FMC (NYSE:FMC) Updates FY 2024 Earnings Guidance

FMC (NYSE:FMCGet Free Report) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 3.230-4.410 for the period, compared to the consensus earnings per share estimate of 4.380. The company issued revenue guidance of $4.5 billion-$4.7 billion, compared to the consensus revenue estimate of $4.7 billion. FMC also updated its FY24 guidance to $3.23-4.41 EPS.

FMC Price Performance

Shares of FMC stock traded down $1.01 during trading on Monday, hitting $60.42. The stock had a trading volume of 3,609,317 shares, compared to its average volume of 1,598,530. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.54 and a quick ratio of 0.96. The firm has a market cap of $7.54 billion, a P/E ratio of 15.47, a PEG ratio of 1.77 and a beta of 0.88. The business has a fifty day moving average of $58.47 and a two-hundred day moving average of $67.66. FMC has a fifty-two week low of $49.49 and a fifty-two week high of $131.77.

FMC Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 18th. Stockholders of record on Friday, December 29th were issued a $0.58 dividend. The ex-dividend date was Thursday, December 28th. This represents a $2.32 annualized dividend and a dividend yield of 3.84%. FMC’s dividend payout ratio (DPR) is 59.03%.

Analyst Ratings Changes

FMC has been the subject of several research analyst reports. The Goldman Sachs Group restated a neutral rating and issued a $59.00 price objective (down previously from $135.00) on shares of FMC in a report on Tuesday, October 24th. Morgan Stanley restated an equal weight rating and issued a $70.00 price objective (down previously from $100.00) on shares of FMC in a report on Tuesday, October 24th. BMO Capital Markets lowered FMC from an outperform rating to a market perform rating and cut their price objective for the company from $80.00 to $63.00 in a report on Thursday, December 14th. Royal Bank of Canada reaffirmed an outperform rating and set a $61.00 target price on shares of FMC in a research report on Friday, November 17th. Finally, Roth Mkm started coverage on FMC in a research report on Thursday, January 4th. They set a buy rating and a $74.00 target price on the stock. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, FMC currently has a consensus rating of Hold and a consensus price target of $80.38.

Get Our Latest Analysis on FMC

Insider Activity at FMC

In other news, Director Robert C. Pallash bought 3,845 shares of the stock in a transaction on Monday, November 27th. The shares were purchased at an average price of $52.48 per share, for a total transaction of $201,785.60. Following the completion of the purchase, the director now directly owns 47,871 shares of the company’s stock, valued at approximately $2,512,270.08. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.85% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank bought a new stake in shares of FMC during the 4th quarter worth about $215,051,000. Morgan Stanley boosted its stake in shares of FMC by 80.7% during the 4th quarter. Morgan Stanley now owns 2,557,733 shares of the basic materials company’s stock worth $319,205,000 after acquiring an additional 1,142,531 shares in the last quarter. Invesco Ltd. boosted its stake in shares of FMC by 41.5% during the 1st quarter. Invesco Ltd. now owns 1,581,629 shares of the basic materials company’s stock worth $208,094,000 after acquiring an additional 463,542 shares in the last quarter. Eaton Vance Management boosted its stake in shares of FMC by 34.7% during the 1st quarter. Eaton Vance Management now owns 1,236,301 shares of the basic materials company’s stock worth $162,660,000 after acquiring an additional 318,212 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of FMC during the 4th quarter worth about $34,118,000. Hedge funds and other institutional investors own 86.91% of the company’s stock.

FMC Company Profile

(Get Free Report)

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 include 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.

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Earnings History and Estimates for FMC (NYSE:FMC)

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