Truist Financial Corp Lowers Stake in FMC Co. (NYSE:FMC)

Truist Financial Corp cut its holdings in shares of FMC Co. (NYSE:FMC) by 9.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,022 shares of the basic materials company’s stock after selling 790 shares during the quarter. Truist Financial Corp’s holdings in FMC were worth $462,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of FMC. Riverview Trust Co purchased a new position in shares of FMC in the 1st quarter valued at $27,000. Benjamin F. Edwards & Company Inc. raised its position in FMC by 114.3% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 568 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 303 shares during the last quarter. LRI Investments LLC acquired a new position in shares of FMC in the first quarter valued at approximately $39,000. UMB Bank n.a. raised its position in shares of FMC by 56.9% in the second quarter. UMB Bank n.a. now owns 678 shares of the basic materials company’s stock valued at $39,000 after buying an additional 246 shares during the last quarter. Finally, Sentry Investment Management LLC acquired a new position in shares of FMC in the first quarter valued at approximately $45,000. 91.86% of the stock is currently owned by institutional investors and hedge funds.

FMC Stock Performance

NYSE:FMC opened at $62.73 on Thursday. FMC Co. has a twelve month low of $49.49 and a twelve month 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 company has a 50-day moving average of $63.22 and a 200-day moving average of $60.68. The firm has a market cap of $7.83 billion, a price-to-earnings ratio of 7.00, a price-to-earnings-growth ratio of 1.53 and a beta of 0.85.

FMC (NYSE:FMC) last posted its quarterly earnings data on Wednesday, July 31st. The basic materials company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.08. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. FMC had a net margin of 33.97% and a return on equity of 7.52%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.50 earnings per share. Analysts forecast that FMC Co. will post 3.4 earnings per share for the current fiscal year.

FMC Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 17th. Investors of record on Monday, September 30th will be issued a $0.58 dividend. The ex-dividend date is Monday, September 30th. This represents a $2.32 dividend on an annualized basis and a yield of 3.70%. FMC’s dividend payout ratio is currently 25.89%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on FMC shares. BMO Capital Markets boosted their target price on shares of FMC from $60.00 to $65.00 and gave the company a “market perform” rating in a report on Friday, August 2nd. Barclays upped their price target on shares of FMC from $62.00 to $65.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. upped their price target on shares of FMC from $50.00 to $59.00 and gave the company a “neutral” rating in a report on Monday, August 12th. KeyCorp dropped their target price on shares of FMC from $81.00 to $79.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, Redburn Atlantic upgraded shares of FMC from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 19th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $66.64.

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.