Zacks: Brokerages Anticipate FMC Technologies, Inc. (NYSE:FTI) to Announce $0.38 Earnings Per Share
Analysts predict that FMC Technologies, Inc. (NYSE:FTI) will announce earnings per share of $0.38 for the current quarter, according to Zacks Investment Research. Twenty Three analysts have provided estimates for FMC Technologies’ earnings, with the highest EPS estimate coming in at $0.48 and the lowest estimate coming in at $0.30. FMC Technologies reported earnings per share of $0.22 in the same quarter last year, which suggests a positive year over year growth rate of 72.7%. The company is scheduled to issue its next quarterly earnings results after the market closes on Wednesday, July 26th.
According to Zacks, analysts expect that FMC Technologies will report full year earnings of $1.89 per share for the current financial year, with EPS estimates ranging from $1.80 to $1.97. For the next fiscal year, analysts forecast that the business will report earnings of $1.68 per share, with EPS estimates ranging from $1.07 to $2.20. Zacks’ EPS averages are a mean average based on a survey of sell-side research firms that that provide coverage for FMC Technologies.
FTI has been the topic of several recent research reports. Seaport Global Securities upgraded FMC Technologies from a “neutral” rating to a “buy” rating and raised their target price for the company from $35.00 to $40.00 in a report on Thursday, April 20th. ValuEngine lowered FMC Technologies from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Scotiabank set a $37.00 target price on FMC Technologies and gave the company a “buy” rating in a report on Monday, May 1st. BMO Capital Markets set a $37.00 target price on FMC Technologies and gave the company a “hold” rating in a report on Wednesday, April 12th. Finally, Morgan Stanley restated an “overweight” rating and set a $43.00 target price (down from $45.00) on shares of FMC Technologies in a report on Thursday, June 22nd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $34.95.
In related news, EVP Bradley D. Beitler sold 12,000 shares of the business’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $32.00, for a total transaction of $384,000.00. Following the transaction, the executive vice president now directly owns 87,886 shares in the company, valued at $2,812,352. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Maryann T. Mannen sold 6,500 shares of the business’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $29.20, for a total value of $189,800.00. Following the transaction, the chief financial officer now owns 309,261 shares in the company, valued at $9,030,421.20. The disclosure for this sale can be found here. Insiders own 0.86% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Thrivent Financial for Lutherans increased its stake in FMC Technologies by 7.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,900 shares of the oil and gas company’s stock worth $281,000 after buying an additional 550 shares during the last quarter. HighPoint Advisor Group LLC bought a new stake in FMC Technologies during the fourth quarter worth $703,000. Macquarie Group Ltd. increased its stake in FMC Technologies by 8.3% in the fourth quarter. Macquarie Group Ltd. now owns 5,200 shares of the oil and gas company’s stock worth $185,000 after buying an additional 400 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its stake in FMC Technologies by 112.9% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 402,915 shares of the oil and gas company’s stock worth $13,095,000 after buying an additional 213,633 shares during the last quarter. Finally, Contravisory Investment Management Inc. increased its stake in FMC Technologies by 33.2% in the first quarter. Contravisory Investment Management Inc. now owns 7,064 shares of the oil and gas company’s stock worth $230,000 after buying an additional 1,761 shares during the last quarter. Hedge funds and other institutional investors own 64.20% of the company’s stock.
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FMC Technologies (NYSE FTI) traded up 0.65% during midday trading on Wednesday, hitting $27.74. The stock had a trading volume of 3,702,041 shares. The company’s 50-day moving average price is $27.70 and its 200 day moving average price is $31.18. FMC Technologies has a 12-month low of $26.25 and a 12-month high of $36.14. The stock has a market cap of $12.94 billion, a P/E ratio of 16.64 and a beta of 0.92.
FMC Technologies declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, April 26th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the oil and gas company to repurchase up to 135% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
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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