FMC (NYSE:FMC) Releases FY24 Earnings Guidance

FMC (NYSE:FMC) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $3.23-4.41 for the period, compared to the consensus earnings per share estimate of $3.75. The company issued revenue guidance of $4.50-4.70 billion, compared to the consensus revenue estimate of $4.53 billion. FMC also updated its FY 2024 guidance to 3.230-4.410 EPS.

FMC Price Performance

FMC stock traded up $1.69 during trading hours on Thursday, reaching $66.53. 285,309 shares of the stock were exchanged, compared to its average volume of 1,971,800. The stock has a 50 day moving average of $60.99 and a two-hundred day moving average of $57.84. The company has a market cap of $8.30 billion, a P/E ratio of 6.16, a price-to-earnings-growth ratio of 1.99 and a beta of 0.88. The company has a current ratio of 1.52, a quick ratio of 1.01 and a debt-to-equity ratio of 0.68. FMC has a twelve month low of $49.49 and a twelve month high of $112.10.

FMC (NYSE:FMC) last posted its quarterly earnings results on Monday, May 6th. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.01. FMC had a net margin of 29.45% and a return on equity of 12.98%. The business had revenue of $918.00 million for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the business posted $1.77 EPS. The firm’s revenue for the quarter was down 31.7% on a year-over-year basis. Equities analysts expect that FMC will post 3.88 EPS for the current fiscal year.

FMC Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Friday, June 28th will be paid a $0.58 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.32 annualized dividend and a dividend yield of 3.49%. FMC’s payout ratio is 22.03%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Royal Bank of Canada reduced their price objective on FMC from $61.00 to $59.00 and set an outperform rating on the stock in a research note on Thursday, February 8th. BMO Capital Markets decreased their target price on FMC from $63.00 to $61.00 and set a market perform rating on the stock in a research report on Wednesday, February 7th. Bank of America cut FMC from a neutral rating to an underperform rating and decreased their target price for the company from $60.00 to $57.00 in a research report on Tuesday, January 16th. Wells Fargo & Company lifted their target price on FMC from $65.00 to $68.00 and gave the company an equal weight rating in a research report on Wednesday. Finally, UBS Group upgraded FMC from a neutral rating to a buy rating and lifted their target price for the company from $61.00 to $84.00 in a research report on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $71.69.

Insider Buying and Selling

In related news, CFO Andrew D. Sandifer purchased 2,150 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were bought at an average cost of $59.22 per share, with a total value of $127,323.00. Following the acquisition, the chief financial officer now owns 50,088 shares of the company’s stock, valued at $2,966,211.36. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.81% of the stock is currently owned by corporate insiders.

FMC Company Profile

FMC Corporation, an agricultural sciences company, provides crop protection, plant health, and professional pest and turf management products. It develops, markets, and sells crop protection chemicals that includes insecticides, herbicides, and fungicides; and biologicals, crop nutrition, and seed treatment products, which 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.