Lord Abbett & CO. LLC Sells 46,146 Shares of TechnipFMC plc (NYSE:FTI)

Lord Abbett & CO. LLC decreased its position in shares of TechnipFMC plc (NYSE:FTI) by 4.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,083,298 shares of the oil and gas company’s stock after selling 46,146 shares during the period. Lord Abbett & CO. LLC owned 0.25% of TechnipFMC worth $28,415,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in FTI. Pacer Advisors Inc. bought a new position in TechnipFMC in the 3rd quarter worth approximately $185,643,000. Westfield Capital Management Co. LP purchased a new position in TechnipFMC during the third quarter valued at $49,273,000. Jennison Associates LLC increased its holdings in TechnipFMC by 95.0% in the 3rd quarter. Jennison Associates LLC now owns 2,360,587 shares of the oil and gas company’s stock valued at $61,918,000 after acquiring an additional 1,150,049 shares during the last quarter. Anomaly Capital Management LP lifted its stake in TechnipFMC by 50.3% in the 2nd quarter. Anomaly Capital Management LP now owns 3,419,833 shares of the oil and gas company’s stock worth $89,429,000 after purchasing an additional 1,144,087 shares in the last quarter. Finally, Hardman Johnston Global Advisors LLC boosted its holdings in shares of TechnipFMC by 13.5% during the 3rd quarter. Hardman Johnston Global Advisors LLC now owns 9,015,711 shares of the oil and gas company’s stock valued at $236,482,000 after purchasing an additional 1,071,103 shares during the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.

Wall Street Analyst Weigh In

FTI has been the topic of a number of research analyst reports. Jefferies Financial Group upgraded TechnipFMC from a “hold” rating to a “buy” rating and boosted their target price for the stock from $29.00 to $40.00 in a research report on Friday, December 6th. Bank of America increased their target price on TechnipFMC from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Monday, October 14th. BMO Capital Markets boosted their price target on shares of TechnipFMC from $32.00 to $33.00 and gave the stock a “market perform” rating in a research report on Thursday, October 10th. StockNews.com upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Finally, Susquehanna boosted their target price on shares of TechnipFMC from $35.00 to $37.00 and gave the stock a “positive” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, TechnipFMC has a consensus rating of “Buy” and an average price target of $34.69.

TechnipFMC Stock Up 0.4 %

Shares of NYSE FTI opened at $31.00 on Monday. The company has a market cap of $13.19 billion, a P/E ratio of 20.39 and a beta of 1.54. The firm has a 50-day simple moving average of $28.45 and a two-hundred day simple moving average of $26.97. TechnipFMC plc has a 1 year low of $18.33 and a 1 year high of $32.64. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.14 and a quick ratio of 0.89.

TechnipFMC (NYSE:FTI) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.39 by $0.25. TechnipFMC had a return on equity of 20.11% and a net margin of 7.63%. The company had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the company posted $0.21 EPS. TechnipFMC’s quarterly revenue was up 14.2% on a year-over-year basis. Research analysts anticipate that TechnipFMC plc will post 1.61 earnings per share for the current year.

TechnipFMC announced that its board has authorized a stock repurchase plan on Wednesday, October 23rd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the oil and gas company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

TechnipFMC Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Tuesday, November 19th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.65%. The ex-dividend date of this dividend was Tuesday, November 19th. TechnipFMC’s dividend payout ratio is presently 13.16%.

About TechnipFMC

TechnipFMC plc engages in the energy projects, technologies, and systems and services businesses in Europe, Central Asia, North America, Latin America, the Asia Pacific, Africa, the Middle East, and internationally. It operates through two segments: Subsea and Surface Technologies. The Subsea segment engages in the design, engineering, procurement, manufacturing, fabrication, installation, and life of field services for subsea systems, subsea field infrastructure, and subsea pipe systems used in oil and gas production and transportation.