FMC (NYSE:FMC) Releases Q2 2024 Earnings Guidance

FMC (NYSE:FMC) updated its second quarter 2024 earnings guidance on Monday. The company provided EPS guidance of 0.430-0.720 for the period, compared to the consensus EPS 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 Up 9.5 %

Shares of NYSE:FMC traded up $5.80 during midday trading on Tuesday, hitting $66.78. The stock had a trading volume of 6,580,673 shares, compared to its average volume of 1,982,814. The company has a market cap of $8.34 billion, a P/E ratio of 6.23, a PEG ratio of 1.99 and a beta of 0.88. The business’s 50-day simple moving average is $60.43 and its 200-day simple moving average is $57.79. The company has a quick ratio of 1.01, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. FMC has a 12 month low of $49.49 and a 12 month high of $114.66.

FMC (NYSE:FMC) last announced its earnings results on Monday, May 6th. The basic materials company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.35 by $0.01. The firm had revenue of $918.00 million for the quarter, compared to the consensus estimate 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 period in the previous year, the business earned $1.77 EPS. On average, sell-side analysts forecast that FMC will post 3.88 earnings per share 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. The ex-dividend date is Friday, June 28th. This represents a $2.32 dividend on an annualized basis and a yield of 3.47%. FMC’s dividend payout ratio is currently 22.03%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Bank of America downgraded shares of FMC from a neutral rating to an underperform rating and decreased their price target for the stock from $60.00 to $57.00 in a research note on Tuesday, January 16th. Wolfe Research started coverage on shares of FMC in a research note on Friday, March 1st. They issued a peer perform rating for the company. BNP Paribas lowered FMC from an outperform rating to a neutral rating and set a $56.00 price target for the company. in a research report on Wednesday, February 7th. Mizuho increased their price target on FMC from $55.00 to $57.00 and gave the company a neutral rating in a research note on Tuesday. Finally, KeyCorp raised their target price on shares of FMC from $76.00 to $79.00 and gave the stock an overweight rating in a report on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $71.88.

Insider Buying and Selling

In other FMC news, CFO Andrew D. Sandifer acquired 2,150 shares of FMC stock in a transaction that occurred on Monday, March 4th. The stock was bought 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.81% of the stock is currently owned by corporate 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.