Westwood Holdings Group Inc. decreased its position in shares of FMC Technologies, Inc. (NYSE:FTI) by 3.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,000 shares of the oil and gas company’s stock after selling 370 shares during the period. Westwood Holdings Group Inc.’s holdings in FMC Technologies were worth $390,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in FMC Technologies by 3,127.8% in the first quarter. BlackRock Inc. now owns 20,159,977 shares of the oil and gas company’s stock worth $655,198,000 after buying an additional 19,535,400 shares in the last quarter. OppenheimerFunds Inc. raised its position in shares of FMC Technologies by 5,960.8% in the first quarter. OppenheimerFunds Inc. now owns 13,171,232 shares of the oil and gas company’s stock worth $428,601,000 after buying an additional 12,953,913 shares during the period. First Eagle Investment Management LLC raised its position in shares of FMC Technologies by 68.6% in the first quarter. First Eagle Investment Management LLC now owns 19,967,797 shares of the oil and gas company’s stock worth $648,953,000 after buying an additional 8,122,004 shares during the period. AXA raised its position in shares of FMC Technologies by 63,654.7% in the first quarter. AXA now owns 7,475,236 shares of the oil and gas company’s stock worth $242,945,000 after buying an additional 7,463,511 shares during the period. Finally, State Street Corp raised its position in shares of FMC Technologies by 48.1% in the first quarter. State Street Corp now owns 20,471,445 shares of the oil and gas company’s stock worth $665,332,000 after buying an additional 6,648,002 shares during the period. Institutional investors and hedge funds own 64.15% of the company’s stock.
Shares of FMC Technologies, Inc. (NYSE:FTI) opened at 27.81 on Tuesday. The company’s 50-day moving average price is $29.03 and its 200-day moving average price is $32.11. The company has a market capitalization of $12.97 billion, a price-to-earnings ratio of 16.68 and a beta of 0.92. FMC Technologies, Inc. has a 52-week low of $26.25 and a 52-week high of $36.14.
FMC Technologies declared that its Board of Directors has approved a stock buyback plan on Wednesday, April 26th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the oil and gas company to repurchase up to 135% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
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A number of research analysts have issued reports on the company. Jefferies Group LLC reiterated a “hold” rating and set a $31.00 price target on shares of FMC Technologies in a research report on Friday. Sanford C. Bernstein downgraded FMC Technologies from a “market perform” rating to an “underperform” rating and dropped their price objective for the stock from $39.00 to $22.00 in a research note on Thursday, July 13th. Cowen and Company reissued a “buy” rating and issued a $32.00 price objective on shares of FMC Technologies in a research note on Tuesday, July 11th. ValuEngine raised FMC Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, July 8th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $43.00 price objective (down previously from $45.00) on shares of FMC Technologies in a research note on Thursday, June 22nd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $34.60.
In related news, EVP Bradley D. Beitler sold 12,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now directly 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 can be accessed through this link. Also, CFO Maryann T. Mannen sold 6,500 shares of the firm’s stock in a transaction that occurred 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 directly owns 309,261 shares of the company’s stock, valued at $9,030,421.20. The disclosure for this sale can be found here. 0.86% of the stock is currently owned by company insiders.
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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