FMC (FMC) Downgraded to Hold at Zacks Investment Research
FMC (NYSE:FMC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “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. The company’s stretched valuation is another concern.”
Several other research firms have also commented on FMC. Bank of America boosted their price objective on shares of FMC from $103.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, November 8th. Credit Suisse Group reissued an “outperform” rating and set a $102.00 price objective (up previously from $93.00) on shares of FMC in a research note on Wednesday, November 8th. BMO Capital Markets boosted their price objective on shares of FMC from $80.00 to $90.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 8th. They noted that the move was a valuation call. Goldman Sachs Group assumed coverage on shares of FMC in a research note on Monday, December 4th. They set a “neutral” rating and a $98.00 price objective on the stock. Finally, KeyCorp boosted their price objective on shares of FMC from $98.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, October 16th. Eight equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $94.80.
FMC (NYSE:FMC) last posted its quarterly earnings data on Monday, November 6th. The basic materials company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. FMC had a net margin of 0.78% and a return on equity of 16.77%. The business had revenue of $646.20 million for the quarter, compared to analyst estimates of $686.21 million. During the same quarter in the previous year, the firm posted $0.67 earnings per share. FMC’s quarterly revenue was up 2.8% on a year-over-year basis. analysts anticipate that FMC will post 2.65 earnings per share for the current year.
In other news, insider Nicholas Pfeiffer sold 375 shares of the company’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $90.33, for a total value of $33,873.75. Following the transaction, the insider now owns 6,856 shares in the company, valued at $619,302.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.10% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Advisor Partners LLC bought a new position in FMC during the third quarter valued at approximately $216,000. Achmea Investment Management B.V. bought a new position in FMC during the third quarter valued at approximately $246,000. Nordea Investment Management AB lifted its position in FMC by 99.7% during the third quarter. Nordea Investment Management AB now owns 8,042 shares of the basic materials company’s stock valued at $718,000 after purchasing an additional 4,015 shares during the period. Virginia Retirement Systems ET AL bought a new position in FMC during the third quarter valued at approximately $831,000. Finally, Hanseatic Management Services Inc. lifted its position in FMC by 13.3% during the second quarter. Hanseatic Management Services Inc. now owns 14,350 shares of the basic materials company’s stock valued at $1,048,000 after purchasing an additional 1,688 shares during the period. Institutional investors own 89.28% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for FMC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FMC and related companies with MarketBeat.com's FREE daily email newsletter.