The Vanguard Group, Inc. recently announced the acquisition of new stake in TechnipFMC plc (NYSE:FTI). The institutional investor has increased its shareholding in the Energy company by 340.79% to 39.21 million shares with purchase of 30.31 million shares. This fresh investment now brings its stake to 9.00% valued currently at $812.44 million. In addition, JPMorgan Investment Management, I raised its holdings by 4.32 million to 23.47 million shares. And T. Rowe Price Investment Manageme has lifted its position by 104.44% or 10.94 million shares – to 21.41 million shares.
With over 6.87 million TechnipFMC plc (FTI) shares trading Monday and a closing price of $19.05 on the day, the dollar volume was approximately $130.83 million. The shares have shown a positive half year performance of 9.61% and its price on 01/08/24 lost nearly -3.93%. Currently, there are 442.20M common shares owned by the public and among those 430.49M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 22 analysts who have offered their price forecasts for FTI have a consensus price objective of $26.03. The analysts have set the share’s price value over the next 12 months at a high of $32.00 and a low of $21.34. The average price target is 26.82% above its recent price level and an upside to the estimated low will see the stock gain 10.73% over that period. But an upside of 40.47% will see the stock hit the forecast high price target while median target price for the stock is $25.85.
Insiders at the company have transacted a total of 20 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 18 of these insider trades were purchases, accounting for 513,909 shares. Insider sales of the common stock occurred on 2 occasions, with total insider shares sold totaling 28,466 shares.
The top 3 mutual fund holders in TechnipFMC plc are Vanguard Total Stock Market ETF, T Rowe Price Mid Cap Value Fund, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market ETF owns 13.04 million shares of the company’s stock, all valued at over $270.15 million. The company bought an additional 16608.0 shares recently to bring their total holdings to about 2.99% of the shares outstanding. T Rowe Price Mid Cap Value Fund sold -2.56 million shares to see its total holdings shrink to 12.23 million shares valued at over $253.44 million and representing 2.81% of the shares outstanding. Vanguard Small Cap Index Fund bought 45686.0 shares to bring its total holdings to over 10.78 million shares at a value of $223.3 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.48% of the shares outstanding.
Shares of TechnipFMC plc (NYSE: FTI) opened at $19.42, down -$0.41 from a prior closing price of $19.83. However, the script later moved the day high at 19.43, down -3.93%. The company’s stock has a 5-day price change of -5.41% and -0.47% over the past three months. FTI shares are trading -5.41% year to date (YTD), with the 12-month market performance up to 61.17% higher. It has a 12-month low price of $11.96 and touched a high of $22.78 over the same period. FTI has an average intraday trading volume of 5.14 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.80%, -7.31%, and 7.68% respectively.
Institutional ownership of TechnipFMC plc (NYSE: FTI) shares accounts for 104.03% of the company’s 442.20M shares outstanding. Mutual fund holders own 35.58%, while other institutional holders and individual stakeholders account for 69.10% and 2.00% respectively.
It has a market capitalization of $8.30B and a beta (3y monthly) value of 1.64. The earnings-per-share (ttm) stands at -$0.08. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.70% over the week and 2.44% over the month.
Analysts forecast that TechnipFMC plc (FTI) will achieve an EPS of $0.12 for the current quarter, $0.15 for the next quarter and $1.15 for 2024. The lowest estimate earnings-per-share for the quarter is $0.07 while analysts give the company a high EPS estimate of $0.16. Comparatively, EPS for the current quarter was -$0.05 a year ago. Earnings per share for the fiscal year are expected to increase by 1669.69%, and 145.83% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 22 brokerage firm advisors rate TechnipFMC plc (FTI) as a “Strong Buy” at a consensus score of 1.55. Specifically, 15 Wall Street analysts polled rate the stock as a buy, while 5 of the 22 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the FTI, a number of firms have released research notes about the stock. Exane BNP Paribas stated their Neutral rating for the stock in a research note on November 06, 2023, with the firm’s price target at $23.50.
