,543 shares of the oil and gas company’s stock valued at $7,330,000 after buying an additional 115,437 shares in the last quarter. 64.65% of the stock is currently owned by institutional investors and hedge funds.
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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