TechnipFMC plc (NYSE:FTI) Shares Sold by Swiss National Bank

Swiss National Bank lessened its stake in TechnipFMC plc (NYSE:FTIGet Rating) by 0.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 1,008,600 shares of the oil and gas company’s stock after selling 3,800 shares during the period. Swiss National Bank’s holdings in TechnipFMC were worth $6,788,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Pzena Investment Management LLC increased its holdings in shares of TechnipFMC by 29.6% in the first quarter. Pzena Investment Management LLC now owns 27,285,730 shares of the oil and gas company’s stock valued at $211,464,000 after purchasing an additional 6,235,651 shares during the last quarter. Van ECK Associates Corp grew its position in TechnipFMC by 51.1% in the first quarter. Van ECK Associates Corp now owns 23,010,341 shares of the oil and gas company’s stock worth $178,330,000 after acquiring an additional 7,779,683 shares during the period. Dimensional Fund Advisors LP grew its position in TechnipFMC by 21.7% in the first quarter. Dimensional Fund Advisors LP now owns 16,550,376 shares of the oil and gas company’s stock worth $128,266,000 after acquiring an additional 2,955,585 shares during the period. BlackRock Inc. grew its position in TechnipFMC by 11.6% in the first quarter. BlackRock Inc. now owns 9,915,455 shares of the oil and gas company’s stock worth $76,845,000 after acquiring an additional 1,029,472 shares during the period. Finally, Brandes Investment Partners LP grew its position in TechnipFMC by 102.1% in the first quarter. Brandes Investment Partners LP now owns 9,487,922 shares of the oil and gas company’s stock worth $73,531,000 after acquiring an additional 4,793,422 shares during the period. Institutional investors and hedge funds own 93.11% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. BNP Paribas upgraded TechnipFMC from a “neutral” rating to an “outperform” rating and set a $14.50 price objective for the company in a research report on Wednesday, September 21st. Exane BNP Paribas upgraded TechnipFMC from a “neutral” rating to an “outperform” rating in a research report on Wednesday, September 21st. Benchmark started coverage on TechnipFMC in a research report on Wednesday, August 24th. They issued a “buy” rating and a $12.00 price objective for the company. Barclays upgraded TechnipFMC from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $9.00 to $14.00 in a research report on Thursday, October 6th. Finally, StockNews.com started coverage on TechnipFMC in a research report on Wednesday, October 12th. They set a “hold” rating for the company. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $12.37.

TechnipFMC Trading Up 4.0 %

NYSE:FTI opened at $12.27 on Wednesday. The firm has a market cap of $5.48 billion, a PE ratio of -24.54 and a beta of 1.78. The stock has a fifty day moving average price of $10.19 and a 200 day moving average price of $8.50. TechnipFMC plc has a 12-month low of $5.47 and a 12-month high of $12.42. The company has a current ratio of 1.27, a quick ratio of 1.00 and a debt-to-equity ratio of 0.36.

TechnipFMC declared that its board has initiated a share buyback plan on Wednesday, July 27th that authorizes the company to repurchase $400.00 million in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 13.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

TechnipFMC Company Profile

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TechnipFMC plc engages in the oil and gas projects, technologies, and systems and services businesses in Europe, Central Asia, North and Latin America, the Asia Pacific, Africa, and the Middle East. 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.

Further Reading

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Institutional Ownership by Quarter for TechnipFMC (NYSE:FTI)

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