FMC (NYSE:FMC) had its price objective upped by Credit Suisse Group from $105.00 to $113.00 in a report issued on Tuesday morning, The Fly reports. They currently have an outperform rating on the basic materials company’s stock.
Several other analysts have also issued reports on the stock. Buckingham Research initiated coverage on shares of FMC in a research report on Wednesday, November 14th. They set a buy rating and a $106.00 price target for the company. Citigroup assumed coverage on shares of FMC in a research note on Monday, November 5th. They issued a buy rating and a $92.00 price target for the company. ValuEngine raised shares of FMC from a sell rating to a hold rating in a research note on Thursday, November 1st. Finally, Loop Capital initiated coverage on shares of FMC in a research note on Friday, November 9th. They set a buy rating and a $118.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. FMC presently has a consensus rating of Buy and a consensus target price of $102.08.
FMC stock opened at $82.53 on Tuesday. FMC has a 12 month low of $72.73 and a 12 month high of $98.70. The company has a current ratio of 1.54, a quick ratio of 1.10 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $11.21 billion, a P/E ratio of 30.45, a PEG ratio of 0.89 and a beta of 1.63.
FMC (NYSE:FMC) last issued its 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. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. FMC had a net margin of 22.28% and a return on equity of 26.26%. The business’s revenue for the quarter was up 60.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.70 EPS. On average, analysts predict that FMC will post 6 earnings per share for the current year.
FMC announced that its board has authorized a share buyback program on Monday, December 3rd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the basic materials company to reacquire up to 9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 17th. Shareholders of record on Friday, December 28th will be paid a dividend of $0.40 per share. This is a positive change from FMC’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Thursday, December 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.94%. FMC’s dividend payout ratio is presently 24.35%.
A number of hedge funds and other institutional investors have recently made changes to their positions in FMC. Marshall Wace LLP lifted its holdings in FMC by 827.1% during the third quarter. Marshall Wace LLP now owns 106,213 shares of the basic materials company’s stock valued at $9,260,000 after purchasing an additional 94,757 shares in the last quarter. Vanguard Group Inc. increased its position in FMC by 0.4% during the third quarter. Vanguard Group Inc. now owns 14,445,070 shares of the basic materials company’s stock worth $1,259,321,000 after purchasing an additional 62,905 shares during the last quarter. Legal & General Group Plc increased its position in FMC by 1.5% during the third quarter. Legal & General Group Plc now owns 617,584 shares of the basic materials company’s stock worth $53,841,000 after purchasing an additional 8,963 shares during the last quarter. Standard Life Aberdeen plc increased its position in shares of FMC by 13.1% during the third quarter. Standard Life Aberdeen plc now owns 35,416 shares of the basic materials company’s stock valued at $3,087,000 after acquiring an additional 4,104 shares during the last quarter. Finally, Neuberger Berman Group LLC increased its position in shares of FMC by 56.0% during the third quarter. Neuberger Berman Group LLC now owns 20,716 shares of the basic materials company’s stock valued at $1,806,000 after acquiring an additional 7,438 shares during the last quarter. 90.07% of the stock is currently owned by hedge funds and other institutional investors.
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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