KLP Kapitalforvaltning AS Makes New Investment in TechnipFMC plc (NYSE:FTI)

KLP Kapitalforvaltning AS acquired a new stake in shares of TechnipFMC plc (NYSE:FTI) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 90,700 shares of the oil and gas company’s stock, valued at approximately $2,625,000.

Other large investors have also made changes to their positions in the company. Vaughan Nelson Investment Management L.P. boosted its holdings in 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 last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of TechnipFMC by 68.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,694,759 shares of the oil and gas company’s stock valued at $44,454,000 after buying an additional 688,622 shares during the period. Franklin Resources Inc. boosted its stake 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 worth $98,838,000 after buying an additional 679,748 shares during the last quarter. Ninety One UK Ltd boosted its position in TechnipFMC by 69.7% in the 4th quarter. Ninety One UK Ltd now owns 813,016 shares of the oil and gas company’s stock worth $23,529,000 after purchasing an additional 333,897 shares in the last quarter. Finally, AGF Management Ltd. acquired a new stake in shares of TechnipFMC during the 4th quarter worth approximately $9,315,000. 96.58% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Justin Rounce sold 42,178 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $26.55, for a total transaction of $1,119,825.90. Following the completion of the sale, the executive vice president now directly owns 140,207 shares in the company, valued at approximately $3,722,495.85. This trade represents a 23.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carvalho Filho Eleazar De sold 9,381 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $29.76, for a total transaction of $279,178.56. Following the completion of the transaction, the director now owns 100,951 shares in the company, valued at $3,004,301.76. The trade was a 8.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 61,706 shares of company stock valued at $1,651,665 in the last ninety days. 1.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FTI. Evercore ISI boosted their target price on shares of TechnipFMC from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Wednesday, January 15th. Piper Sandler increased their target price on shares of TechnipFMC from $39.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, February 28th. TD Cowen restated a “buy” rating and issued a $37.00 price target on shares of TechnipFMC in a research note on Wednesday, November 27th. Barclays increased their price target on TechnipFMC from $42.00 to $43.00 and gave the stock an “overweight” rating in a research report on Monday, March 3rd. Finally, Jefferies Financial Group raised TechnipFMC from a “hold” rating to a “buy” rating and upped their target price for the stock from $29.00 to $40.00 in a research note on Friday, December 6th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $36.31.

TechnipFMC Price Performance

TechnipFMC stock opened at $30.73 on Thursday. The company has a fifty day simple moving average of $29.61 and a 200-day simple moving average of $28.79. The firm has a market capitalization of $12.92 billion, a price-to-earnings ratio of 20.22 and a beta of 1.54. The company has a quick ratio of 0.89, a current ratio of 1.14 and a debt-to-equity ratio of 0.22. TechnipFMC plc has a 52-week low of $22.99 and a 52-week high of $33.45.

TechnipFMC Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Tuesday, March 18th will be issued 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 0.65%. TechnipFMC’s payout ratio is 10.42%.

TechnipFMC Company 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.