Citigroup Begins Coverage on FMC (NYSE:FMC)

Citigroup assumed coverage on shares of FMC (NYSE:FMC) in a research report sent to investors on Wednesday morning, MarketBeat reports. The firm issued a neutral rating and a $67.00 price target on the basic materials company’s stock.

FMC has been the subject of a number of other research reports. BMO Capital Markets lifted their target price on shares of FMC from $60.00 to $65.00 and gave the company a “market perform” rating in a research note on Friday, August 2nd. Wells Fargo & Company reduced their price objective on FMC from $68.00 to $62.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. Barclays boosted their target price on FMC from $62.00 to $65.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Redburn Atlantic raised FMC from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 19th. Finally, JPMorgan Chase & Co. boosted their price target on FMC from $50.00 to $59.00 and gave the company a “neutral” rating in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, FMC has an average rating of “Hold” and a consensus target price of $66.67.

FMC Stock Performance

Shares of FMC stock opened at $62.13 on Wednesday. The company has a market capitalization of $7.75 billion, a price-to-earnings ratio of 6.93, a P/E/G ratio of 1.53 and a beta of 0.85. FMC has a 1-year low of $49.49 and a 1-year high of $68.72. The company has a current ratio of 1.48, a quick ratio of 1.07 and a debt-to-equity ratio of 0.66. The stock’s fifty day simple moving average is $63.34 and its 200-day simple moving average is $60.75.

FMC (NYSE:FMC) last released its earnings results on Wednesday, July 31st. The basic materials company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.08. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. FMC had a return on equity of 7.52% and a net margin of 33.97%. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.50 EPS. On average, sell-side analysts predict that FMC will post 3.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On FMC

Several large investors have recently made changes to their positions in FMC. Price T Rowe Associates Inc. MD increased its position in FMC by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,061,828 shares of the basic materials company’s stock worth $322,439,000 after buying an additional 1,316,133 shares during the period. AQR Capital Management LLC increased its position in FMC by 317.7% during the second quarter. AQR Capital Management LLC now owns 1,099,389 shares of the basic materials company’s stock worth $63,160,000 after acquiring an additional 836,179 shares during the period. Vanguard Group Inc. increased its position in FMC by 5.3% during the first quarter. Vanguard Group Inc. now owns 15,290,219 shares of the basic materials company’s stock worth $973,987,000 after acquiring an additional 768,432 shares during the period. Maple Rock Capital Partners Inc. bought a new stake in FMC in the 1st quarter valued at $37,686,000. Finally, Pzena Investment Management LLC acquired a new stake in FMC in the 2nd quarter worth $33,191,000. Institutional investors and hedge funds own 91.86% 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.