FMC (NYSE:FMC) Updates Q2 2024 Earnings Guidance

FMC (NYSE:FMC) issued an update on its second quarter 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 0.430-0.720 for the period, compared to the consensus earnings per share 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 Stock Down 2.9 %

FMC stock traded down $1.92 during midday trading on Wednesday, hitting $64.83. 2,705,738 shares of the stock were exchanged, compared to its average volume of 1,990,886. FMC has a 52-week low of $49.49 and a 52-week high of $112.10. 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 business’s 50-day moving average price is $60.99 and its 200-day moving average price is $57.84. The stock has a market capitalization of $8.09 billion, a price-to-earnings ratio of 6.16, a price-to-earnings-growth ratio of 1.99 and a beta of 0.88.

FMC (NYSE:FMC) last issued its quarterly earnings results on Monday, May 6th. The basic materials company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. FMC had a return on equity of 12.98% and a net margin of 29.45%. The company had revenue of $918.00 million during the quarter, compared to the consensus estimate of $1.01 billion. During the same period last year, the business posted $1.77 earnings per share. FMC’s revenue was down 31.7% on a year-over-year basis. On average, research analysts expect that FMC will post 3.88 EPS for the current fiscal year.

FMC Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Friday, June 28th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date is Friday, June 28th. FMC’s dividend payout ratio is currently 22.03%.

Wall Street Analyst Weigh In

FMC has been the topic of a number of research reports. UBS Group upgraded FMC from a neutral rating to a buy rating and boosted their price objective for the company from $61.00 to $84.00 in a research note on Wednesday, March 20th. Wolfe Research initiated coverage on shares of FMC in a report on Friday, March 1st. They issued a peer perform rating for the company. Royal Bank of Canada lowered their target price on shares of FMC from $61.00 to $59.00 and set an outperform rating on the stock in a report on Thursday, February 8th. BMO Capital Markets cut their target price on FMC from $63.00 to $61.00 and set a market perform rating for the company in a research note on Wednesday, February 7th. Finally, StockNews.com raised FMC from a sell rating to a hold rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $71.69.

Insider Activity at FMC

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

About FMC

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.