Great Lakes Advisors LLC Lowers Holdings in TechnipFMC plc (NYSE:FTI)

Great Lakes Advisors LLC lowered its stake in shares of TechnipFMC plc (NYSE:FTI) by 95.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 13,152 shares of the oil and gas company’s stock after selling 269,906 shares during the quarter. Great Lakes Advisors LLC’s holdings in TechnipFMC were worth $381,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its holdings in TechnipFMC by 393.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,678 shares of the oil and gas company’s stock valued at $49,000 after acquiring an additional 1,338 shares during the last quarter. HighTower Advisors LLC lifted its position in shares of TechnipFMC by 39.1% in the fourth quarter. HighTower Advisors LLC now owns 33,090 shares of the oil and gas company’s stock worth $958,000 after buying an additional 9,296 shares in the last quarter. AGF Management Ltd. bought a new position in TechnipFMC during the fourth quarter valued at approximately $9,315,000. Daiwa Securities Group Inc. grew its holdings in TechnipFMC by 176.0% during the 4th quarter. Daiwa Securities Group Inc. now owns 41,400 shares of the oil and gas company’s stock valued at $1,198,000 after buying an additional 26,400 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in TechnipFMC by 17.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 112,578 shares of the oil and gas company’s stock worth $3,152,000 after acquiring an additional 17,084 shares during the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.

Wall Street Analyst Weigh In

FTI has been the subject of a number of recent research reports. TD Cowen reissued a “buy” rating and issued a $37.00 target price on shares of TechnipFMC in a report on Wednesday, November 27th. Piper Sandler boosted their target price on shares of TechnipFMC from $39.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Royal Bank of Canada started coverage on shares of TechnipFMC in a report on Monday, November 18th. They issued an “outperform” rating and a $37.00 price target for the company. Evercore ISI boosted their price objective on TechnipFMC from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. Finally, The Goldman Sachs Group started coverage on TechnipFMC in a report on Friday, December 13th. They issued a “buy” rating and a $38.00 target price for the company. One research 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $36.31.

TechnipFMC Stock Performance

FTI stock opened at $27.25 on Monday. TechnipFMC plc has a twelve month low of $22.99 and a twelve month high of $33.45. The firm has a market cap of $11.46 billion, a price-to-earnings ratio of 17.92 and a beta of 1.54. The business’s fifty day simple moving average is $30.07 and its two-hundred day simple moving average is $28.61. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Tuesday, March 18th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.73%. The ex-dividend date is Tuesday, March 18th. TechnipFMC’s dividend payout ratio is presently 10.42%.

Insider Buying and Selling

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

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.