BidaskClub lowered shares of FMC Technologies, Inc. (NYSE:FTI) from a sell rating to a strong sell rating in a research note issued to investors on Tuesday.
A number of other research analysts have also recently issued reports on the company. UBS AG reiterated a buy rating and issued a $36.00 target price (down previously from $40.00) on shares of FMC Technologies in a research report on Monday, July 31st. Seaport Global Securities reiterated a neutral rating on shares of FMC Technologies in a research report on Thursday, July 27th. Scotiabank set a $36.00 target price on FMC Technologies and gave the company a buy rating in a research report on Thursday, July 27th. Piper Jaffray Companies set a $32.00 target price on FMC Technologies and gave the company a buy rating in a research report on Wednesday, July 26th. Finally, Jefferies Group LLC reiterated a hold rating and issued a $31.00 target price on shares of FMC Technologies in a research report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the company. The stock has an average rating of Hold and an average target price of $34.78.
Shares of FMC Technologies (NYSE:FTI) traded down 1.67% during midday trading on Tuesday, hitting $26.42. 2,128,855 shares of the stock traded hands. The stock has a 50 day moving average of $27.59 and a 200 day moving average of $30.50. The company has a market capitalization of $12.33 billion, a P/E ratio of 31.95 and a beta of 0.92. FMC Technologies has a 1-year low of $26.25 and a 1-year high of $37.09.
FMC Technologies (NYSE:FTI) last released its earnings results on Wednesday, July 26th. The oil and gas company reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.08. The business had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $3.80 billion. Equities research analysts predict that FMC Technologies will post $1.06 earnings per share for the current fiscal year.
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FMC Technologies declared that its board has approved a share buyback program on Wednesday, April 26th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 135% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
In related news, EVP Bradley D. Beitler sold 12,000 shares of FMC Technologies stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $32.00, for a total value of $384,000.00. Following the transaction, the executive vice president now directly owns 87,886 shares of the company’s stock, valued at $2,812,352. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Maryann T. Mannen sold 6,500 shares of FMC Technologies stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $29.20, for a total value of $189,800.00. Following the completion of the transaction, the chief financial officer now directly owns 309,261 shares in the company, valued at $9,030,421.20. The disclosure for this sale can be found here. 0.86% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of the stock. First Eagle Investment Management LLC raised its position in shares of FMC Technologies by 53.2% in the second quarter. First Eagle Investment Management LLC now owns 30,585,688 shares of the oil and gas company’s stock valued at $831,931,000 after buying an additional 10,617,891 shares during the period. Vanguard Group Inc. raised its position in shares of FMC Technologies by 3.4% in the second quarter. Vanguard Group Inc. now owns 27,167,998 shares of the oil and gas company’s stock valued at $738,969,000 after buying an additional 896,416 shares during the period. BlackRock Inc. raised its position in shares of FMC Technologies by 7.8% in the second quarter. BlackRock Inc. now owns 21,731,728 shares of the oil and gas company’s stock valued at $591,104,000 after buying an additional 1,571,751 shares during the period. State Street Corp raised its position in shares of FMC Technologies by 48.1% in the first quarter. State Street Corp now owns 20,471,445 shares of the oil and gas company’s stock valued at $665,332,000 after buying an additional 6,648,002 shares during the period. Finally, OppenheimerFunds Inc. raised its position in shares of FMC Technologies by 5,960.8% in the first quarter. OppenheimerFunds Inc. now owns 13,171,232 shares of the oil and gas company’s stock valued at $428,601,000 after buying an additional 12,953,913 shares during the period. 64.70% of the stock is currently owned by hedge funds and other institutional investors.
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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