King Luther Capital Management Corp Sells 205,851 Shares of FMC Corporation (NYSE:FMC)

Key Points

• King Luther Capital Management Corp reduced its holdings in FMC Corporation by 17.0%, ending the quarter with 1,004,348 shares valued at approximately $42.37 million.
• FMC announced a quarterly dividend of $0.58 per share which will be paid on October 16th, with a substantial yield of 6.5%.
• The company reported earnings of $0.69 per share for the last quarter, exceeding analysts' expectations, along with a revenue of $1.05 billion.

King Luther Capital Management Corp cut its position in shares of FMC Corporation (NYSE:FMC - Free Report) by 17.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,004,348 shares of the basic materials company's stock after selling 205,851 shares during the quarter. King Luther Capital Management Corp owned about 0.80% of FMC worth $42,373,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in FMC. Entropy Technologies LP acquired a new position in shares of FMC during the 1st quarter valued at $248,000. Covestor Ltd lifted its holdings in FMC by 19.5% during the 1st quarter. Covestor Ltd now owns 3,640 shares of the basic materials company's stock worth $154,000 after buying an additional 593 shares during the last quarter. Koss Olinger Consulting LLC bought a new position in shares of FMC in the 1st quarter worth about $2,056,000. Townsquare Capital LLC raised its position in shares of FMC by 18.7% during the 1st quarter. Townsquare Capital LLC now owns 13,704 shares of the basic materials company's stock worth $578,000 after purchasing an additional 2,163 shares during the period. Finally, Citigroup Inc. grew its position in shares of FMC by 118.2% during the first quarter. Citigroup Inc. now owns 221,850 shares of the basic materials company's stock worth $9,360,000 after acquiring an additional 120,193 shares during the last quarter. Institutional investors and hedge funds own 91.86% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on FMC shares. Morgan Stanley lowered their target price on shares of FMC from $46.00 to $42.00 and set an "equal weight" rating on the stock in a research note on Friday, August 1st. UBS Group lowered their price target on FMC from $45.00 to $44.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. Wells Fargo & Company upgraded FMC from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $41.00 to $50.00 in a report on Monday, June 23rd. Wall Street Zen raised FMC from a "sell" rating to a "hold" rating in a research report on Saturday, June 14th. Finally, KeyCorp increased their price objective on FMC from $53.00 to $61.00 and gave the company an "overweight" rating in a report on Monday, July 14th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $49.58.

FMC Stock Down 1.3%

Shares of FMC traded down $0.48 during trading hours on Thursday, hitting $37.06. The stock had a trading volume of 690,478 shares, compared to its average volume of 2,573,681. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.53 and a quick ratio of 1.14. The firm has a 50 day simple moving average of $41.55 and a 200-day simple moving average of $40.57. The firm has a market capitalization of $4.63 billion, a P/E ratio of 46.35, a price-to-earnings-growth ratio of 1.09 and a beta of 0.75. FMC Corporation has a 1-year low of $32.83 and a 1-year high of $67.75.

FMC (NYSE:FMC - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The basic materials company reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.10. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $995.15 million. FMC had a return on equity of 9.36% and a net margin of 2.42%. The company's quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.63 EPS. Sell-side analysts predict that FMC Corporation will post 3.48 EPS for the current fiscal year.

FMC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 16th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.32 dividend on an annualized basis and a yield of 6.3%. FMC's payout ratio is presently 290.00%.

FMC Profile

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.