Thrivent Financial for Lutherans Has $78.76 Million Stock Position in TechnipFMC plc (NYSE:FTI)

Thrivent Financial for Lutherans cut its holdings in shares of TechnipFMC plc (NYSE:FTI) by 6.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 3,002,637 shares of the oil and gas company’s stock after selling 212,598 shares during the period. Thrivent Financial for Lutherans’ holdings in TechnipFMC were worth $78,759,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in FTI. Janney Montgomery Scott LLC bought a new position in shares of TechnipFMC in the first quarter valued at approximately $205,000. Envestnet Portfolio Solutions Inc. bought a new position in TechnipFMC during the 1st quarter valued at $236,000. Vanguard Group Inc. boosted its holdings in TechnipFMC by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 40,049,860 shares of the oil and gas company’s stock worth $1,005,652,000 after acquiring an additional 134,880 shares during the last quarter. Edgestream Partners L.P. bought a new stake in shares of TechnipFMC in the 1st quarter worth $965,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of TechnipFMC in the first quarter valued at about $442,000. Institutional investors and hedge funds own 96.58% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on FTI. Susquehanna upped their price objective on shares of TechnipFMC from $35.00 to $37.00 and gave the stock a “positive” rating in a research report on Friday, October 25th. Barclays upped 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. TD Cowen lifted their price target on TechnipFMC from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Hsbc Global Res upgraded TechnipFMC from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Finally, Bank of America lifted their target price on TechnipFMC from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $33.60.

TechnipFMC Price Performance

Shares of NYSE:FTI opened at $28.18 on Monday. The company has a 50-day moving average price of $26.54 and a two-hundred day moving average price of $26.36. TechnipFMC plc has a twelve month low of $18.33 and a twelve month high of $29.85. The company has a quick ratio of 0.89, a current ratio of 1.14 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $11.99 billion, a PE ratio of 18.54 and a beta of 1.51.

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

TechnipFMC Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Tuesday, November 19th will be issued 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 is Tuesday, November 19th. TechnipFMC’s payout ratio is presently 13.16%.

TechnipFMC announced that its board has authorized a share buyback 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 reacquire up to 9.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

About TechnipFMC

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.