Convergence Financial LLC Raises Stock Holdings in FMC Corporation (NYSE:FMC)

Convergence Financial LLC grew its stake in FMC Corporation (NYSE:FMC) by 8.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,528 shares of the basic materials company’s stock after acquiring an additional 929 shares during the quarter. Convergence Financial LLC’s holdings in FMC were worth $529,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in FMC during the fourth quarter worth about $49,888,000. Invesco Ltd. raised its stake in FMC by 37.8% during the fourth quarter. Invesco Ltd. now owns 3,559,107 shares of the basic materials company’s stock worth $173,008,000 after purchasing an additional 977,110 shares during the period. Dimensional Fund Advisors LP raised its stake in FMC by 44.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,286,177 shares of the basic materials company’s stock worth $111,131,000 after purchasing an additional 707,727 shares during the period. Bank of New York Mellon Corp raised its position in shares of FMC by 48.9% in the 4th quarter. Bank of New York Mellon Corp now owns 2,088,235 shares of the basic materials company’s stock worth $101,509,000 after buying an additional 685,995 shares during the period. Finally, Balyasny Asset Management L.P. raised its position in shares of FMC by 762.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 484,040 shares of the basic materials company’s stock worth $23,529,000 after buying an additional 427,915 shares during the period. 91.86% of the stock is currently owned by hedge funds and other institutional investors.

FMC Price Performance

FMC stock opened at $42.99 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.54 and a debt-to-equity ratio of 0.69. FMC Corporation has a 52-week low of $32.83 and a 52-week high of $68.55. The stock’s 50 day moving average is $40.26 and its two-hundred day moving average is $42.84. The company has a market capitalization of $5.37 billion, a PE ratio of 16.41, a P/E/G ratio of 1.29 and a beta of 0.76.

FMC (NYSE:FMC) last issued its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.10. The business had revenue of $791.40 million during the quarter, compared to analyst estimates of $783.70 million. FMC had a net margin of 7.97% and a return on equity of 9.12%. The business’s revenue was down 13.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.36 earnings per share. Analysts predict that FMC Corporation will post 3.48 earnings per share for the current fiscal year.

FMC Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 17th. Investors of record on Monday, June 30th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 5.40%. The ex-dividend date of this dividend is Monday, June 30th. FMC’s dividend payout ratio is currently 88.55%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. UBS Group increased their target price on FMC from $38.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, May 1st. Wells Fargo & Company upgraded FMC from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $41.00 to $50.00 in a report on Monday, June 23rd. Wall Street Zen upgraded FMC from a “sell” rating to a “hold” rating in a report on Saturday, June 14th. Mizuho upgraded shares of FMC from a “neutral” rating to an “outperform” rating and set a $49.00 price target on the stock in a report on Friday, April 25th. Finally, KeyCorp raised their price target on shares of FMC from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, FMC currently has a consensus rating of “Hold” and a consensus price target of $50.15.

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.