Sumitomo Mitsui Trust Group Inc. Has $10.69 Million Stock Holdings in TechnipFMC plc (NYSE:FTI)

Sumitomo Mitsui Trust Group Inc. lifted its holdings in TechnipFMC plc (NYSE:FTI) by 971.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 407,638 shares of the oil and gas company’s stock after acquiring an additional 369,594 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in TechnipFMC were worth $10,692,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of FTI. Blue Trust Inc. raised its holdings in shares of TechnipFMC by 203.6% during the third quarter. Blue Trust Inc. now owns 1,096 shares of the oil and gas company’s stock worth $29,000 after acquiring an additional 735 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of TechnipFMC by 73.1% during the second quarter. GAMMA Investing LLC now owns 1,165 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 492 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of TechnipFMC during the third quarter worth $30,000. ORG Partners LLC purchased a new stake in shares of TechnipFMC during the second quarter worth $33,000. Finally, Crewe Advisors LLC purchased a new stake in shares of TechnipFMC during the second quarter worth $51,000. Institutional investors and hedge funds own 96.58% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on FTI. HSBC upgraded TechnipFMC from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a report on Tuesday, October 29th. Bank of America raised their target price on TechnipFMC from $30.00 to $31.00 and gave the company a “buy” rating in a report on Monday, October 14th. BMO Capital Markets raised their target price on TechnipFMC from $32.00 to $33.00 and gave the company a “market perform” rating in a report on Thursday, October 10th. TD Cowen raised their target price on TechnipFMC from $35.00 to $37.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Barclays raised their target price on TechnipFMC from $34.00 to $37.00 and gave the company an “overweight” rating in a report on Monday, October 28th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $33.60.

TechnipFMC Trading Down 1.1 %

TechnipFMC stock opened at $28.18 on Monday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.89 and a current ratio of 1.14. The business’s 50-day simple moving average is $26.54 and its 200-day simple moving average is $26.36. The firm has a market capitalization of $11.99 billion, a PE ratio of 18.54 and a beta of 1.51. TechnipFMC plc has a 52 week low of $18.33 and a 52 week high of $29.85.

TechnipFMC (NYSE:FTI) last posted its quarterly earnings data on Thursday, October 24th. The oil and gas company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.25. TechnipFMC had a return on equity of 20.11% and a net margin of 7.63%. The business had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous year, the company posted $0.21 earnings per share. The firm’s revenue for the quarter was up 14.2% on a year-over-year basis. Equities research analysts forecast that TechnipFMC plc will post 1.55 earnings per share for the current year.

TechnipFMC announced that its board has authorized a share repurchase program on Wednesday, October 23rd that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to repurchase up to 9.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

TechnipFMC Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Tuesday, November 19th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend is Tuesday, November 19th. TechnipFMC’s dividend payout ratio (DPR) is presently 13.16%.

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.