Primecap Management Co. CA Decreases Stake in TechnipFMC plc (NYSE:FTI)

Primecap Management Co. CA cut its holdings in TechnipFMC plc (NYSE:FTI) by 3.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,829,100 shares of the oil and gas company’s stock after selling 60,000 shares during the quarter. Primecap Management Co. CA owned 0.43% of TechnipFMC worth $52,934,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of FTI. Pacer Advisors Inc. purchased a new stake in TechnipFMC during the third quarter worth $185,643,000. Westfield Capital Management Co. LP purchased a new stake in TechnipFMC during the third quarter worth $49,273,000. Jennison Associates LLC boosted its position in TechnipFMC by 95.0% during the third quarter. Jennison Associates LLC now owns 2,360,587 shares of the oil and gas company’s stock worth $61,918,000 after purchasing an additional 1,150,049 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in TechnipFMC by 50.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,309,710 shares of the oil and gas company’s stock worth $66,842,000 after purchasing an additional 773,000 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in TechnipFMC by 68.4% during the third 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 purchasing an additional 688,622 shares in the last quarter. 96.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at TechnipFMC

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

TechnipFMC Stock Performance

TechnipFMC stock opened at $28.11 on Wednesday. The firm has a market capitalization of $11.82 billion, a P/E ratio of 18.49 and a beta of 1.54. The stock has a fifty day moving average price of $29.92 and a 200 day moving average price of $28.63. TechnipFMC plc has a 52 week low of $22.99 and a 52 week high of $33.45. The company has a current ratio of 1.14, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22.

TechnipFMC Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Shareholders of record on Tuesday, March 18th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date is Tuesday, March 18th. TechnipFMC’s dividend payout ratio (DPR) is presently 10.42%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Evercore ISI boosted their target price on TechnipFMC from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 15th. Piper Sandler boosted their price target on TechnipFMC from $39.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. TD Cowen reissued a “buy” rating and issued a $37.00 price target on shares of TechnipFMC in a report on Wednesday, November 27th. The Goldman Sachs Group began coverage on TechnipFMC in a report on Friday, December 13th. They issued a “buy” rating and a $38.00 price target for the company. Finally, Barclays boosted their price target on TechnipFMC from $42.00 to $43.00 and gave the stock an “overweight” rating in a report on Monday, March 3rd. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, TechnipFMC presently has an average rating of “Buy” and a consensus price target of $36.31.

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.