Suffolk Capital Management LLC Invests $9.85 Million in FMC Corp (FMC)
Suffolk Capital Management LLC acquired a new stake in shares of FMC Corp (NYSE:FMC) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 133,141 shares of the basic materials company’s stock, valued at approximately $9,847,000. FMC comprises about 1.9% of Suffolk Capital Management LLC’s investment portfolio, making the stock its 23rd largest position.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in FMC. North Star Investment Management Corp. raised its position in shares of FMC by 16.3% during the 4th quarter. North Star Investment Management Corp. now owns 1,512 shares of the basic materials company’s stock valued at $112,000 after buying an additional 212 shares in the last quarter. SRS Capital Advisors Inc. purchased a new stake in shares of FMC during the 3rd quarter valued at about $125,000. Capital Guardian Trust Co. purchased a new stake in shares of FMC during the 3rd quarter valued at about $174,000. Cerebellum GP LLC raised its position in shares of FMC by 37.3% during the 4th quarter. Cerebellum GP LLC now owns 2,972 shares of the basic materials company’s stock valued at $220,000 after buying an additional 807 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of FMC during the 3rd quarter valued at about $239,000. 89.98% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently issued reports on the stock. Credit Suisse Group upped their target price on shares of FMC from $105.00 to $113.00 and gave the company an “outperform” rating in a research report on Tuesday, December 4th. ValuEngine cut shares of FMC from a “hold” rating to a “sell” rating in a research report on Wednesday, October 17th. Loop Capital assumed coverage on shares of FMC in a research report on Friday, November 9th. They set a “buy” rating and a $118.00 target price on the stock. Citigroup set a $96.00 target price on shares of FMC and gave the company a “buy” rating in a research report on Sunday, November 11th. Finally, Buckingham Research assumed coverage on shares of FMC in a research report on Wednesday, November 14th. They set a “buy” rating and a $106.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. FMC has a consensus rating of “Buy” and an average price target of $102.08.
FMC stock traded down $0.13 during midday trading on Wednesday, reaching $79.43. The stock had a trading volume of 1,656 shares, compared to its average volume of 694,380. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.54 and a quick ratio of 1.10. FMC Corp has a 52-week low of $69.36 and a 52-week high of $93.17. The firm has a market capitalization of $10.86 billion, a P/E ratio of 29.38, a price-to-earnings-growth ratio of 0.93 and a beta of 1.54.
FMC (NYSE:FMC) last posted its quarterly earnings data on Monday, November 5th. The basic materials company reported $0.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.06. FMC had a net margin of 22.28% and a return on equity of 26.26%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period in the prior year, the company posted $0.70 EPS. The firm’s revenue for the quarter was up 60.4% on a year-over-year basis. Research analysts anticipate that FMC Corp will post 5.99 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 17th. Investors of record on Friday, December 28th were given a $0.40 dividend. This is a positive change from FMC’s previous quarterly dividend of $0.17. This represents a $1.60 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date was Thursday, December 27th. FMC’s dividend payout ratio is 59.04%.
FMC declared that its Board of Directors has approved a share buyback program on Monday, December 3rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the basic materials company to repurchase up to 9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.
FMC Corporation, a diversified chemical company, provides solutions, applications, and products for the agricultural, consumer, and industrial markets worldwide. The company operates in two segments, FMC Agricultural Solutions and FMC Lithium. The FMC Agricultural Solutions segment develops, manufactures, markets, and sells crop protection chemicals, including insecticides, herbicides, and fungicides that 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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