State of New Jersey Common Pension Fund D Cuts Stock Position in TechnipFMC plc (NYSE:FTI)

State of New Jersey Common Pension Fund D cut its holdings in TechnipFMC plc (NYSE:FTI) by 8.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 182,532 shares of the oil and gas company’s stock after selling 17,841 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in TechnipFMC were worth $5,282,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Franklin Resources Inc. grew its holdings in shares of TechnipFMC by 23.0% in the third quarter. Franklin Resources Inc. now owns 3,639,244 shares of the oil and gas company’s stock valued at $98,838,000 after purchasing an additional 679,748 shares in the last quarter. Park Avenue Securities LLC purchased a new position in shares of TechnipFMC in the fourth quarter valued at $519,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of TechnipFMC by 971.5% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 407,638 shares of the oil and gas company’s stock valued at $10,692,000 after purchasing an additional 369,594 shares in the last quarter. ING Groep NV grew its holdings in shares of TechnipFMC by 15.3% in the third quarter. ING Groep NV now owns 865,294 shares of the oil and gas company’s stock valued at $22,697,000 after purchasing an additional 114,600 shares in the last quarter. Finally, Westfield Capital Management Co. LP purchased a new position in shares of TechnipFMC in the third quarter valued at $49,273,000. 96.58% of the stock is owned by hedge funds and other institutional investors.

TechnipFMC Stock Down 1.1 %

NYSE:FTI opened at $30.78 on Thursday. The company has a current ratio of 1.14, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22. The stock has a fifty day simple moving average of $30.75 and a 200-day simple moving average of $28.45. The company has a market cap of $13.09 billion, a price-to-earnings ratio of 20.25 and a beta of 1.52. TechnipFMC plc has a twelve month low of $19.48 and a twelve month high of $33.45.

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.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. HSBC raised shares of TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a research note on Tuesday, October 29th. StockNews.com raised shares of TechnipFMC from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Piper Sandler assumed coverage on shares of TechnipFMC in a research note on Thursday, December 19th. They set an “overweight” rating and a $39.00 price objective for the company. Royal Bank of Canada assumed coverage on shares of TechnipFMC in a research note on Monday, November 18th. They set an “outperform” rating and a $37.00 price objective for the company. Finally, Susquehanna lifted their price objective on shares of TechnipFMC from $35.00 to $37.00 and gave the stock a “positive” rating in a research note on Friday, October 25th. 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 stock presently has an average rating of “Buy” and an average price target of $36.15.

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.