Royal Bank of Canada Issues Positive Forecast for FMC (NYSE:FMC) Stock Price

FMC (NYSE:FMC) had its target price upped by Royal Bank of Canada from $78.00 to $81.00 in a research note issued to investors on Friday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the basic materials company’s stock.

A number of other equities research analysts have also commented on the stock. KeyCorp lowered their price target on shares of FMC from $81.00 to $79.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Redburn Atlantic raised shares of FMC from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 19th. Citigroup assumed coverage on shares of FMC in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $67.00 price target on the stock. BMO Capital Markets upped 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. Finally, Wells Fargo & Company lowered their price objective on shares of FMC from $68.00 to $62.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, FMC currently has an average rating of “Hold” and an average price target of $68.00.

FMC Price Performance

NYSE:FMC traded down $1.84 during mid-day trading on Friday, hitting $63.15. 1,088,860 shares of the stock traded hands, compared to its average volume of 1,697,158. The business’s 50-day moving average price is $63.21 and its 200 day moving average price is $60.88. The company has a market cap of $7.88 billion, a PE ratio of 5.43, a price-to-earnings-growth ratio of 1.71 and a beta of 0.85. FMC has a 12-month low of $49.49 and a 12-month high of $68.72. The company has a quick ratio of 1.07, a current ratio of 1.48 and a debt-to-equity ratio of 0.65.

FMC (NYSE:FMC) last announced its earnings results on Tuesday, October 29th. The basic materials company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.20. The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.04 billion. FMC had a net margin of 34.93% and a return on equity of 7.68%. FMC’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.44 earnings per share. On average, analysts expect that FMC will post 3.3 EPS for the current fiscal year.

Hedge Funds Weigh In On FMC

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of FMC by 13.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,422 shares of the basic materials company’s stock worth $855,000 after purchasing an additional 1,583 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of FMC by 32.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,467 shares of the basic materials company’s stock valued at $539,000 after buying an additional 2,084 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in shares of FMC by 15.9% during the 1st quarter. Commonwealth Equity Services LLC now owns 26,119 shares of the basic materials company’s stock valued at $1,664,000 after buying an additional 3,575 shares in the last quarter. Norden Group LLC purchased a new position in shares of FMC during the 1st quarter valued at approximately $313,000. Finally, Diversify Advisory Services LLC purchased a new position in shares of FMC during the 1st quarter valued at approximately $493,000. Hedge funds and other institutional investors own 91.86% of the company’s stock.

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.