FMC Corporation (FMC) Raised to “Buy” at Bank of America Corporation
Bank of America Corporation upgraded shares of FMC Corporation (NYSE:FMC) from an underperform rating to a buy rating in a research report sent to investors on Thursday, MarketBeat reports. They currently have $103.00 target price on the basic materials company’s stock, up from their prior target price of $66.00.
Other analysts have also recently issued reports about the company. TheStreet upgraded FMC Corporation from a c+ rating to a b- rating in a research note on Thursday, May 4th. Zacks Investment Research upgraded FMC Corporation from a hold rating to a buy rating and set a $84.00 price target on the stock in a research note on Monday, July 10th. Jefferies Group LLC restated a buy rating and issued a $84.00 price target on shares of FMC Corporation in a research note on Thursday, July 6th. Credit Suisse Group set a $85.00 price target on FMC Corporation and gave the company a buy rating in a research note on Monday, June 26th. Finally, Royal Bank Of Canada restated a buy rating and issued a $83.00 price target on shares of FMC Corporation in a research note on Monday, June 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $84.49.
Shares of FMC Corporation (NYSE FMC) traded up 1.38% on Thursday, reaching $87.41. The company had a trading volume of 1,056,872 shares. The firm’s 50 day moving average is $81.47 and its 200 day moving average is $72.73. FMC Corporation has a 12 month low of $44.40 and a 12 month high of $88.19. The firm has a market capitalization of $11.72 billion, a PE ratio of 259.38 and a beta of 1.60.
FMC Corporation (NYSE:FMC) last posted its quarterly earnings results on Tuesday, August 1st. The basic materials company reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.01. FMC Corporation had a return on equity of 16.51% and a net margin of 1.58%. The company had revenue of $656.80 million for the quarter, compared to analysts’ expectations of $614.01 million. During the same period last year, the firm earned $0.46 earnings per share. FMC Corporation’s quarterly revenue was up 6.7% on a year-over-year basis. On average, equities research analysts expect that FMC Corporation will post $2.44 earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Thursday, October 19th. Stockholders of record on Friday, September 29th will be given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date of this dividend is Thursday, September 28th. FMC Corporation’s dividend payout ratio (DPR) is currently 188.58%.
In related news, insider Mark Douglas sold 12,697 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $75.82, for a total transaction of $962,686.54. Following the transaction, the insider now owns 73,690 shares of the company’s stock, valued at $5,587,175.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Andrea E. Utecht sold 14,174 shares of the firm’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $84.00, for a total value of $1,190,616.00. Following the transaction, the vice president now directly owns 131,639 shares in the company, valued at approximately $11,057,676. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. purchased a new position in shares of FMC Corporation during the first quarter worth about $57,433,000. Advisors Asset Management Inc. grew its holdings in shares of FMC Corporation by 20.6% during the first quarter. Advisors Asset Management Inc. now owns 31,314 shares of the basic materials company’s stock worth $2,179,000 after buying an additional 5,353 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of FMC Corporation by 0.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 375,309 shares of the basic materials company’s stock worth $26,118,000 after buying an additional 2,680 shares during the last quarter. State Treasurer State of Michigan grew its holdings in shares of FMC Corporation by 0.5% during the first quarter. State Treasurer State of Michigan now owns 43,934 shares of the basic materials company’s stock worth $3,057,000 after buying an additional 200 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in shares of FMC Corporation by 3.0% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 36,884 shares of the basic materials company’s stock worth $2,567,000 after buying an additional 1,087 shares during the last quarter. 90.45% of the stock is currently owned by hedge funds and other institutional investors.
FMC Corporation Company Profile
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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