FMC (NYSE:FMC) Releases Q2 2024 Earnings Guidance

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

Shares of FMC traded up $1.53 during mid-day trading on Thursday, hitting $66.37. 316,739 shares of the company traded hands, compared to its average volume of 1,972,016. The stock has a market cap of $8.28 billion, a price-to-earnings ratio of 6.16, a P/E/G ratio of 1.99 and a beta of 0.88. The stock has a 50-day moving average price of $60.99 and a two-hundred day moving average price of $57.84. FMC has a 1 year low of $49.49 and a 1 year high of $112.10. 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 (NYSE:FMC) last released its quarterly earnings results on Monday, May 6th. The basic materials company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.01. FMC had a return on equity of 12.98% and a net margin of 29.45%. The firm had revenue of $918.00 million for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the prior year, the firm earned $1.77 EPS. The company’s revenue was down 31.7% compared to the same quarter last year. Equities analysts anticipate that FMC will post 3.88 earnings per share for the current year.

FMC Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Friday, June 28th will be paid 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 dividend yield of 3.50%. FMC’s dividend payout ratio is currently 22.03%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FMC. Royal Bank of Canada decreased their target price on FMC from $61.00 to $59.00 and set an outperform rating on the stock in a report on Thursday, February 8th. Mizuho upped their price target on shares of FMC from $55.00 to $57.00 and gave the stock a neutral rating in a research report on Tuesday. BMO Capital Markets lowered 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. Wells Fargo & Company boosted their price objective on FMC from $65.00 to $68.00 and gave the company an equal weight rating in a research report on Wednesday. Finally, KeyCorp increased their target price on FMC from $79.00 to $81.00 and gave the stock an overweight rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $71.69.

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 shares were bought at an average price of $59.22 per share, with a total value of $127,323.00. Following the completion of the transaction, the chief financial officer now directly owns 50,088 shares in the company, valued at $2,966,211.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company 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.