FMC Corp (NYSE:FMC) Shares Bought by Wells Fargo & Company MN
Wells Fargo & Company MN lifted its position in shares of FMC Corp (NYSE:FMC) by 17.9% in the first quarter, Holdings Channel reports. The institutional investor owned 570,119 shares of the basic materials company’s stock after purchasing an additional 86,458 shares during the period. Wells Fargo & Company MN’s holdings in FMC were worth $43,796,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in FMC. Vanguard Group Inc boosted its holdings in shares of FMC by 0.4% in the 3rd quarter. Vanguard Group Inc now owns 14,445,070 shares of the basic materials company’s stock worth $1,259,321,000 after purchasing an additional 62,905 shares during the period. SG Americas Securities LLC boosted its holdings in shares of FMC by 4.9% in the 4th quarter. SG Americas Securities LLC now owns 25,403 shares of the basic materials company’s stock worth $1,879,000 after purchasing an additional 1,181 shares during the period. TD Asset Management Inc. boosted its holdings in shares of FMC by 1.8% in the 4th quarter. TD Asset Management Inc. now owns 39,283 shares of the basic materials company’s stock worth $2,905,000 after purchasing an additional 692 shares during the period. ETF Managers Group LLC boosted its holdings in shares of FMC by 15.7% in the 4th quarter. ETF Managers Group LLC now owns 1,701 shares of the basic materials company’s stock worth $126,000 after purchasing an additional 231 shares during the period. Finally, IndexIQ Advisors LLC boosted its holdings in shares of FMC by 10.6% in the 4th quarter. IndexIQ Advisors LLC now owns 8,726 shares of the basic materials company’s stock worth $645,000 after purchasing an additional 834 shares during the period. Institutional investors and hedge funds own 90.00% of the company’s stock.
A number of brokerages have recently commented on FMC. Zacks Investment Research upgraded FMC from a “hold” rating to a “buy” rating and set a $77.00 target price for the company in a report on Monday, June 3rd. Morgan Stanley began coverage on FMC in a report on Monday, May 20th. They issued an “equal weight” rating and a $82.00 target price for the company. Royal Bank of Canada cut FMC from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $100.00 to $87.00 in a report on Thursday, April 18th. They noted that the move was a valuation call. Loop Capital set a $102.00 target price on FMC and gave the stock a “buy” rating in a report on Friday, April 12th. Finally, KeyCorp dropped their target price on FMC from $105.00 to $95.00 and set an “overweight” rating for the company in a report on Friday, April 12th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. FMC currently has a consensus rating of “Buy” and a consensus price target of $93.33.
FMC (NYSE:FMC) last issued its earnings results on Monday, May 6th. The basic materials company reported $1.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.62 by $0.10. FMC had a return on equity of 27.53% and a net margin of 9.57%. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the prior year, the business earned $1.84 EPS. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. Research analysts predict that FMC Corp will post 5.78 EPS for the current fiscal year.
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 issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.00%. The ex-dividend date is Thursday, June 27th. FMC’s dividend payout ratio is 25.44%.
In other FMC news, insider Mark Douglas sold 18,500 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $75.12, for a total value of $1,389,720.00. Following the completion of the sale, the insider now directly owns 47,594 shares in the company, valued at approximately $3,575,261.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Pierre R. Brondeau sold 33,000 shares of the business’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $73.09, for a total value of $2,411,970.00. Following the completion of the transaction, the chief executive officer now directly owns 284,814 shares of the company’s stock, valued at $20,817,055.26. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.
FMC Company Profile
FMC Corporation, a diversified chemical company, provides solutions, applications, and products for the agricultural, consumer, and industrial markets worldwide. The company operates in two segments, FMC Agricultural Solutions and FMC Lithium. The FMC Agricultural Solutions segment develops, manufactures, markets, and sells crop protection chemicals, including insecticides, herbicides, and fungicides that 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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