Everence Capital Management Inc. Purchases Shares of 20,350 FMC Technologies, Inc. (FTI)
Everence Capital Management Inc. purchased a new stake in FMC Technologies, Inc. (NYSE:FTI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 20,350 shares of the oil and gas company’s stock, valued at approximately $554,000.
Several other large investors also recently modified their holdings of the company. Macquarie Group Ltd. raised its position in FMC Technologies by 8.3% in the fourth quarter. Macquarie Group Ltd. now owns 5,200 shares of the oil and gas company’s stock worth $185,000 after buying an additional 400 shares in the last quarter. Capstone Asset Management Co. raised its position in FMC Technologies by 25.7% in the first quarter. Capstone Asset Management Co. now owns 20,422 shares of the oil and gas company’s stock worth $664,000 after buying an additional 4,170 shares in the last quarter. Louisiana State Employees Retirement System raised its position in FMC Technologies by 102.1% in the first quarter. Louisiana State Employees Retirement System now owns 28,700 shares of the oil and gas company’s stock worth $933,000 after buying an additional 14,500 shares in the last quarter. Gateway Investment Advisers LLC raised its position in FMC Technologies by 88.0% in the first quarter. Gateway Investment Advisers LLC now owns 28,687 shares of the oil and gas company’s stock worth $932,000 after buying an additional 13,429 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. acquired a new position in FMC Technologies during the first quarter worth $5,871,000. Institutional investors own 65.57% of the company’s stock.
Shares of FMC Technologies, Inc. (FTI) opened at 25.75 on Monday. The company has a market capitalization of $12.03 billion, a P/E ratio of 31.14 and a beta of 0.92. FMC Technologies, Inc. has a 12-month low of $25.45 and a 12-month high of $36.14. The stock’s 50 day moving average is $27.44 and its 200-day moving average is $30.19.
FMC Technologies (NYSE:FTI) last posted its earnings results on Wednesday, July 26th. The oil and gas company reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.08. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $3.80 billion. Analysts anticipate that FMC Technologies, Inc. will post $1.06 earnings per share for the current year.
FMC Technologies declared that its board has authorized a stock buyback plan on Wednesday, April 26th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the oil and gas company to purchase up to 135% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
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A number of research analysts recently weighed in on the stock. BidaskClub lowered shares of FMC Technologies from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 8th. UBS AG reiterated a “buy” rating and issued a $36.00 price objective (down from $40.00) on shares of FMC Technologies in a research note on Monday, July 31st. Seaport Global Securities reiterated a “neutral” rating on shares of FMC Technologies in a research note on Thursday, July 27th. Scotiabank set a $36.00 price objective on shares of FMC Technologies and gave the company a “buy” rating in a research note on Thursday, July 27th. Finally, Piper Jaffray Companies set a $32.00 price objective on shares of FMC Technologies and gave the company a “buy” rating in a research note on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company’s stock. FMC Technologies currently has a consensus rating of “Buy” and a consensus target price of $35.29.
In related news, CFO Maryann T. Mannen sold 6,500 shares of the firm’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $29.20, for a total transaction of $189,800.00. Following the completion of the transaction, the chief financial officer now directly owns 309,261 shares of the company’s stock, valued at $9,030,421.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.86% of the company’s stock.
About FMC Technologies
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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