FMC Corporation $FMC Stock: State of Alaska Department of Revenue Trims Stake

State of Alaska Department of Revenue reduced its holdings in FMC Corporation (NYSE:FMC) by 87.4% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 21,038 shares of the basic materials company’s stock after selling 145,639 shares during the quarter. State of Alaska Department of Revenue’s holdings in FMC were worth $187,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Bank of New York Mellon Corp bought a new stake in shares of FMC during the 2nd quarter valued at about $8,498,000. AXQ Capital LP lifted its holdings in FMC by 109.9% in the second quarter. AXQ Capital LP now owns 366,661 shares of the basic materials company’s stock worth $4,217,000 after acquiring an additional 191,945 shares during the last quarter. Wellington Management Group LLP lifted its holdings in FMC by 142.4% in the second quarter. Wellington Management Group LLP now owns 235,089 shares of the basic materials company’s stock worth $2,704,000 after acquiring an additional 138,098 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of FMC during the second quarter valued at approximately $1,175,000. Finally, Entropy Technologies LP bought a new position in shares of FMC during the first quarter valued at approximately $1,401,000. 91.86% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on FMC. The Goldman Sachs Group reissued a “buy” rating and issued a $18.00 price target on shares of FMC in a report on Friday, July 31st. BMO Capital Markets lowered their price objective on FMC from $11.00 to $7.50 and set a “market perform” rating for the company in a research note on Friday, October 16th. Morgan Stanley lowered their price objective on FMC from $15.50 to $12.00 and set an “equal weight” rating for the company in a research note on Friday, July 31st. Jefferies Financial Group lowered FMC from a “buy” rating to a “hold” rating and dropped their target price for the stock from $14.00 to $5.00 in a research report on Friday, October 16th. Finally, Zacks Research cut FMC from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 1st. Three investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $11.25.

FMC Stock Performance

Shares of NYSE:FMC opened at $4.70 on Wednesday. The firm’s 50 day moving average is $9.45 and its two-hundred day moving average is $12.61. FMC Corporation has a 52 week low of $4.56 and a 52 week high of $30.68.

FMC (NYSE:FMC) last released its quarterly earnings results on Wednesday, July 29th. The basic materials company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $841.40 million for the quarter, compared to the consensus estimate of $895.14 million. During the same period last year, the firm posted $0.69 EPS. The business’s quarterly revenue was down 17.5% on a year-over-year basis. On average, sell-side analysts predict that FMC Corporation will post 0.99 earnings per share for the current fiscal year.

FMC Profile

FMC Corporation (NYSE: FMC) is an agricultural sciences company that develops and markets crop protection products and technologies. Its portfolio is designed to help farmers manage weeds, insects and diseases that can affect crop yields and quality.

The company’s products include herbicides, insecticides, fungicides, biological crop protection products and seed treatment solutions. FMC also develops crop health technologies and digital tools intended to support more precise and efficient agricultural applications.

FMC serves farmers, agricultural retailers and distributors in major farming regions around the world, with products used across a broad range of crops.