FMC Corporation (FMC) Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of FMC Corporation (NYSE:FMC) from a strong-buy rating to a hold rating in a research note released on Friday morning.
According to Zacks, “FMC Corp. saw lower profits in the third quarter. Adjusted earnings beat the Zacks Consensus Estimate, but sales missed. FMC Corp. has outperformed the industry it belongs to over a year. The company is seeing strong demand in its Lithium unit and is expanding production capacity to meet growing demand for electric vehicles. The 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. The company should also gain from its efforts to expand product portfolio. However, FMC Corp. is faced with challenging agriculture market fundamentals, especially in Latin America. It is also exposed to headwind from weak prices in its agriculture unit, mostly in Brazil. The company’s stretched valuation is another concern.”
Several other brokerages have also issued reports on FMC. KeyCorp upped their target price on shares of FMC Corporation from $98.00 to $105.00 and gave the stock a buy rating in a research report on Monday, October 16th. Royal Bank Of Canada upped their target price on shares of FMC Corporation from $83.00 to $93.00 and gave the stock an outperform rating in a research report on Friday, August 4th. Piper Jaffray Companies set a $85.00 target price on shares of FMC Corporation and gave the stock a hold rating in a research report on Friday, October 6th. Jefferies Group LLC reiterated a buy rating and issued a $100.00 target price on shares of FMC Corporation in a research report on Friday, September 15th. Finally, Bank of America Corporation upgraded shares of FMC Corporation from an underperform rating to a buy rating and upped their target price for the stock from $66.00 to $103.00 in a research report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $90.94.
FMC Corporation (FMC) traded up $1.06 during trading on Friday, hitting $93.22. 733,600 shares of the stock traded hands, compared to its average volume of 1,143,558. The company has a market capitalization of $12,515.90, a PE ratio of 37.44, a P/E/G ratio of 3.12 and a beta of 1.62. FMC Corporation has a 52-week low of $52.24 and a 52-week high of $95.08. The company has a current ratio of 2.19, a quick ratio of 1.91 and a debt-to-equity ratio of 0.70.
FMC Corporation (NYSE:FMC) last announced its earnings results on Monday, November 6th. The basic materials company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.07. FMC Corporation had a net margin of 0.78% and a return on equity of 16.77%. The company had revenue of $646.20 million during the quarter, compared to analyst estimates of $686.21 million. During the same period in the previous year, the business earned $0.67 earnings per share. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. equities research analysts forecast that FMC Corporation will post 2.66 EPS for the current year.
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In related news, VP Andrea E. Utecht sold 14,174 shares of the stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $84.00, for a total value of $1,190,616.00. Following the completion of the transaction, the vice president now directly owns 131,639 shares of the company’s stock, valued at $11,057,676. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.10% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Advisor Partners LLC bought a new position in FMC Corporation in the third quarter worth about $216,000. Achmea Investment Management B.V. bought a new position in FMC Corporation in the third quarter worth about $246,000. Nordea Investment Management AB raised its stake in FMC Corporation by 99.7% in the third quarter. Nordea Investment Management AB now owns 8,042 shares of the basic materials company’s stock worth $718,000 after buying an additional 4,015 shares in the last quarter. Virginia Retirement Systems ET AL bought a new position in FMC Corporation in the third quarter worth about $831,000. Finally, Hanseatic Management Services Inc. raised its stake in FMC Corporation by 13.3% in the second quarter. Hanseatic Management Services Inc. now owns 14,350 shares of the basic materials company’s stock worth $1,048,000 after buying an additional 1,688 shares in the last quarter. 90.77% of the stock is owned by institutional investors.
About FMC Corporation
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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