Zacks Investment Research Upgrades FMC Corporation (FMC) to Hold
Zacks Investment Research upgraded shares of FMC Corporation (NYSE:FMC) from a sell rating to a hold rating in a research note issued to investors on Friday.
According to Zacks, “FMC Corp.’s adjusted earnings and sales for second-quarter 2017 beat the respective Zacks Consensus Estimate. FMC Corp. has outperformed the industry it belongs to over a year. The company should gain from its efforts to expand product portfolio. It is also seeing strong demand in its Lithium unit and is expanding production capacity to meet growing demand for electric vehicles. Moreover, FMC Corp. will benefit from the cost synergies of the Cheminova buyout. The proposed 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. However, FMC Corp. is faced with challenging agriculture market fundamentals, especially in North America. It is also exposed to headwind from weak prices. The company’s stretched valuation is another concern.”
Several other equities analysts have also recently commented on the stock. Nomura upgraded shares of FMC Corporation from a neutral rating to a buy rating and boosted their price target for the company from $78.00 to $97.00 in a report on Friday. Royal Bank Of Canada boosted their price target on shares of FMC Corporation from $83.00 to $93.00 and gave the company an outperform rating in a report on Friday. BMO Capital Markets boosted their price target on shares of FMC Corporation from $75.00 to $80.00 and gave the company a market perform rating in a report on Thursday. Piper Jaffray Companies restated a hold rating and set a $85.00 price target on shares of FMC Corporation in a report on Thursday. Finally, Credit Suisse Group set a $93.00 price target on shares of FMC Corporation and gave the company a buy rating in a report on Thursday. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the stock. FMC Corporation presently has an average rating of Buy and an average price target of $81.22.
Shares of FMC Corporation (NYSE FMC) traded up 0.08% on Friday, reaching $84.42. The company had a trading volume of 838,330 shares. The stock has a market capitalization of $11.33 billion, a PE ratio of 249.03 and a beta of 1.62. The company has a 50 day moving average price of $75.56 and a 200 day moving average price of $68.92. FMC Corporation has a 52-week low of $44.40 and a 52-week high of $85.10.
FMC Corporation (NYSE:FMC) last posted its quarterly earnings results on Tuesday, August 1st. The basic materials company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.47 by $0.01. FMC Corporation had a net margin of 1.58% and a return on equity of 16.51%. The business had revenue of $656.80 million for the quarter, compared to analysts’ expectations of $614.01 million. During the same period in the previous year, the company posted $0.46 EPS. FMC Corporation’s revenue was up 6.7% on a year-over-year basis. On average, equities research analysts anticipate that FMC Corporation will post $2.42 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Thursday, October 19th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend is Thursday, September 28th. FMC Corporation’s dividend payout ratio (DPR) is 188.58%.
In other FMC Corporation news, insider Mark Douglas sold 12,697 shares of the company’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $75.82, for a total transaction of $962,686.54. Following the completion of the sale, the insider now directly owns 73,690 shares in the company, valued at $5,587,175.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William Howard Powell sold 3,000 shares of the company’s stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $72.73, for a total transaction of $218,190.00. Following the sale, the director now owns 17,554 shares of the company’s stock, valued at $1,276,702.42. The disclosure for this sale can be found here. Insiders have sold 41,489 shares of company stock valued at $3,118,310 over the last 90 days. Corporate insiders own 1.10% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in FMC. Contravisory Investment Management Inc. boosted its stake in FMC Corporation by 163.4% in the first quarter. Contravisory Investment Management Inc. now owns 1,520 shares of the basic materials company’s stock worth $106,000 after buying an additional 943 shares during the period. Acrospire Investment Management LLC boosted its stake in FMC Corporation by 522.9% in the first quarter. Acrospire Investment Management LLC now owns 1,906 shares of the basic materials company’s stock worth $133,000 after buying an additional 1,600 shares during the period. Aviance Capital Management LLC purchased a new stake in FMC Corporation during the first quarter worth about $200,000. United Capital Financial Advisers LLC purchased a new stake in FMC Corporation during the first quarter worth about $202,000. Finally, Conning Inc. purchased a new stake in FMC Corporation during the first quarter worth about $220,000. Institutional investors own 89.97% of the company’s stock.
FMC Corporation Company Profile
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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