FMC (NYSE:FMC) Updates Q2 2024 Earnings Guidance

FMC (NYSE:FMC) updated its second quarter 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 0.430-0.720 for the period, compared to the consensus estimate of 0.680. The company issued revenue guidance of $1.0 billion-$1.2 billion, compared to the consensus revenue estimate of $1.1 billion. FMC also updated its FY 2024 guidance to 3.230-4.410 EPS.

FMC Price Performance

FMC traded down $0.87 during trading on Monday, reaching $60.98. The stock had a trading volume of 1,946,812 shares, compared to its average volume of 1,929,871. FMC has a 1-year low of $49.49 and a 1-year high of $114.66. The company has a quick ratio of 1.01, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The stock has a 50 day moving average of $60.27 and a two-hundred day moving average of $57.83. The firm has a market capitalization of $7.61 billion, a price-to-earnings ratio of 5.79, a price-to-earnings-growth ratio of 1.99 and a beta of 0.88.

FMC (NYSE:FMC) last announced its earnings results on Monday, May 6th. The basic materials company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.13). The firm had revenue of $918.00 million during the quarter, compared to analyst estimates of $1.01 billion. FMC had a return on equity of 12.98% and a net margin of 29.45%. The business’s quarterly revenue was down 31.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.77 earnings per share. As a group, equities analysts anticipate that FMC will post 3.88 EPS for the current fiscal year.

FMC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Friday, June 28th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date of this dividend is Friday, June 28th. FMC’s dividend payout ratio (DPR) is presently 22.03%.

Analysts Set New Price Targets

A number of analysts have commented on FMC shares. UBS Group upgraded FMC from a neutral rating to a buy rating and raised their price objective for the stock from $61.00 to $84.00 in a research report on Wednesday, March 20th. BMO Capital Markets decreased their target price on FMC from $63.00 to $61.00 and set a market perform rating for the company in a research report on Wednesday, February 7th. Bank of America cut shares of FMC from a neutral rating to an underperform rating and lowered their price objective for the company from $60.00 to $57.00 in a research report on Tuesday, January 16th. BNP Paribas lowered shares of FMC from an outperform rating to a neutral rating and set a $56.00 price objective on the stock. in a report on Wednesday, February 7th. Finally, Wolfe Research began coverage on shares of FMC in a research note on Friday, March 1st. They set a peer perform rating for the company. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, FMC currently has an average rating of Hold and an average target price of $71.75.

Insider Activity at FMC

In other FMC news, CFO Andrew D. Sandifer purchased 2,150 shares of the business’s stock in a transaction on Monday, March 4th. The shares were purchased at an average cost of $59.22 per share, for a total transaction of $127,323.00. Following the acquisition, the chief financial officer now owns 50,088 shares of the company’s stock, valued at $2,966,211.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.81% of the stock is currently owned by company insiders.

FMC Company Profile

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 includes 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.