Envestnet Asset Management Inc. reduced its stake in FMC Co. (New York Stock Exchange: FMC – Get a rating) by 48.9% in the first quarter, according to its latest filing with the Securities & Exchange Commission. The company held 99,204 shares of the basic materials company after selling 94,848 shares during the quarter. Envestnet Asset Management Inc. held 0.08% of FMC worth $13,052,000 at the time of its last filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also changed their stakes in the company. Avantax Advisory Services Inc. increased its position in FMC shares by 13.9% in the 1st quarter. Avantax Advisory Services Inc. now owns 3,015 shares of the basic materials company valued at $399,000 after purchasing an additional 368 shares during the period. DekaBank Deutsche Girozentrale increased its position in FMC shares by 30.1% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 17,548 shares of the basic materials company valued at $1,914,000 after purchasing an additional 4,059 shares during the period. Kentucky Retirement Systems increased its position in FMC shares by 2.5% in the fourth quarter. Kentucky Retirement Systems now owns 7,758 shares of the basic materials company valued at $853,000 after purchasing an additional 190 shares during the period. abrdn plc increased its position in FMC shares by 12.6% in the first quarter. abrdn plc now owns 246,412 shares of the basic materials company valued at $32,803,000 after buying an additional 27,669 shares during the period. Finally, American Trust acquired a new position in FMC shares in Q4 worth $405,000. Institutional investors and hedge funds hold 88.44% of the company’s shares.
FMC stock up 0.3%
Shares of CMF Stock opened at $106.33 on Friday. The stock’s 50-day simple moving average is $108.99 and its 200-day simple moving average is $118.18. The company has a debt ratio of 0.87, a quick ratio of 0.97 and a current ratio of 1.38. FMC Co. has a 12-month low of $87.27 and a 12-month high of $140.99. The company has a market capitalization of $13.39 billion, a price/earnings ratio of 19.55, a PEG ratio of 1.32 and a beta of 0.84.
FCM (New York Stock Exchange: FMC – Get a rating) last released its quarterly earnings data on Tuesday, August 2. The basic materials company reported earnings per share of $1.93 for the quarter, beating consensus analyst estimates of $1.89 by $0.04. FMC had a return on equity of 30.64% and a net margin of 12.80%. During the same period a year earlier, the company posted EPS of $1.81. As a group, research analysts predict that FMC Co. will post EPS of 7.5 for the current year.
FMC Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 20. Shareholders of record on Friday, September 30 will receive a dividend of $0.53. This represents an annualized dividend of $2.12 and a yield of 1.99%. The ex-dividend date is Thursday, September 29. FMC’s dividend payout ratio is currently 38.97%.
Analysts set new price targets
FMC has been the subject of a number of research reports. Mizuho lowered its price target on FMC from $149.00 to $144.00 and set a “buy” rating for the company in a research report on Thursday. Wells Fargo & Company cut its price target on FMC from $150.00 to $144.00 in a Wednesday, May 4 research report. UBS Group lowered its price target on FMC from $149.00 to $140.00 and set a “buy” rating for the company in a Wednesday, July 13 research report. Redburn Partners downgraded FMC from a “buy” rating to a “neutral” rating in a Monday, June 13 research report. Finally, Credit Suisse Group lowered its price target on FMC from $109.00 to $105.00 and set an “underperform” rating for the company in a research report on Wednesday. One analyst rated the stock with a sell rating, five gave the company a hold rating and eight assigned a buy rating. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $132.64.
Insiders place their bets
In other FMC news, an insider Nicholas Pfeiffer sold 1,000 FMC shares in a trade that took place on Tuesday, June 7. The stock was sold at an average price of $119.78, for a total value of $119,780.00. Following the transaction, the insider now directly owns 11,722 shares of the company, valued at approximately $1,404,061.16. The sale was disclosed in a document filed with the SEC, accessible via this link. Insiders of the company own 0.57% of the shares of the company.
FMC Company Profile
FMC Corporation, an agricultural science company, provides crop protection, plant health, and professional pest and turf management products. It develops, markets and sells crop protection chemicals which include insecticides, herbicides and fungicides; and biologicals, crop nutrition and seed treatment products, which are used in agriculture to improve crop yield and quality by controlling a range of insects, weeds and diseases, as well as non-agricultural markets for pest control.
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