Meiji Yasuda Asset Management Co Ltd. Makes New Investment in TechnipFMC plc $FTI

Meiji Yasuda Asset Management Co Ltd. purchased a new stake in shares of TechnipFMC plc (NYSE:FTI) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 10,250 shares of the oil and gas company’s stock, valued at approximately $680,000.

Several other hedge funds also recently modified their holdings of FTI. BlackRock Inc. acquired a new position in shares of TechnipFMC in the 2nd quarter worth $3,081,514,000. State Street Corp raised its position in shares of TechnipFMC by 62.2% during the third quarter. State Street Corp now owns 12,884,052 shares of the oil and gas company’s stock worth $508,276,000 after purchasing an additional 4,938,498 shares during the period. Norges Bank purchased a new stake in shares of TechnipFMC during the fourth quarter valued at $205,468,000. Invesco Ltd. lifted its holdings in shares of TechnipFMC by 64.9% during the fourth quarter. Invesco Ltd. now owns 11,272,089 shares of the oil and gas company’s stock valued at $502,284,000 after purchasing an additional 4,437,960 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of TechnipFMC by 26.7% in the 4th quarter. AQR Capital Management LLC now owns 16,866,408 shares of the oil and gas company’s stock valued at $751,567,000 after purchasing an additional 3,549,839 shares during the period. 96.58% of the stock is currently owned by institutional investors and hedge funds.

TechnipFMC Stock Down 0.8%

Shares of TechnipFMC stock opened at $75.26 on Wednesday. TechnipFMC plc has a 1 year low of $35.29 and a 1 year high of $80.55. The company has a market cap of $29.52 billion, a P/E ratio of 26.13, a P/E/G ratio of 1.55 and a beta of 0.72. The company has a current ratio of 1.08, a quick ratio of 0.85 and a debt-to-equity ratio of 0.10. The stock has a 50-day moving average price of $71.45 and a 200 day moving average price of $69.56.

TechnipFMC (NYSE:FTI) last released its earnings results on Thursday, July 30th. The oil and gas company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.11. The company had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.67 billion. TechnipFMC had a return on equity of 36.54% and a net margin of 11.28%.The business’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.68 EPS. As a group, analysts expect that TechnipFMC plc will post 3.09 EPS for the current fiscal year.

TechnipFMC Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Tuesday, August 18th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $0.20 dividend on an annualized basis and a yield of 0.3%. TechnipFMC’s payout ratio is presently 6.94%.

Insiders Place Their Bets

In related news, Director Eric D. Mullins acquired 6,365 shares of the company’s stock in a transaction on Friday, August 14th. The shares were purchased at an average price of $78.55 per share, for a total transaction of $499,970.75. Following the purchase, the director owned 8,070 shares in the company, valued at $633,898.50. This represents a 373.31% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on FTI shares. Evercore restated an “outperform” rating and set a $83.00 price objective on shares of TechnipFMC in a report on Friday, May 1st. Barclays raised their target price on shares of TechnipFMC from $70.00 to $87.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. The Goldman Sachs Group restated a “buy” rating on shares of TechnipFMC in a report on Wednesday, June 3rd. Zacks Research downgraded shares of TechnipFMC from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Finally, Wall Street Zen lowered shares of TechnipFMC from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $69.64.

TechnipFMC Profile

TechnipFMC is an integrated oilfield services and technology company that designs, manufactures and delivers systems and services for the energy industry. The company’s activities span the full lifecycle of oil and gas projects, with capabilities in subsea production systems, surface wellhead and intervention equipment, and onshore/offshore engineering and construction. TechnipFMC combines engineering and project management with fabrication, installation and maintenance services to help operators develop and produce hydrocarbon resources.

Its product and service portfolio includes subsea hardware such as trees, manifolds, umbilicals, risers and flowlines, as well as surface equipment for drilling, completions and well intervention.