FMC Technologies, Inc. (FTI) Receives Average Recommendation of “Buy” from Brokerages
Shares of FMC Technologies, Inc. (NYSE:FTI) have received an average recommendation of “Buy” from the twenty ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and twelve have issued a buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $35.88.
FTI has been the subject of several research analyst reports. UBS AG reiterated a “buy” rating and issued a $36.00 price objective (down previously from $40.00) on shares of FMC Technologies in a report on Monday, July 31st. BMO Capital Markets reiterated a “hold” rating and issued a $35.00 price objective on shares of FMC Technologies in a report on Thursday, June 22nd. Seaport Global Securities cut FMC Technologies from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $40.00 to $26.00 in a report on Wednesday, June 21st. BidaskClub cut FMC Technologies from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 20th. Finally, Barclays PLC set a $33.00 price objective on FMC Technologies and gave the stock a “hold” rating in a report on Saturday, May 6th.
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FMC Technologies (FTI) traded up 0.7043% during trading on Friday, hitting $25.7501. The company had a trading volume of 1,422,884 shares. The stock has a market capitalization of $12.03 billion, a price-to-earnings ratio of 31.1368 and a beta of 0.92. The company’s 50 day moving average price is $27.48 and its 200-day moving average price is $30.24. FMC Technologies has a 1-year low of $25.45 and a 1-year high of $36.14.
FMC Technologies (NYSE:FTI) last released its quarterly earnings data on Wednesday, July 26th. The oil and gas company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.08. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $3.80 billion. On average, analysts expect that FMC Technologies will post $1.06 EPS for the current year.
FMC Technologies declared that its Board of Directors has initiated a share buyback plan on Wednesday, April 26th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the oil and gas company to reacquire up to 135% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
In other FMC Technologies news, CFO Maryann T. Mannen sold 6,500 shares of FMC Technologies 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 completion of the transaction, the chief financial officer now owns 309,261 shares in the company, valued at $9,030,421.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Bradley D. Beitler sold 12,000 shares of FMC Technologies stock in a transaction on Monday, May 22nd. The shares were 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 of the company’s stock, valued at approximately $2,812,352. The disclosure for this sale can be found here. 0.86% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in FTI. Quantitative Systematic Strategies LLC bought a new position in shares of FMC Technologies during the first quarter worth about $471,000. Louisiana State Employees Retirement System boosted its position in shares of FMC Technologies by 102.1% in the first quarter. Louisiana State Employees Retirement System now owns 28,700 shares of the oil and gas company’s stock worth $933,000 after buying an additional 14,500 shares during the last quarter. Retirement Systems of Alabama boosted its position in shares of FMC Technologies by 104.8% in the first quarter. Retirement Systems of Alabama now owns 225,543 shares of the oil and gas company’s stock worth $7,330,000 after buying an additional 115,437 shares during the last quarter. Mckinley Capital Management LLC Delaware bought a new position in shares of FMC Technologies during the first quarter worth about $55,640,000. Finally, Aberdeen Asset Management PLC UK boosted its position in shares of FMC Technologies by 11.1% in the first quarter. Aberdeen Asset Management PLC UK now owns 332,434 shares of the oil and gas company’s stock worth $10,804,000 after buying an additional 33,198 shares during the last quarter. Institutional investors and hedge funds own 65.57% of the company’s stock.
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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