FMC (NYSE:FMC) Updates FY24 Earnings Guidance

FMC (NYSE:FMC) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $3.23-4.41 for the period, compared to the consensus earnings per share estimate of $3.75. The company issued revenue guidance of $4.50-4.70 billion, compared to the consensus revenue estimate of $4.53 billion. FMC also updated its FY 2024 guidance to 3.230-4.410 EPS.

FMC Trading Up 9.5 %

FMC stock traded up $5.80 during midday trading on Tuesday, reaching $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 debt-to-equity ratio of 0.68, a quick ratio of 1.01 and a current ratio of 1.52. FMC has a twelve month low of $49.49 and a twelve month high of $114.66. The stock’s 50-day simple moving average is $60.43 and its 200 day simple moving average is $57.79. The stock has a market capitalization of $8.34 billion, a PE ratio of 6.23, 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. The firm had revenue of $918.00 million during the quarter, compared to analyst estimates of $1.01 billion. FMC had a net margin of 29.45% and a return on equity of 12.98%. FMC’s revenue was down 31.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.77 EPS. Analysts expect that FMC will post 3.88 EPS for the current year.

FMC Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Friday, June 28th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.32 annualized dividend and a dividend yield of 3.47%. FMC’s payout ratio is 22.03%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Royal Bank of Canada lowered their price objective on shares of FMC from $61.00 to $59.00 and set an outperform rating on the stock in a research note on Thursday, February 8th. Loop Capital lifted their target price on FMC from $55.00 to $65.00 and gave the stock a hold rating in a research report on Tuesday, March 19th. BNP Paribas downgraded FMC from an outperform rating to a neutral rating and set a $56.00 price objective for the company. in a research report on Wednesday, February 7th. KeyCorp boosted their price objective on FMC from $76.00 to $79.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Finally, Wolfe Research began coverage on shares of FMC in a research note on Friday, March 1st. They set a peer perform rating on the stock. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, FMC has a consensus rating of Hold and a consensus target price of $71.88.

Insider Activity

In related news, CFO Andrew D. Sandifer acquired 2,150 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was acquired at an average price of $59.22 per share, for a total transaction of $127,323.00. Following the completion of the acquisition, the chief financial officer now owns 50,088 shares of the company’s stock, valued at approximately $2,966,211.36. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.81% of the company’s stock.

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.