Assetmark Inc. Invests $265,000 in TechnipFMC plc (NYSE:FTI)

Assetmark Inc. acquired a new stake in shares of TechnipFMC plc (NYSE:FTI) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 10,094 shares of the oil and gas company’s stock, valued at approximately $265,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC raised its stake in TechnipFMC by 43.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,405 shares of the oil and gas company’s stock worth $211,000 after acquiring an additional 2,543 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in TechnipFMC in the 1st quarter valued at about $205,000. Envestnet Portfolio Solutions Inc. acquired a new stake in TechnipFMC during the 1st quarter worth $236,000. Vanguard Group Inc. boosted its holdings in shares of 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 purchasing an additional 134,880 shares during the last quarter. Finally, Edgestream Partners L.P. acquired a new position in TechnipFMC in the 1st quarter valued at about $965,000. Hedge funds and other institutional investors own 96.58% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on FTI shares. Barclays boosted their price target on shares of TechnipFMC from $34.00 to $37.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. TD Cowen boosted their target price on shares of TechnipFMC from $35.00 to $37.00 and gave the stock a “buy” rating in a research note 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. Susquehanna raised their target price on TechnipFMC from $35.00 to $37.00 and gave the stock a “positive” rating in a research report on Friday, October 25th. Finally, Citigroup upped their price target on TechnipFMC from $34.00 to $35.00 and gave the company a “buy” rating in a report on Thursday. 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $33.60.

TechnipFMC Stock Performance

Shares of FTI opened at $28.18 on Friday. The firm has a fifty day moving average of $26.54 and a 200-day moving average of $26.36. The company has a market cap of $11.99 billion, a price-to-earnings ratio of 18.54 and a beta of 1.51. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.89 and a current ratio of 1.14. TechnipFMC plc has a 1 year low of $18.33 and a 1 year high of $29.85.

TechnipFMC (NYSE:FTI) last issued its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.25. The company had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.35 billion. TechnipFMC had a return on equity of 20.11% and a net margin of 7.63%. The firm’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same period last year, the firm earned $0.21 EPS. As a group, equities analysts anticipate that TechnipFMC plc will post 1.47 earnings per share for the current year.

TechnipFMC Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Tuesday, November 19th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.71%. The ex-dividend date of this dividend is Tuesday, November 19th. TechnipFMC’s dividend payout ratio is currently 13.16%.

TechnipFMC declared that its Board of Directors has initiated a share buyback program on Wednesday, October 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to repurchase up to 9.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

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.