FMC (NYSE:FMC) Stock Price Target Cut by Royal Bank Of Canada

FMC (NYSE:FMC) had its price target dropped by research analysts at Royal Bank Of Canada from $11.00 to $9.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “sector perform” rating on the basic materials company’s stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 69.01% from the stock’s previous close.

Several other analysts have also recently weighed in on the company. UBS Group dropped their price objective on FMC from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Monday, October 5th. KeyCorp initiated coverage on shares of FMC in a research note on Friday, September 11th. They issued an “overweight” rating and a $16.00 target price on the stock. JPMorgan Chase & Co. reduced their price target on shares of FMC from $16.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, July 31st. Zacks Research downgraded shares of FMC from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 1st. Finally, Seaport Research Partners set a $21.00 price objective on shares of FMC in a report on Tuesday, August 4th. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $13.38.

FMC Trading Down 34.2%

Shares of NYSE FMC traded down $2.77 during midday trading on Thursday, hitting $5.33. The stock had a trading volume of 11,717,466 shares, compared to its average volume of 3,913,821. The firm has a market cap of $666.83 million, a P/E ratio of -0.25 and a beta of 0.45. FMC has a fifty-two week low of $4.84 and a fifty-two week high of $30.95. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.99 and a quick ratio of 1.48. The company’s 50-day simple moving average is $10.44 and its 200 day simple moving average is $12.24.

FMC (NYSE:FMC) last issued its quarterly earnings results on Wednesday, July 29th. The basic materials company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. The business had revenue of $841.40 million for the quarter, compared to analyst estimates of $895.14 million. FMC had a positive return on equity of 11.35% and a negative net margin of 84.83%. The firm’s revenue for the quarter was down 17.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.69 earnings per share. Research analysts anticipate that FMC will post 1.23 EPS for the current year.

Hedge Funds Weigh In On FMC

A number of large investors have recently bought and sold shares of FMC. GAMMA Investing LLC grew its stake in shares of FMC by 47.7% during the 3rd quarter. GAMMA Investing LLC now owns 6,620 shares of the basic materials company’s stock worth $59,000 after acquiring an additional 2,139 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of FMC by 379.4% in the second quarter. Sequoia Financial Advisors LLC now owns 65,414 shares of the basic materials company’s stock valued at $752,000 after purchasing an additional 51,768 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of FMC by 31.1% in the second quarter. Tidal Investments LLC now owns 25,562 shares of the basic materials company’s stock valued at $294,000 after purchasing an additional 6,061 shares during the last quarter. WINTON GROUP Ltd bought a new stake in shares of FMC in the second quarter worth $171,000. Finally, IFP Advisors Inc lifted its position in shares of FMC by 99.0% in the second quarter. IFP Advisors Inc now owns 2,726 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 1,356 shares in the last quarter. Institutional investors and hedge funds own 91.86% of the company’s stock.

FMC News Summary

Here are the key news stories impacting FMC this week:

• Positive Sentiment: FMC announced commercial actions in Brazil, Argentina, the United States and Canada intended to accelerate the movement of products through distribution channels and support future replenishment demand. The company also said it expects to comply with its debt covenants as of September 30 and will discuss potential covenant modifications with its banks. FMC Corporation Provides Update to Third-Quarter Expectations
• Neutral Sentiment: The company plans to lower prices on selected products held by channel customers and revise its U.S. selling and pricing model to narrow the gap between gross and net pricing. These steps could improve inventory movement but are likely to pressure near-term margins and revenue. FMC Guides Below Expectations on Weak Demand and Price Cuts
• Negative Sentiment: FMC now expects third-quarter revenue of only $65 million to $125 million and adjusted EBITDA of negative $565 million to $510 million. The revised outlook includes approximately $625 million to $675 million of charges tied to commercial actions. An earlier reported revenue range of $690 million to $800 million was also below the roughly $865 million consensus estimate, underscoring the severity of the subsequent revision. FMC Third-Quarter Update
• Negative Sentiment: High inventories of more expensive products at certain channel customers are slowing product movement and reducing near-term demand. The company has not finalized its quarterly results and said it cannot yet estimate complete GAAP results, increasing uncertainty ahead of its scheduled October 29 earnings release. FMC Shares Plunge as Company Cuts Outlook

About FMC

FMC Corporation (NYSE: FMC) is an agricultural sciences company that develops, manufactures and markets crop protection products for farmers and other agricultural professionals. Its portfolio includes herbicides, insecticides and fungicides used to help protect crops from weeds, insects and diseases.

The company also develops biological and other crop health solutions, supported by research in areas such as plant science, chemistry and biotechnology. FMC’s products are used across a range of crops and growing conditions, and the company serves agricultural markets in North America, Latin America, Europe, Asia and other regions worldwide.

FMC traces its origins to 1883 and has evolved through acquisitions and investments in agricultural technology into a focused crop protection company.