Nomura Asset Management Co. Ltd. Reduces Stake in TechnipFMC PLC (FTI)
Nomura Asset Management Co. Ltd. lowered its stake in TechnipFMC PLC (NYSE:FTI) by 11.2% in the second quarter, Holdings Channel reports. The fund owned 90,154 shares of the oil and gas company’s stock after selling 11,357 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in TechnipFMC were worth $2,861,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of FTI. Point72 Asia Hong Kong Ltd raised its holdings in TechnipFMC by 315.2% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 5,298 shares of the oil and gas company’s stock valued at $156,000 after buying an additional 4,022 shares during the last quarter. Segall Bryant & Hamill LLC bought a new position in TechnipFMC in the 1st quarter valued at approximately $206,000. Suntrust Banks Inc. bought a new position in TechnipFMC in the 1st quarter valued at approximately $213,000. Raymond James & Associates bought a new position in TechnipFMC in the 4th quarter valued at approximately $221,000. Finally, Intact Investment Management Inc. bought a new position in TechnipFMC in the 1st quarter valued at approximately $221,000. 64.99% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts recently issued reports on FTI shares. Macquarie upgraded shares of TechnipFMC from a “neutral” rating to an “outperform” rating in a report on Monday, April 23rd. Citigroup lowered shares of TechnipFMC from a “buy” rating to a “neutral” rating in a report on Monday, July 2nd. BMO Capital Markets raised their price objective on shares of TechnipFMC from $34.00 to $35.00 and gave the company a “market perform” rating in a report on Monday, July 30th. Wells Fargo & Co raised their price objective on shares of TechnipFMC from $37.00 to $44.00 and gave the company an “outperform” rating in a report on Thursday, May 24th. Finally, Barclays raised their price objective on shares of TechnipFMC from $32.00 to $35.00 and gave the company a “hold” rating in a report on Thursday, August 2nd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have issued a buy rating to the company. TechnipFMC currently has a consensus rating of “Buy” and an average target price of $35.28.
TechnipFMC (NYSE:FTI) last released its earnings results on Wednesday, July 25th. The oil and gas company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.11). The firm had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.20 billion. TechnipFMC had a net margin of 1.21% and a return on equity of 4.02%. The business’s revenue for the quarter was down 23.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 EPS. sell-side analysts expect that TechnipFMC PLC will post 1.39 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 5th. Shareholders of record on Tuesday, August 21st will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date is Monday, August 20th. TechnipFMC’s dividend payout ratio is presently 40.31%.
In other news, Director John C. G. Oleary bought 2,000 shares of the firm’s stock in a transaction on Friday, June 15th. The stock was acquired at an average price of $27.53 per share, with a total value of $55,060.00. Following the transaction, the director now owns 12,455 shares of the company’s stock, valued at approximately $342,886.15. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.58% of the company’s stock.
TechnipFMC plc engages in the oil and gas projects, technologies, and systems and services businesses. It operates through three segments: Subsea, Onshore/Offshore, and Surface Technologies. The Subsea segment manufactures and designs products and systems; performs engineering, procurement, and project management; and provides services used by oil and gas companies involved in deepwater exploration and production of crude oil and natural gas.
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