FMC Technologies Inc. (FTI) Downgraded by Seaport Global Securities
FMC Technologies Inc. (NYSE:FTI) was downgraded by investment analysts at Seaport Global Securities from a “buy” rating to a “neutral” rating in a report issued on Thursday. They presently have a $28.00 target price on the stock, down from their previous target price of $29.00. Seaport Global Securities’ price target would indicate a potential upside of 2.00% from the company’s current price.
A number of other analysts also recently issued reports on the company. Jefferies Group restated a “hold” rating on shares of FMC Technologies in a research report on Sunday, July 10th. Barclays PLC downgraded FMC Technologies to a “neutral” rating and set a $33.00 price target for the company. in a research report on Thursday, May 26th. Credit Suisse Group AG restated a “hold” rating and issued a $26.00 price target on shares of FMC Technologies in a research report on Thursday, June 2nd. Howard Weil lowered their price target on FMC Technologies from $35.00 to $32.00 and set a “sector outperform” rating for the company in a research report on Monday, July 25th. Finally, FBR & Co restated a “hold” rating on shares of FMC Technologies in a research report on Wednesday, July 20th. Fifteen analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $31.56.
FMC Technologies (NYSE:FTI) traded down 1.93% during mid-day trading on Thursday, hitting $27.45. 4,531,508 shares of the stock were exchanged. FMC Technologies has a 52-week low of $22.30 and a 52-week high of $35.93. The stock has a market cap of $6.19 billion, a price-to-earnings ratio of 39.27 and a beta of 1.22. The stock has a 50 day moving average of $27.62 and a 200-day moving average of $27.36.
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FMC Technologies (NYSE:FTI) last posted its earnings results on Wednesday, July 20th. The company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by $0.08. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.26 billion. FMC Technologies had a net margin of 2.99% and a return on equity of 13.44%. The firm’s revenue was down 32.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.52 earnings per share. Equities analysts predict that FMC Technologies will post $0.92 EPS for the current fiscal year.
In related news, VP Sanjay Bhatia sold 2,800 shares of FMC Technologies stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $28.44, for a total transaction of $79,632.00. Following the completion of the sale, the vice president now owns 48,943 shares of the company’s stock, valued at $1,391,938.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.86% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in FMC Technologies by 1.3% in the second quarter. Vanguard Group Inc. now owns 21,330,267 shares of the company’s stock worth $568,879,000 after buying an additional 263,849 shares during the period. First Eagle Investment Management LLC increased its stake in FMC Technologies by 4.3% in the second quarter. First Eagle Investment Management LLC now owns 15,738,006 shares of the company’s stock worth $419,733,000 after buying an additional 644,558 shares during the period. State Street Corp increased its stake in FMC Technologies by 2.9% in the first quarter. State Street Corp now owns 13,060,064 shares of the company’s stock worth $357,322,000 after buying an additional 363,785 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in FMC Technologies by 4.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 6,214,653 shares of the company’s stock worth $170,033,000 after buying an additional 249,087 shares during the period. Finally, Fairpointe Capital LLC increased its stake in FMC Technologies by 2.8% in the first quarter. Fairpointe Capital LLC now owns 5,831,120 shares of the company’s stock worth $159,539,000 after buying an additional 157,397 shares during the period. 89.63% of the stock is owned by hedge funds and other institutional investors.
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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