FMC Co. (NYSE:FMC) Shares Purchased by Bank of New York Mellon Corp

Posted by MarketBeat News on Mar 19th, 2023

Bank of New York Mellon Corp lifted its position in FMC Co. (NYSE:FMC – Get Rating) by 10.0% during the third quarter, HoldingsChannel.com reports. The fund owned 1,471,168 shares of the basic materials company’s stock after acquiring an additional 133,207 shares during the period. Bank of New York Mellon Corp’s holdings in FMC were worth $155,502,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in FMC. PGGM Investments acquired a new stake in shares of FMC in the third quarter worth approximately $55,578,000. Invesco Ltd. lifted its position in FMC by 41.5% during the first quarter. Invesco Ltd. now owns 1,581,629 shares of the basic materials company’s stock worth $208,094,000 after buying an additional 463,542 shares in the last quarter. Glenview Capital Management LLC lifted its position in FMC by 112.8% during the second quarter. Glenview Capital Management LLC now owns 758,499 shares of the basic materials company’s stock worth $81,167,000 after buying an additional 401,978 shares in the last quarter. Manning & Napier Group LLC lifted its position in FMC by 30.0% during the third quarter. Manning & Napier Group LLC now owns 1,727,229 shares of the basic materials company’s stock worth $182,566,000 after buying an additional 398,785 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in FMC by 14.3% during the third quarter. Price T Rowe Associates Inc. MD now owns 3,085,382 shares of the basic materials company’s stock worth $326,126,000 after buying an additional 386,465 shares in the last quarter. 88.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FMC. Redburn Partners upgraded FMC from a “neutral” rating to a “buy” rating and set a $155.00 price objective on the stock in a research report on Friday. KeyCorp lifted their price objective on FMC from $140.00 to $144.00 and gave the stock an “overweight” rating in a research report on Thursday, February 9th. Morgan Stanley upgraded FMC from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $125.00 to $145.00 in a research report on Tuesday, January 10th. Mizuho restated a “buy” rating and issued a $146.00 target price on shares of FMC in a research report on Wednesday, February 8th. Finally, Wells Fargo & Company lifted their target price on FMC from $141.00 to $148.00 and gave the company an “overweight” rating in a research report on Monday, January 9th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $144.08.

Insider Buying and Selling

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In related news, insider Nicholas Pfeiffer sold 4,421 shares of the business’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $129.70, for a total transaction of $573,403.70. Following the completion of the transaction, the insider now directly owns 12,064 shares of the company’s stock, valued at approximately $1,564,700.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Nicholas Pfeiffer sold 4,421 shares of the company’s stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $129.70, for a total transaction of $573,403.70. Following the completion of the transaction, the insider now directly owns 12,064 shares of the company’s stock, valued at approximately $1,564,700.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Andrew D. Sandifer sold 5,000 shares of the company’s stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $127.77, for a total value of $638,850.00. Following the transaction, the chief financial officer now directly owns 39,061 shares of the company’s stock, valued at $4,990,823.97. The disclosure for this sale can be found here. Insiders sold 11,376 shares of company stock valued at $1,465,016 in the last three months. 0.57% of the stock is owned by corporate insiders.

FMC Price Performance

FMC stock opened at $116.07 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.00 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $14.52 billion, a PE ratio of 19.94, a P/E/G ratio of 1.46 and a beta of 0.84. FMC Co. has a 12-month low of $98.24 and a 12-month high of $140.99. The business’s fifty day moving average price is $127.42 and its 200 day moving average price is $121.98.

FMC (NYSE:FMC – Get Rating) last released its earnings results on Wednesday, February 8th. The basic materials company reported $2.37 EPS for the quarter, topping the consensus estimate of $2.32 by $0.05. FMC had a return on equity of 29.29% and a net margin of 12.69%. The firm had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the firm posted $2.16 EPS. FMC’s revenue for the quarter was up 14.7% on a year-over-year basis. On average, sell-side analysts anticipate that FMC Co. will post 7.92 EPS for the current year.

FMC Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 20th. Investors of record on Friday, March 31st will be paid a dividend of $0.58 per share. The ex-dividend date is Thursday, March 30th. This represents a $2.32 annualized dividend and a yield of 2.00%. FMC’s payout ratio is 39.86%.

FMC Company Profile

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FMC Corp. is an agricultural sciences company, which engages in the provision of solutions to growers and development of pipeline in crop protection, plant health, precision agriculture, and professional pest, and turf management. It offers insect control products under the Rynaxypyr and Cyazypyr brands, herbicides under the Authority, Boral, Centium, Command, and Gamit brands, insecticides under the Talstar and Hero brands, flutriafol-based fungicides, and bionematicides under the Quartzo and Presence brands.