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 Price Performance

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

FMC (NYSE:FMC) last issued its quarterly 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. FMC had a net margin of 29.45% and a return on equity of 12.98%. The company had revenue of $918.00 million during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the previous year, the firm earned $1.77 EPS. The firm’s revenue was down 31.7% compared to the same quarter last year. On average, equities research analysts forecast that FMC will post 3.88 EPS for the current fiscal year.

FMC Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FMC. BNP Paribas downgraded FMC from an outperform rating to a neutral rating and set a $56.00 target price for the company. in a research note on Wednesday, February 7th. UBS Group upgraded shares of FMC from a neutral rating to a buy rating and boosted their target price for the company from $61.00 to $84.00 in a report on Wednesday, March 20th. Royal Bank of Canada cut their price target on shares of FMC from $61.00 to $59.00 and set an outperform rating for the company in a report on Thursday, February 8th. BMO Capital Markets cut their target price on shares of FMC from $63.00 to $61.00 and set a market perform rating on the stock in a research note on Wednesday, February 7th. Finally, Loop Capital upped their price target on FMC from $55.00 to $65.00 and gave the stock a hold rating in a report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, FMC has an average rating of Hold and a consensus price target of $71.88.

Insider Buying and Selling

In other news, CFO Andrew D. Sandifer purchased 2,150 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The shares were purchased at an average price of $59.22 per share, for a total transaction of $127,323.00. Following the purchase, the chief financial officer now directly owns 50,088 shares of the company’s stock, valued at approximately $2,966,211.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.81% of the stock is 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.