Primecap Management Co. CA Buys New Shares in FMC Corporation (NYSE:FMC)

Key Points

• Primecap Management Co. CA acquired a new stake in FMC Corporation, purchasing 231,500 shares valued at approximately $9.77 million, representing 0.19% ownership of the company.
• FMC announced a quarterly dividend of $0.58 per share to be paid on October 16, 2023, which translates to an annualized yield of 6.4%.
• Wall Street analysts have mixed views on FMC, with a consensus rating of "Hold" and an average price target of $50.38.

Primecap Management Co. CA purchased a new stake in shares of FMC Corporation (NYSE:FMC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 231,500 shares of the basic materials company's stock, valued at approximately $9,767,000. Primecap Management Co. CA owned about 0.19% of FMC as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its stake in shares of FMC by 7.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,375,911 shares of the basic materials company's stock worth $212,714,000 after purchasing an additional 321,241 shares in the last quarter. Invesco Ltd. raised its position in FMC by 37.8% during the fourth quarter. Invesco Ltd. now owns 3,559,107 shares of the basic materials company's stock worth $173,008,000 after acquiring an additional 977,110 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in FMC by 44.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,286,177 shares of the basic materials company's stock valued at $111,131,000 after acquiring an additional 707,727 shares during the last quarter. Northern Trust Corp lifted its stake in FMC by 3.9% in the fourth quarter. Northern Trust Corp now owns 1,926,284 shares of the basic materials company's stock valued at $93,637,000 after acquiring an additional 71,929 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of FMC by 1.3% in the 4th quarter. Ameriprise Financial Inc. now owns 1,495,609 shares of the basic materials company's stock valued at $72,712,000 after acquiring an additional 18,777 shares during the period. 91.86% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FMC. Morgan Stanley dropped their target price on shares of FMC from $46.00 to $42.00 and set an "equal weight" rating on the stock in a report on Friday, August 1st. KeyCorp upped their price objective on FMC from $53.00 to $61.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. UBS Group cut their price objective on FMC from $45.00 to $44.00 and set a "neutral" rating for the company in a research report on Thursday, July 31st. Barclays lifted their target price on FMC from $48.00 to $49.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. Finally, Mizuho upgraded FMC from a "neutral" rating to an "outperform" rating and set a $49.00 price target on the stock in a research note on Friday, April 25th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, FMC presently has an average rating of "Hold" and an average target price of $50.38.

FMC Price Performance

NYSE:FMC opened at $36.47 on Friday. FMC Corporation has a 52 week low of $32.83 and a 52 week high of $67.75. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.14 and a current ratio of 1.53. The firm's 50-day simple moving average is $41.94 and its 200 day simple moving average is $41.10. The firm has a market cap of $4.56 billion, a price-to-earnings ratio of 45.59, a P/E/G ratio of 1.13 and a beta of 0.75.

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

FMC Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 16th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 6.4%. The ex-dividend date is Tuesday, September 30th. FMC's dividend payout ratio is presently 290.00%.

FMC Company 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.

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