FMC Corp (NYSE:FMC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday, May 8th.
According to Zacks, “FMC Corp.’s adjusted earnings and sales for first-quarter 2017 missed the respective Zacks Consensus Estimate. The company cut its earnings outlook for 2017. FMC Corp. has outperformed the Zacks categorized Chemicals-Diversified industry over a year. FMC Corp. should gain from its efforts to expand product portfolio. The company 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, agricultural market conditions remain challenging in North America. Global crop protection markets also remain weak. FMC Corp. is also exposed to currency headwinds. The company’s stretched valuation is another concern.”
FMC has been the subject of a number of other reports. Royal Bank of Canada restated a “buy” rating and set a $71.00 price objective on shares of FMC Corp in a research note on Tuesday, March 28th. Credit Suisse Group AG upped their target price on shares of FMC Corp from $57.00 to $66.00 and gave the company an “outperform” rating in a report on Wednesday, January 25th. Instinet upped their target price on shares of FMC Corp from $57.00 to $61.00 and gave the company a “neutral” rating in a report on Wednesday, February 8th. Longbow Research raised shares of FMC Corp from a “neutral” rating to a “buy” rating and set a $70.00 target price on the stock in a report on Wednesday, February 8th. Finally, Piper Jaffray Companies upped their target price on shares of FMC Corp from $51.00 to $55.00 and gave the company a “neutral” rating in a report on Wednesday, February 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the stock. FMC Corp presently has an average rating of “Buy” and an average target price of $74.16.
FMC Corp (NYSE:FMC) last posted its quarterly earnings data on Tuesday, May 2nd. The basic materials company reported $0.43 EPS for the quarter, missing the Zacks’ consensus estimate of $0.56 by $0.13. FMC Corp had a return on equity of 18.60% and a net margin of 6.37%. The business had revenue of $596 million for the quarter, compared to analyst estimates of $742.50 million.
The business also recently announced a quarterly dividend, which will be paid on Thursday, July 20th. Shareholders of record on Friday, June 30th will be given a $0.165 dividend. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $0.66 dividend on an annualized basis and a yield of 0.89%. FMC Corp’s dividend payout ratio is currently 42.31%.
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In other FMC Corp news, Director William Howard Powell sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $72.73, for a total value of $218,190.00. Following the sale, the director now owns 17,554 shares in the company, valued at $1,276,702.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Andrea E. Utecht sold 14,434 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $74.62, for a total transaction of $1,077,065.08. Following the completion of the sale, the vice president now owns 131,899 shares in the company, valued at approximately $9,842,303.38. The disclosure for this sale can be found here. Insiders sold 28,792 shares of company stock worth $2,155,624 in the last 90 days. Company insiders own 1.00% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of FMC Corp by 4.8% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,035 shares of the basic materials company’s stock worth $18,661,000 after buying an additional 17,751 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of FMC Corp by 1.1% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 267,618 shares of the basic materials company’s stock worth $12,937,000 after buying an additional 2,811 shares during the period. CWM LLC raised its position in shares of FMC Corp by 5.3% in the first quarter. CWM LLC now owns 13,910 shares of the basic materials company’s stock worth $968,000 after buying an additional 704 shares during the period. Frontier Capital Management Co. LLC raised its position in shares of FMC Corp by 76.6% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,265,196 shares of the basic materials company’s stock worth $71,559,000 after buying an additional 548,629 shares during the period. Finally, UBS Asset Management Americas Inc. raised its position in shares of FMC Corp by 0.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 312,918 shares of the basic materials company’s stock worth $17,698,000 after buying an additional 1,575 shares during the period. Institutional investors own 94.35% of the company’s stock.
About FMC Corp
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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