FMC Corp (NYSE:FMC) – Analysts at Jefferies Financial Group dropped their FY2021 earnings estimates for FMC in a report issued on Monday, December 3rd. Jefferies Financial Group analyst L. Alexander now expects that the basic materials company will post earnings of $8.00 per share for the year, down from their previous forecast of $8.90. Jefferies Financial Group also issued estimates for FMC’s FY2022 earnings at $8.75 EPS.
FMC (NYSE:FMC) last issued its quarterly earnings results on Monday, November 5th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. FMC had a net margin of 22.28% and a return on equity of 26.26%. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the company posted $0.70 EPS. FMC’s revenue was up 60.4% on a year-over-year basis.
A number of other research analysts have also recently issued reports on the stock. Loop Capital initiated coverage on shares of FMC in a research report on Friday, November 9th. They set a “buy” rating and a $118.00 price target for the company. Credit Suisse Group initiated coverage on shares of FMC in a research report on Monday, November 5th. They set an “outperform” rating and a $103.00 price target for the company. ValuEngine cut shares of FMC from a “hold” rating to a “sell” rating in a research report on Wednesday, October 17th. Citigroup began coverage on shares of FMC in a research note on Monday, November 5th. They set a “buy” rating and a $92.00 price objective for the company. Finally, Buckingham Research began coverage on shares of FMC in a research note on Wednesday, November 14th. They set a “buy” rating and a $106.00 price objective for the company. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $102.08.
Shares of NYSE FMC opened at $83.22 on Thursday. FMC has a 1 year low of $72.73 and a 1 year high of $98.70. The stock has a market cap of $11.21 billion, a P/E ratio of 30.71, a price-to-earnings-growth ratio of 0.88 and a beta of 1.63. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.54 and a quick ratio of 1.10.
Hedge funds have recently made changes to their positions in the company. Private Advisor Group LLC bought a new stake in shares of FMC in the second quarter worth approximately $376,000. First Hawaiian Bank bought a new stake in shares of FMC in the third quarter worth approximately $878,000. Northern Trust Corp grew its stake in shares of FMC by 7.0% in the second quarter. Northern Trust Corp now owns 2,427,168 shares of the basic materials company’s stock worth $216,528,000 after acquiring an additional 158,579 shares during the period. DNB Asset Management AS grew its stake in shares of FMC by 18.4% in the third quarter. DNB Asset Management AS now owns 18,672 shares of the basic materials company’s stock worth $1,628,000 after acquiring an additional 2,900 shares during the period. Finally, SRS Capital Advisors Inc. bought a new stake in shares of FMC in the third quarter worth approximately $125,000. Hedge funds and other institutional investors own 90.07% of the company’s stock.
FMC announced that its Board of Directors has approved a share repurchase program on Monday, December 3rd that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 17th. Stockholders of record on Friday, December 28th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Thursday, December 27th. This is a positive change from FMC’s previous quarterly dividend of $0.17. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.92%. FMC’s payout ratio is currently 24.35%.
FMC Company Profile
FMC Corporation, a diversified chemical company, provides solutions, applications, and products for the agricultural, consumer, and industrial markets worldwide. The company operates in two segments, FMC Agricultural Solutions and FMC Lithium. The FMC Agricultural Solutions segment develops, manufactures, markets, and sells crop protection chemicals, including insecticides, herbicides, and fungicides that are used in agriculture to enhance crop yield and quality by controlling a range of insects, weeds, and diseases, as well as in non-agricultural markets for pest control.
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