Maryland State Retirement & Pension System Reduces Stock Holdings in TechnipFMC plc (NYSE:FTI)

Maryland State Retirement & Pension System reduced its stake in shares of TechnipFMC plc (NYSE:FTI) by 7.8% during the fourth quarter, Holdings Channel reports. The firm owned 22,601 shares of the oil and gas company’s stock after selling 1,912 shares during the quarter. Maryland State Retirement & Pension System’s holdings in TechnipFMC were worth $654,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in FTI. Franklin Resources Inc. increased its position in shares of TechnipFMC by 23.0% during the third quarter. Franklin Resources Inc. now owns 3,639,244 shares of the oil and gas company’s stock valued at $98,838,000 after buying an additional 679,748 shares during the period. Avantax Advisory Services Inc. grew its holdings in shares of TechnipFMC by 24.5% during the 4th quarter. Avantax Advisory Services Inc. now owns 21,921 shares of the oil and gas company’s stock worth $634,000 after acquiring an additional 4,314 shares during the period. Park Avenue Securities LLC purchased a new position in shares of TechnipFMC during the 4th quarter worth approximately $519,000. Westfield Capital Management Co. LP bought a new position in shares of TechnipFMC in the 3rd quarter worth approximately $49,273,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of TechnipFMC by 7.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,649,541 shares of the oil and gas company’s stock valued at $105,618,000 after purchasing an additional 249,719 shares during the period. 96.58% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Justin Rounce sold 42,178 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $26.55, for a total value of $1,119,825.90. Following the transaction, the executive vice president now directly owns 140,207 shares in the company, valued at $3,722,495.85. This trade represents a 23.13 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO David Light sold 10,147 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now owns 7,529 shares of the company’s stock, valued at approximately $187,472.10. This trade represents 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 corporate insiders.

Analyst Ratings Changes

FTI has been the subject of a number of research reports. Evercore ISI increased their price objective on TechnipFMC from $37.00 to $39.00 and gave the stock an “outperform” rating in a report on Wednesday, January 15th. Jefferies Financial Group raised shares of TechnipFMC from a “hold” rating to a “buy” rating and lifted their price target 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 report on Friday, December 13th. They issued a “buy” rating and a $38.00 price objective on the stock. Piper Sandler lifted their target price on shares of TechnipFMC from $39.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Finally, Barclays upped their price target on TechnipFMC from $42.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, TechnipFMC has an average rating of “Buy” and a consensus price target of $36.31.

TechnipFMC Price Performance

Shares of NYSE:FTI opened at $29.86 on Tuesday. 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 firm has a market cap of $12.56 billion, a price-to-earnings ratio of 19.64 and a beta of 1.54. The business has a 50-day simple moving average of $29.69 and a two-hundred day simple moving average of $28.73. TechnipFMC plc has a fifty-two week low of $22.99 and a fifty-two week high of $33.45.

TechnipFMC Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 2nd. Investors of record on Tuesday, March 18th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $0.20 dividend on an annualized basis and a yield of 0.67%. TechnipFMC’s dividend payout ratio (DPR) is 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.