FMC Technologies, Inc. (FTI) Raised to Sell at BidaskClub
BidaskClub upgraded shares of FMC Technologies, Inc. (NYSE:FTI) from a strong sell rating to a sell rating in a research report released on Tuesday.
FTI has been the subject of a number of other research reports. BMO Capital Markets set a $37.00 target price on shares of FMC Technologies and gave the stock a hold rating in a report on Wednesday, April 12th. Seaport Global Securities raised shares of FMC Technologies from a neutral rating to a buy rating and increased their target price for the stock from $35.00 to $40.00 in a report on Thursday, April 20th. Barclays PLC set a $33.00 target price on shares of FMC Technologies and gave the stock a hold rating in a report on Saturday, May 6th. Sanford C. Bernstein raised shares of FMC Technologies from an underperform rating to a market perform rating and set a $29.00 target price for the company in a report on Tuesday, May 16th. Finally, Scotiabank set a $37.00 target price on shares of FMC Technologies and gave the stock a buy rating in a report on Monday, May 1st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $34.78.
Shares of FMC Technologies (NYSE:FTI) remained flat at $27.53 during trading on Tuesday. 1,880,613 shares of the stock were exchanged. FMC Technologies has a 12 month low of $26.25 and a 12 month high of $36.14. The company’s 50 day moving average price is $27.64 and its 200-day moving average price is $30.84. The firm has a market cap of $12.85 billion, a PE ratio of 33.29 and a beta of 0.92.
FMC Technologies (NYSE:FTI) last announced its quarterly earnings data on Wednesday, July 26th. The oil and gas company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.80 billion. On average, equities research analysts expect that FMC Technologies will post $1.06 earnings per share for the current year.
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FMC Technologies announced that its board has initiated a stock repurchase plan on Wednesday, April 26th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the oil and gas company to reacquire up to 135% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.
In related news, 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 completion of the sale, the executive vice president now owns 87,886 shares of the company’s stock, valued at approximately $2,812,352. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Maryann T. Mannen sold 6,500 shares of FMC Technologies stock in a transaction on Monday, June 5th. The shares were sold at an average price of $29.20, for a total transaction of $189,800.00. Following the completion of the sale, the chief financial officer now directly owns 309,261 shares of the company’s stock, valued at approximately $9,030,421.20. The disclosure for this sale can be found here. Company insiders own 0.86% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Johanson Financial Advisors Inc. bought a new position in shares of FMC Technologies during the first quarter valued at $201,000. Quantitative Systematic Strategies LLC bought a new position in shares of FMC Technologies during the first quarter valued at $471,000. Duff & Phelps Investment Management Co. bought a new position in shares of FMC Technologies during the first quarter valued at $5,871,000. Gateway Investment Advisers LLC boosted its position in shares of FMC Technologies by 88.0% in the first quarter. Gateway Investment Advisers LLC now owns 28,687 shares of the oil and gas company’s stock valued at $932,000 after buying an additional 13,429 shares during the period. Finally, 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 valued at $933,000 after buying an additional 14,500 shares during the period. Institutional investors and hedge funds own 64.65% of the company’s stock.
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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