Teacher Retirement System of Texas Cuts Holdings in TechnipFMC plc $FTI

Teacher Retirement System of Texas trimmed its holdings in shares of TechnipFMC plc (NYSE:FTI) by 3.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 178,308 shares of the oil and gas company’s stock after selling 6,786 shares during the period. Teacher Retirement System of Texas’ holdings in TechnipFMC were worth $6,141,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Ameriprise Financial Inc. grew its holdings in TechnipFMC by 9.0% during the first quarter. Ameriprise Financial Inc. now owns 18,030,976 shares of the oil and gas company’s stock worth $571,583,000 after acquiring an additional 1,492,746 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of TechnipFMC by 2.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,952,064 shares of the oil and gas company’s stock worth $315,381,000 after purchasing an additional 202,599 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of TechnipFMC by 111.4% during the 1st quarter. AQR Capital Management LLC now owns 8,735,697 shares of the oil and gas company’s stock worth $273,078,000 after purchasing an additional 4,602,939 shares in the last quarter. Invesco Ltd. lifted its stake in shares of TechnipFMC by 18.0% in the first quarter. Invesco Ltd. now owns 7,458,847 shares of the oil and gas company’s stock valued at $236,371,000 after purchasing an additional 1,136,554 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of TechnipFMC by 21.6% in the first quarter. Goldman Sachs Group Inc. now owns 5,124,326 shares of the oil and gas company’s stock valued at $162,390,000 after purchasing an additional 910,891 shares during the period. Institutional investors and hedge funds own 96.58% of the company’s stock.

Insider Activity at TechnipFMC

In other news, CEO Douglas J. Pferdehirt sold 632,539 shares of TechnipFMC stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $38.62, for a total transaction of $24,428,656.18. Following the completion of the sale, the chief executive officer directly owned 2,917,054 shares in the company, valued at $112,656,625.48. The trade was a 17.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Thierry Conti sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $38.64, for a total transaction of $1,932,000.00. Following the sale, the insider owned 56,352 shares in the company, valued at approximately $2,177,441.28. This trade represents a 47.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 876,603 shares of company stock valued at $33,832,588. 1.80% of the stock is owned by insiders.

Analyst Ratings Changes

FTI has been the subject of a number of research reports. Royal Bank Of Canada lifted their price target on shares of TechnipFMC from $40.00 to $47.00 and gave the company an “outperform” rating in a research report on Tuesday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of TechnipFMC in a research note on Wednesday, October 8th. JPMorgan Chase & Co. raised their price objective on TechnipFMC from $41.00 to $43.00 and gave the company an “overweight” rating in a research note on Thursday, October 2nd. Susquehanna upped their target price on TechnipFMC from $40.00 to $45.00 and gave the company a “positive” rating in a report on Friday, July 25th. Finally, Citigroup upped their target price on TechnipFMC from $45.00 to $48.00 and gave the company a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $44.64.

TechnipFMC Trading Up 1.8%

Shares of FTI opened at $41.76 on Friday. The firm has a 50 day simple moving average of $38.44 and a 200-day simple moving average of $34.51. The stock has a market cap of $16.89 billion, a price-to-earnings ratio of 18.64, a price-to-earnings-growth ratio of 1.20 and a beta of 1.04. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.13 and a quick ratio of 0.90. TechnipFMC plc has a 1-year low of $22.11 and a 1-year high of $42.65.

TechnipFMC (NYSE:FTI) last announced its earnings results on Thursday, October 23rd. The oil and gas company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.10. The firm had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.60 billion. TechnipFMC had a return on equity of 30.23% and a net margin of 9.67%.TechnipFMC’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.64 EPS. TechnipFMC has set its FY 2025 guidance at EPS. Equities analysts forecast that TechnipFMC plc will post 1.63 EPS for the current fiscal year.

TechnipFMC declared that its Board of Directors has authorized a share repurchase program on Wednesday, October 22nd that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to buy up to 13.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

TechnipFMC Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Investors of record on Tuesday, November 18th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $0.20 annualized dividend and a yield of 0.5%. TechnipFMC’s payout ratio is presently 8.93%.

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.