Arizona State Retirement System raised its stake in FMC Technologies, Inc. (NYSE:FTI) by 0.2% during the second quarter, Holdings Channel reports. The institutional investor owned 115,700 shares of the oil and gas company’s stock after buying an additional 200 shares during the period. Arizona State Retirement System’s holdings in FMC Technologies were worth $3,147,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. increased its position in shares of FMC Technologies by 3,127.8% in the first quarter. BlackRock Inc. now owns 20,159,977 shares of the oil and gas company’s stock valued at $655,198,000 after buying an additional 19,535,400 shares in the last quarter. OppenheimerFunds Inc. increased 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 in the last quarter. First Eagle Investment Management LLC increased its position in shares of FMC Technologies by 68.6% in the first quarter. First Eagle Investment Management LLC now owns 19,967,797 shares of the oil and gas company’s stock valued at $648,953,000 after buying an additional 8,122,004 shares in the last quarter. AXA increased its position in shares of FMC Technologies by 63,654.7% in the first quarter. AXA now owns 7,475,236 shares of the oil and gas company’s stock valued at $242,945,000 after buying an additional 7,463,511 shares in the last quarter. Finally, State Street Corp increased 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 in the last quarter. 65.57% of the stock is currently owned by institutional investors.
Shares of FMC Technologies, Inc. (NYSE FTI) opened at 25.57 on Friday. FMC Technologies, Inc. has a 12 month low of $25.57 and a 12 month high of $36.14. The company has a market capitalization of $11.94 billion, a PE ratio of 30.92 and a beta of 0.92. The firm has a 50-day moving average price of $27.48 and a 200-day moving average price of $30.24.
FMC Technologies (NYSE:FTI) last posted its quarterly earnings data on Wednesday, July 26th. The oil and gas company reported $0.45 EPS for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.08. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.80 billion. On average, equities research analysts predict that FMC Technologies, Inc. will post $1.06 EPS for the current year.
FMC Technologies declared that its Board of Directors has initiated a stock buyback plan on Wednesday, April 26th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 135% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
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FTI has been the topic of several recent analyst reports. Seaport Global Securities raised FMC Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $35.00 to $40.00 in a research report on Thursday, April 20th. ValuEngine downgraded FMC Technologies from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Scotiabank set a $37.00 price target on FMC Technologies and gave the stock a “buy” rating in a research report on Monday, May 1st. Morgan Stanley reaffirmed an “overweight” rating and issued a $43.00 price target (down from $45.00) on shares of FMC Technologies in a research report on Thursday, June 22nd. Finally, Cowen and Company reaffirmed a “buy” rating and issued a $32.00 price target on shares of FMC Technologies in a research report on Tuesday, July 11th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $35.29.
In other FMC Technologies news, CFO Maryann T. Mannen sold 6,500 shares of the firm’s stock in a transaction on Monday, June 5th. The stock was sold at an average price of $29.20, for a total transaction of $189,800.00. Following the transaction, the chief financial officer now owns 309,261 shares in the company, valued at approximately $9,030,421.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Bradley D. Beitler sold 12,000 shares of the firm’s stock in a transaction 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 owns 87,886 shares in the company, valued at approximately $2,812,352. The disclosure for this sale can be found here. 0.86% of the stock is owned by company insiders.
FMC Technologies Company Profile
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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