Cannon Global Investment Management LLC Decreases Holdings in TechnipFMC plc (NYSE:FTI)

Cannon Global Investment Management LLC lowered its stake in TechnipFMC plc (NYSE:FTI) by 41.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,000 shares of the oil and gas company’s stock after selling 25,000 shares during the period. TechnipFMC accounts for 2.3% of Cannon Global Investment Management LLC’s holdings, making the stock its 8th largest holding. Cannon Global Investment Management LLC’s holdings in TechnipFMC were worth $1,042,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Westfield Capital Management Co. LP bought a new stake in shares of TechnipFMC in the 3rd quarter valued at $49,273,000. Vanguard Group Inc. raised its position in shares of TechnipFMC by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 40,793,925 shares of the oil and gas company’s stock valued at $1,180,576,000 after purchasing an additional 1,623,864 shares during the period. Vaughan Nelson Investment Management L.P. raised its position in shares of TechnipFMC by 50.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,309,710 shares of the oil and gas company’s stock valued at $66,842,000 after purchasing an additional 773,000 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in TechnipFMC by 68.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,694,759 shares of the oil and gas company’s stock worth $44,454,000 after acquiring an additional 688,622 shares during the period. Finally, Franklin Resources Inc. increased its holdings in TechnipFMC by 23.0% during the 3rd quarter. Franklin Resources Inc. now owns 3,639,244 shares of the oil and gas company’s stock worth $98,838,000 after acquiring an additional 679,748 shares during the period. Institutional investors and hedge funds own 96.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FTI shares. Jefferies Financial Group raised shares of TechnipFMC from a “hold” rating to a “buy” rating and upped their price objective for the company from $29.00 to $40.00 in a research note on Friday, December 6th. TD Cowen restated a “buy” rating and set a $37.00 price objective on shares of TechnipFMC in a research note on Wednesday, November 27th. The Goldman Sachs Group assumed coverage on shares of TechnipFMC in a research note on Friday, December 13th. They issued a “buy” rating and a $38.00 price target for the company. Barclays boosted their target price on shares of TechnipFMC from $42.00 to $43.00 and gave the company an “overweight” rating in a research report on Monday, March 3rd. Finally, Evercore ISI upped their price target on shares of TechnipFMC from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 15th. One investment 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. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $36.31.

Insider Buying and Selling at TechnipFMC

In other TechnipFMC news, EVP Justin Rounce sold 42,178 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $26.55, for a total value of $1,119,825.90. Following the transaction, the executive vice president now owns 140,207 shares of the company’s stock, valued at $3,722,495.85. This represents a 23.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO David Light sold 10,147 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $24.90, for a total transaction of $252,660.30. Following the sale, the chief accounting officer now directly owns 7,529 shares in the company, valued at $187,472.10. This represents a 57.41 % decrease in their position. The disclosure for this sale can be found here. 1.06% of the stock is currently owned by corporate insiders.

TechnipFMC Trading Up 0.1 %

NYSE FTI opened at $29.31 on Monday. The firm’s 50-day moving average is $29.74 and its two-hundred day moving average is $28.70. TechnipFMC plc has a 12 month low of $22.99 and a 12 month high of $33.45. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.14 and a quick ratio of 0.89. The stock has a market capitalization of $12.33 billion, a P/E ratio of 19.28 and a beta of 1.54.

TechnipFMC Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Tuesday, March 18th will be given a $0.05 dividend. The ex-dividend date is Tuesday, March 18th. This represents a $0.20 dividend on an annualized basis and a yield of 0.68%. TechnipFMC’s payout ratio is currently 10.42%.

TechnipFMC Profile

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.