Geode Capital Management LLC raised its stake in FMC Co. (NYSE:FMC – Get Rating) by 17.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,616,708 shares of the basic materials company’s stock after acquiring an additional 382,597 shares during the quarter. Geode Capital Management LLC owned approximately 2.06% of FMC worth $286,878,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FMC. Wellington Management Group LLP raised its holdings in shares of FMC by 27.4% in the third quarter. Wellington Management Group LLP now owns 9,130,752 shares of the basic materials company’s stock worth $836,012,000 after acquiring an additional 1,964,364 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in FMC in the fourth quarter valued at $134,358,000. American Century Companies Inc. increased its stake in FMC by 37.1% in the fourth quarter. American Century Companies Inc. now owns 2,890,516 shares of the basic materials company’s stock valued at $317,638,000 after purchasing an additional 781,663 shares during the last quarter. Phoenix Holdings Ltd. acquired a new position in FMC in the fourth quarter valued at $67,306,000. Finally, Kettle Hill Capital Management LLC acquired a new position in FMC in the third quarter valued at $21,598,000. 88.44% of the stock is owned by institutional investors.
Several equities research analysts have commented on FMC shares. Morgan Stanley upped their price target on FMC from $115.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Friday, February 11th. Mizuho upped their target price on FMC from $136.00 to $155.00 in a research report on Friday, April 29th. Citigroup upped their target price on FMC from $137.00 to $152.00 and gave the stock a “buy” rating in a research report on Tuesday, March 22nd. Wells Fargo & Company decreased their target price on FMC from $150.00 to $144.00 in a research report on Wednesday, May 4th. Finally, StockNews.com downgraded FMC from a “buy” rating to a “hold” rating in a research report on Monday, May 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, FMC has an average rating of “Buy” and a consensus price target of $130.64.
FMC (NYSE:FMC – Get Rating) last announced its quarterly earnings results on Monday, May 2nd. The basic materials company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.69 by $0.19. FMC had a return on equity of 30.30% and a net margin of 14.64%. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the firm earned $1.53 EPS. Sell-side analysts predict that FMC Co. will post 7.64 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 21st. Shareholders of record on Thursday, June 30th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend is Wednesday, June 29th. FMC’s payout ratio is currently 35.69%.
FMC announced that its Board of Directors has approved a stock buyback program on Tuesday, February 8th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the basic materials company to buy up to 7.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other FMC news, EVP Michael Finian Reilly sold 4,915 shares of the stock in a transaction on Tuesday, March 1st. The stock was sold at an average price of $115.41, for a total transaction of $567,240.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nicholas Pfeiffer sold 2,181 shares of the stock in a transaction on Friday, March 11th. The shares were sold at an average price of $123.65, for a total value of $269,680.65. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,596 shares of company stock valued at $1,015,961. 0.57% of the stock is currently owned by corporate insiders.
FMC Company Profile (Get Rating)
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 include 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.
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