Westpac Banking Corp Acquires New Position in TechnipFMC plc (NYSE:FTI)

Westpac Banking Corp acquired a new stake in TechnipFMC plc (NYSE:FTI) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 1,913 shares of the oil and gas company’s stock, valued at approximately $55,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank Julius Baer & Co. Ltd Zurich bought a new stake in TechnipFMC in the fourth quarter worth approximately $46,000. Smartleaf Asset Management LLC boosted its holdings in TechnipFMC by 55.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,476 shares of the oil and gas company’s stock worth $43,000 after purchasing an additional 525 shares in the last quarter. Compagnie Lombard Odier SCmA acquired a new position in TechnipFMC during the fourth quarter worth $45,000. EverSource Wealth Advisors LLC raised its holdings in TechnipFMC by 393.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,678 shares of the oil and gas company’s stock valued at $49,000 after buying an additional 1,338 shares in the last quarter. Finally, V Square Quantitative Management LLC lifted its position in shares of TechnipFMC by 48.2% in the fourth quarter. V Square Quantitative Management LLC now owns 1,730 shares of the oil and gas company’s stock worth $50,000 after buying an additional 563 shares during the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on FTI. Piper Sandler increased their price objective on TechnipFMC from $39.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, February 28th. StockNews.com lowered shares of TechnipFMC from a “buy” rating to a “hold” rating in a research report on Thursday, March 27th. The Goldman Sachs Group started coverage on shares of TechnipFMC in a research note on Friday, December 13th. They issued a “buy” rating and a $38.00 price objective for the company. Barclays raised their target price on shares of TechnipFMC from $42.00 to $43.00 and gave the company an “overweight” rating in a research note on Monday, March 3rd. Finally, Evercore ISI boosted their target price on shares of TechnipFMC from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 15th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, TechnipFMC has an average rating of “Moderate Buy” and an average price target of $36.31.

TechnipFMC Stock Performance

FTI opened at $25.10 on Friday. The stock’s 50 day simple moving average is $29.38 and its 200-day simple moving average is $29.10. The company has a current ratio of 1.14, a quick ratio of 0.89 and a debt-to-equity ratio of 0.22. The stock has a market cap of $10.56 billion, a PE ratio of 16.52 and a beta of 1.11. TechnipFMC plc has a 1 year low of $22.99 and a 1 year high of $33.45.

TechnipFMC Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 2nd. Shareholders of record on Tuesday, March 18th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.80%. The ex-dividend date of this dividend was Tuesday, March 18th. TechnipFMC’s dividend payout ratio (DPR) is presently 10.42%.

Insider Activity

In other news, EVP Justin Rounce sold 42,178 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 140,207 shares in the company, valued at approximately $3,722,495.85. This represents a 23.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO David Light sold 10,147 shares of TechnipFMC 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 transaction, the chief accounting officer now directly owns 7,529 shares of the company’s stock, valued at approximately $187,472.10. The trade was a 57.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 61,706 shares of company stock worth $1,651,665. 1.80% of the stock is currently owned by corporate insiders.

TechnipFMC Company 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.