FMC Technologies Inc. (FTI) Posts Earnings Results
FMC Technologies Inc. (NYSE:FTI) issued its quarterly earnings results on Wednesday. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.12. FMC Technologies had a return on equity of 13.44% and a net margin of 2.99%. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the company posted $0.61 EPS. The business’s revenue for the quarter was down 29.4% compared to the same quarter last year.
Shares of FMC Technologies (NYSE:FTI) traded up 1.09% during trading on Wednesday, reaching $31.49. 4,132,682 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $29.13 and a 200-day moving average price of $27.80. FMC Technologies has a 52-week low of $22.30 and a 52-week high of $35.93. The company has a market capitalization of $7.10 billion, a PE ratio of 45.05 and a beta of 1.14.
A number of research analysts have weighed in on the company. Jefferies Group reissued a “hold” rating on shares of FMC Technologies in a research note on Sunday, July 10th. FBR & Co reduced their price target on FMC Technologies from $28.00 to $27.00 and set a “mkt perform” rating on the stock in a research note on Wednesday, July 27th. Simmons reaffirmed an “overweight” rating and issued a $29.00 target price (up from $27.00) on shares of FMC Technologies in a research report on Monday, July 25th. Nomura set a $26.00 target price on FMC Technologies and gave the stock a “hold” rating in a research report on Tuesday, August 16th. Finally, Howard Weil cut their target price on FMC Technologies from $35.00 to $32.00 and set a “sector outperform” rating on the stock in a research report on Monday, July 25th. Fifteen equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. FMC Technologies currently has a consensus rating of “Hold” and a consensus price target of $31.56.
In related news, VP Sanjay Bhatia sold 2,800 shares of FMC Technologies stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $28.44, for a total value of $79,632.00. Following the completion of the sale, the vice president now owns 48,943 shares of the company’s stock, valued at approximately $1,391,938.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.86% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Pine River Capital Management L.P. increased its position in shares of FMC Technologies by 30.5% in the second quarter. Pine River Capital Management L.P. now owns 981,611 shares of the company’s stock valued at $26,180,000 after buying an additional 229,212 shares during the period. Point72 Asset Management L.P. increased its position in shares of FMC Technologies by 13.2% in the second quarter. Point72 Asset Management L.P. now owns 287,174 shares of the company’s stock valued at $7,659,000 after buying an additional 33,474 shares during the period. AHL Partners LLP increased its position in shares of FMC Technologies by 44.5% in the second quarter. AHL Partners LLP now owns 20,634 shares of the company’s stock valued at $550,000 after buying an additional 6,352 shares during the period. Highbridge Capital Management LLC purchased a new position in shares of FMC Technologies during the second quarter valued at approximately $6,696,000. Finally, Euclid Advisors LLC purchased a new position in shares of FMC Technologies during the second quarter valued at approximately $160,000. Hedge funds and other institutional investors own 89.61% of the company’s stock.
FMC Technologies Company Profile
FMC Technologies, Inc is a global provider of technology solutions for the energy industry. The Company designs, manufactures and services a range of systems and products, including subsea production and processing systems, surface wellhead production systems, high pressure fluid control equipment, measurement solutions and marine loading systems.
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