State of New Jersey Common Pension Fund D Sells 17,841 Shares of TechnipFMC plc (NYSE:FTI)

State of New Jersey Common Pension Fund D reduced its position in TechnipFMC plc (NYSE:FTI) by 8.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 182,532 shares of the oil and gas company’s stock after selling 17,841 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in TechnipFMC were worth $5,282,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in FTI. Blue Trust Inc. raised its holdings in TechnipFMC by 203.6% in the third quarter. Blue Trust Inc. now owns 1,096 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 735 shares in the last quarter. Compagnie Lombard Odier SCmA bought a new position in TechnipFMC in the fourth quarter worth about $45,000. V Square Quantitative Management LLC raised its holdings in TechnipFMC by 48.2% in the fourth quarter. V Square Quantitative Management LLC now owns 1,730 shares of the oil and gas company’s stock worth $50,000 after purchasing an additional 563 shares in the last quarter. Capital Performance Advisors LLP bought a new position in TechnipFMC in the third quarter worth about $56,000. Finally, True Wealth Design LLC bought a new position in TechnipFMC in the third quarter worth about $57,000. 96.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FTI has been the subject of a number of recent research reports. TD Cowen reiterated a “buy” rating and issued a $37.00 target price on shares of TechnipFMC in a report on Wednesday, November 27th. Susquehanna boosted their target price on shares of TechnipFMC from $35.00 to $37.00 and gave the stock a “positive” rating in a report on Friday, October 25th. Royal Bank of Canada initiated coverage on TechnipFMC in a research note on Monday, November 18th. They set an “outperform” rating and a $37.00 price target on the stock. Hsbc Global Res upgraded TechnipFMC from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Finally, Barclays boosted their price target on TechnipFMC from $37.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $36.15.

TechnipFMC Price Performance

Shares of NYSE FTI opened at $30.78 on Thursday. The business’s 50 day moving average price is $30.75 and its 200 day moving average price is $28.45. The firm has a market cap of $13.09 billion, a P/E ratio of 20.25 and a beta of 1.52. TechnipFMC plc has a 52 week low of $19.48 and a 52 week high of $33.45. The company has a quick ratio of 0.89, a current ratio of 1.14 and a debt-to-equity ratio of 0.22.

TechnipFMC announced that its Board of Directors has approved a share buyback plan on Wednesday, October 23rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to buy up to 9.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

TechnipFMC Profile

TechnipFMC plc engages in the energy projects, technologies, and systems and services businesses in Europe, Central Asia, North America, Latin America, the Asia Pacific, Africa, the Middle East, and internationally. It operates through two segments: Subsea and Surface Technologies. The Subsea segment engages in the design, engineering, procurement, manufacturing, fabrication, installation, and life of field services for subsea systems, subsea field infrastructure, and subsea pipe systems used in oil and gas production and transportation.