Todd Asset Management LLC Invests $21.41 Million in TechnipFMC plc $FTI

Todd Asset Management LLC acquired a new stake in shares of TechnipFMC plc (NYSE:FTI) during the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 542,706 shares of the oil and gas company’s stock, valued at approximately $21,410,000.

A number of other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. grew its position in TechnipFMC by 5,475.0% during the third quarter. Blue Trust Inc. now owns 669 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 657 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of TechnipFMC by 45.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company’s stock valued at $35,000 after purchasing an additional 340 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of TechnipFMC during the 2nd quarter valued at $44,000. McIlrath & Eck LLC raised its position in TechnipFMC by 476.3% in the 3rd quarter. McIlrath & Eck LLC now owns 1,239 shares of the oil and gas company’s stock worth $49,000 after purchasing an additional 1,024 shares during the period. Finally, Root Financial Partners LLC purchased a new stake in TechnipFMC during the third quarter valued at about $51,000. Institutional investors own 96.58% of the company’s stock.

TechnipFMC Stock Performance

NYSE:FTI opened at $61.35 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 1.13 and a debt-to-equity ratio of 0.14. The firm’s fifty day simple moving average is $51.10 and its 200 day simple moving average is $43.62. The stock has a market cap of $24.82 billion, a P/E ratio of 27.39, a price-to-earnings-growth ratio of 1.19 and a beta of 0.69. TechnipFMC plc has a twelve month low of $22.11 and a twelve month high of $62.67.

TechnipFMC announced that its board has authorized a stock buyback plan on Wednesday, October 22nd that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to repurchase up to 13.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have recently commented on FTI. Piper Sandler lifted their price objective on TechnipFMC from $49.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Royal Bank Of Canada boosted their price objective on TechnipFMC from $40.00 to $47.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. Barclays lifted their target price on shares of TechnipFMC from $51.00 to $53.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. UBS Group reissued an “outperform” rating on shares of TechnipFMC in a research report on Tuesday, October 28th. Finally, Citigroup raised their price target on shares of TechnipFMC from $45.00 to $48.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.58.

About TechnipFMC

TechnipFMC is an integrated oilfield services and technology company that designs, manufactures and delivers systems and services for the energy industry. The company’s activities span the full lifecycle of oil and gas projects, with capabilities in subsea production systems, surface wellhead and intervention equipment, and onshore/offshore engineering and construction. TechnipFMC combines engineering and project management with fabrication, installation and maintenance services to help operators develop and produce hydrocarbon resources.

Its product and service portfolio includes subsea hardware such as trees, manifolds, umbilicals, risers and flowlines, as well as surface equipment for drilling, completions and well intervention.