FMC (NYSE:FMC) released its quarterly earnings results on Monday. The basic materials company reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.05, Bloomberg Earnings reports. FMC had a net margin of 22.28% and a return on equity of 26.26%. During the same quarter in the prior year, the company posted $1.10 EPS. FMC updated its FY 2019 guidance to $5.55-5.75 EPS and its Q1 2019 guidance to $1.58-1.68 EPS.
Shares of FMC opened at $84.76 on Tuesday. FMC has a 12 month low of $69.36 and a 12 month high of $92.95. The firm has a market cap of $11.39 billion, a P/E ratio of 31.28, a price-to-earnings-growth ratio of 1.01 and a beta of 1.49. The company has a quick ratio of 1.10, a current ratio of 1.54 and a debt-to-equity ratio of 0.84.
The firm also recently announced a quarterly dividend, which was paid on Thursday, January 17th. Investors of record on Friday, December 28th were issued a dividend of $0.40 per share. This is a boost from FMC’s previous quarterly dividend of $0.17. The ex-dividend date was Thursday, December 27th. This represents a $1.60 annualized dividend and a yield of 1.89%. FMC’s dividend payout ratio is presently 59.04%.
FMC declared that its Board of Directors has approved a stock buyback program on Monday, December 3rd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the basic materials company to reacquire up to 9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
In other FMC news, Director Eduardo E. Cordeiro bought 3,500 shares of FMC stock in a transaction that occurred on Thursday, December 20th. The stock was acquired at an average price of $71.90 per share, for a total transaction of $251,650.00. Following the completion of the acquisition, the director now owns 21,645 shares of the company’s stock, valued at approximately $1,556,275.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.20% of the company’s stock.
A number of hedge funds have recently made changes to their positions in FMC. Advisors Asset Management Inc. lifted its stake in FMC by 15.3% in the second quarter. Advisors Asset Management Inc. now owns 43,495 shares of the basic materials company’s stock valued at $3,880,000 after acquiring an additional 5,766 shares during the last quarter. DNB Asset Management AS lifted its stake in FMC by 18.4% in the third quarter. DNB Asset Management AS now owns 18,672 shares of the basic materials company’s stock valued at $1,628,000 after acquiring an additional 2,900 shares during the last quarter. Bank of Montreal Can lifted its stake in FMC by 30.7% in the third quarter. Bank of Montreal Can now owns 65,778 shares of the basic materials company’s stock valued at $5,733,000 after acquiring an additional 15,466 shares during the last quarter. New Jersey Better Educational Savings Trust acquired a new stake in FMC in the third quarter valued at $523,000. Finally, State of New Jersey Common Pension Fund D lifted its stake in FMC by 684.2% in the third quarter. State of New Jersey Common Pension Fund D now owns 149,000 shares of the basic materials company’s stock valued at $12,989,000 after acquiring an additional 130,000 shares during the last quarter. Hedge funds and other institutional investors own 90.89% of the company’s stock.
Several research analysts have recently issued reports on FMC shares. Credit Suisse Group boosted their price objective on shares of FMC from $105.00 to $113.00 and gave the stock an “outperform” rating in a report on Tuesday, December 4th. ValuEngine upgraded shares of FMC from a “sell” rating to a “hold” rating in a research report on Thursday, November 1st. Loop Capital set a $118.00 price target on shares of FMC and gave the company a “buy” rating in a research report on Wednesday, December 5th. Citigroup set a $96.00 target price on shares of FMC and gave the stock a “buy” rating in a research report on Sunday, November 11th. Finally, Zacks Investment Research lowered shares of FMC from a “hold” rating to a “sell” rating in a research report on Monday, February 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $102.17.
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FMC Corporation, a diversified chemical company, provides solutions, applications, and products for the agricultural, consumer, and industrial markets worldwide. The company operates in two segments, FMC Agricultural Solutions and FMC Lithium. The FMC Agricultural Solutions segment develops, manufactures, markets, and sells crop protection chemicals, including insecticides, herbicides, and fungicides that 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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