Zacks Investment Research downgraded shares of FMC (NYSE:FMC) from a strong-buy rating to a hold rating in a report released on Thursday morning.
According to Zacks, “FMC Corp. has outperformed the industry it belongs to over a year. The company is seeing strong demand in its Lithium unit and is expanding production capacity to meet growing demand for electric vehicles. The acquisition of a major portion of DuPont's Crop Protection business has also provided a significant growth platform for the company's Agricultural Solutions unit. The company should also gain from its efforts to expand product portfolio. However, FMC Corp. is faced with challenging agriculture market fundamentals, especially in Latin America. It is also exposed to headwind from weak prices in its agriculture unit. The company’s stretched valuation is another concern.”
FMC has been the topic of a number of other reports. Credit Suisse Group restated an outperform rating and issued a $102.00 price objective (up from $93.00) on shares of FMC in a report on Wednesday, November 8th. KeyCorp reaffirmed a buy rating and issued a $98.00 target price on shares of FMC in a research report on Wednesday, October 4th. Piper Jaffray Companies set a $85.00 target price on shares of FMC and gave the company a hold rating in a research report on Friday, October 6th. Nomura increased their target price on shares of FMC from $97.00 to $106.00 and gave the company a buy rating in a research report on Wednesday, November 8th. Finally, Royal Bank of Canada reaffirmed an outperform rating and issued a $110.00 target price (up from $102.00) on shares of FMC in a research report on Thursday, November 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $92.70.
FMC (NYSE:FMC) last announced its quarterly earnings data on Monday, November 6th. The basic materials company reported $0.70 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.07. FMC had a net margin of 0.78% and a return on equity of 16.77%. The business had revenue of $646.20 million for the quarter, compared to analyst estimates of $686.21 million. During the same period last year, the business earned $0.67 EPS. The company’s revenue was up 2.8% on a year-over-year basis. equities research analysts expect that FMC will post 2.65 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 18th. Shareholders of record on Friday, December 29th will be given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend is Thursday, December 28th. FMC’s payout ratio is currently 45.21%.
In other FMC news, insider Nicholas Pfeiffer sold 375 shares of the firm’s stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $90.33, for a total transaction of $33,873.75. Following the transaction, the insider now directly owns 6,856 shares of the company’s stock, valued at approximately $619,302.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.10% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Third Point LLC grew its position in FMC by 10.0% during the 3rd quarter. Third Point LLC now owns 2,200,000 shares of the basic materials company’s stock worth $196,482,000 after purchasing an additional 200,000 shares during the last quarter. Legal & General Group Plc grew its position in FMC by 2.3% during the 3rd quarter. Legal & General Group Plc now owns 673,069 shares of the basic materials company’s stock worth $60,107,000 after purchasing an additional 14,836 shares during the last quarter. Parametric Portfolio Associates LLC grew its position in FMC by 7.4% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 333,898 shares of the basic materials company’s stock worth $29,820,000 after purchasing an additional 23,051 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in shares of FMC by 7.1% in the second quarter. New York State Common Retirement Fund now owns 327,500 shares of the basic materials company’s stock valued at $23,924,000 after acquiring an additional 21,799 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of FMC by 134.4% in the third quarter. JPMorgan Chase & Co. now owns 288,014 shares of the basic materials company’s stock valued at $25,334,000 after acquiring an additional 165,136 shares in the last quarter. 89.28% of the stock is currently owned by institutional investors.
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FMC Corporation is a diversified chemical company serving agricultural, consumer and industrial markets. The Company operates in three business segments: FMC Agricultural Solutions, FMC Health and Nutrition, and FMC Lithium. As of December 31, 2016, the FMC Agricultural Solutions segment developed, marketed and sold three classes of crop protection chemicals: insecticides, herbicides and fungicides.
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