Magnetar Financial LLC Lowers Position in TechnipFMC plc (NYSE:FTI)

Magnetar Financial LLC lessened its stake in TechnipFMC plc (NYSE:FTI) by 90.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,313 shares of the oil and gas company’s stock after selling 120,011 shares during the quarter. Magnetar Financial LLC’s holdings in TechnipFMC were worth $356,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Westfield Capital Management Co. LP bought a new stake in TechnipFMC in the third quarter worth $49,273,000. Vaughan Nelson Investment Management L.P. increased its position in TechnipFMC by 50.3% in 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 during the last quarter. Jacobs Levy Equity Management Inc. increased its position in TechnipFMC by 68.4% in 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 during the last quarter. Franklin Resources Inc. increased its position in TechnipFMC by 23.0% in the third quarter. Franklin Resources Inc. now owns 3,639,244 shares of the oil and gas company’s stock worth $98,838,000 after purchasing an additional 679,748 shares during the last quarter. Finally, Cerity Partners LLC increased its position in TechnipFMC by 121.3% in the third quarter. Cerity Partners LLC now owns 908,936 shares of the oil and gas company’s stock worth $23,841,000 after purchasing an additional 498,137 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 topic of a number of analyst reports. Jefferies Financial Group upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating and boosted their price objective for the company from $29.00 to $40.00 in a research report on Friday, December 6th. The Goldman Sachs Group initiated coverage on shares of TechnipFMC in a research report on Friday, December 13th. They set a “buy” rating and a $38.00 price objective on the stock. TD Cowen reiterated a “buy” rating and set a $37.00 price objective on shares of TechnipFMC in a research report on Wednesday, November 27th. Piper Sandler boosted their price objective on shares of TechnipFMC from $39.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Finally, Evercore ISI boosted their price objective on shares of TechnipFMC from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $36.31.

Insider Buying and Selling

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

TechnipFMC Stock Up 0.1 %

NYSE:FTI opened at $29.31 on Friday. TechnipFMC plc has a 1-year low of $22.99 and a 1-year high of $33.45. The company has a 50-day moving average of $29.74 and a 200 day moving average of $28.68. The firm has a market cap of $12.33 billion, a PE ratio of 19.28 and a beta of 1.54. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.14 and a quick ratio of 0.89.

TechnipFMC Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date is Tuesday, March 18th. TechnipFMC’s dividend payout ratio (DPR) is presently 10.42%.

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.