State of Michigan Retirement System Invests $3.86 Million in TechnipFMC plc $FTI

State of Michigan Retirement System acquired a new stake in TechnipFMC plc (NYSE:FTI) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 97,900 shares of the oil and gas company’s stock, valued at approximately $3,862,000.

Other institutional investors also recently added to or reduced their stakes in the company. AE Wealth Management LLC grew its holdings in TechnipFMC by 38.0% during the third quarter. AE Wealth Management LLC now owns 183,603 shares of the oil and gas company’s stock worth $7,243,000 after acquiring an additional 50,593 shares during the period. Lingohr Asset Management GmbH lifted its holdings in TechnipFMC by 461.7% in the third quarter. Lingohr Asset Management GmbH now owns 212,295 shares of the oil and gas company’s stock valued at $8,375,000 after acquiring an additional 174,500 shares during the period. Bank of New York Mellon Corp boosted its position in shares of TechnipFMC by 80.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,172,213 shares of the oil and gas company’s stock worth $125,144,000 after purchasing an additional 1,415,621 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of TechnipFMC by 8.4% during the 3rd quarter. New York State Common Retirement Fund now owns 305,535 shares of the oil and gas company’s stock worth $12,053,000 after purchasing an additional 23,600 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of TechnipFMC by 13.8% in the 2nd quarter. AQR Capital Management LLC now owns 9,938,410 shares of the oil and gas company’s stock valued at $342,279,000 after purchasing an additional 1,202,713 shares in the last quarter. Hedge funds and other institutional investors own 96.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on FTI. TD Cowen reissued a “buy” rating on shares of TechnipFMC in a report on Wednesday, January 7th. Royal Bank Of Canada boosted their price target on TechnipFMC from $40.00 to $47.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Susquehanna upped their price target on TechnipFMC from $48.00 to $56.00 and gave the stock a “positive” rating in a report on Wednesday, January 7th. Zacks Research raised TechnipFMC from a “hold” rating to a “strong-buy” rating in a report on Friday, January 23rd. Finally, Piper Sandler boosted their target price on TechnipFMC from $49.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.58.

TechnipFMC Trading Up 0.4%

Shares of TechnipFMC stock opened at $60.23 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.13 and a quick ratio of 0.90. TechnipFMC plc has a 1 year low of $22.11 and a 1 year high of $60.49. The company has a market capitalization of $24.36 billion, a P/E ratio of 26.89, a P/E/G ratio of 1.16 and a beta of 0.69. The business has a 50 day moving average price of $49.88 and a 200 day moving average price of $42.92.

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

TechnipFMC Profile

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.