Granite Investment Partners LLC Reduces Stock Position in FMC Co. (NYSE:FMC)

Granite Investment Partners LLC lessened its holdings in shares of FMC Co. (NYSE:FMC) by 1.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 67,800 shares of the basic materials company’s stock after selling 1,201 shares during the period. Granite Investment Partners LLC owned about 0.05% of FMC worth $3,902,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Legacy Wealth Asset Management LLC lifted its position in FMC by 4.6% during the first quarter. Legacy Wealth Asset Management LLC now owns 4,007 shares of the basic materials company’s stock valued at $255,000 after purchasing an additional 175 shares during the period. Taylor Frigon Capital Management LLC boosted its position in FMC by 1.5% in the first quarter. Taylor Frigon Capital Management LLC now owns 12,581 shares of the basic materials company’s stock worth $801,000 after purchasing an additional 183 shares during the last quarter. Wahed Invest LLC grew its stake in shares of FMC by 9.5% during the 4th quarter. Wahed Invest LLC now owns 2,131 shares of the basic materials company’s stock valued at $134,000 after purchasing an additional 184 shares during the period. Massmutual Trust Co. FSB ADV raised its position in FMC by 27.7% in the first quarter. Massmutual Trust Co. FSB ADV now owns 866 shares of the basic materials company’s stock worth $55,000 after acquiring an additional 188 shares during the period. Finally, WCM Investment Management LLC boosted its stake in shares of FMC by 2.1% during the 1st quarter. WCM Investment Management LLC now owns 9,358 shares of the basic materials company’s stock worth $596,000 after acquiring an additional 196 shares during the last quarter. Institutional investors own 91.86% of the company’s stock.

Wall Street Analyst Weigh In

FMC has been the topic of a number of recent research reports. BMO Capital Markets raised their target price on FMC from $60.00 to $65.00 and gave the stock a “market perform” rating in a report on Friday, August 2nd. Redburn Atlantic raised FMC from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 19th. KeyCorp reduced their target price 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. Wells Fargo & Company dropped their price target on shares of FMC from $68.00 to $62.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. Finally, Barclays raised their price objective on shares of FMC from $62.00 to $65.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $68.63.

FMC Trading Down 3.4 %

FMC opened at $62.04 on Friday. The stock has a 50-day moving average of $61.73 and a 200 day moving average of $60.66. The company has a current ratio of 1.48, a quick ratio of 1.07 and a debt-to-equity ratio of 0.66. FMC Co. has a 12 month low of $49.49 and a 12 month high of $71.01. The firm has a market cap of $7.74 billion, a P/E ratio of 6.92, a P/E/G ratio of 1.52 and a beta of 0.85.

FMC (NYSE:FMC) last released its quarterly earnings results on Wednesday, July 31st. The basic materials company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.08. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. FMC had a return on equity of 7.52% and a net margin of 33.97%. FMC’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 EPS. As a group, research analysts forecast that FMC Co. will post 3.41 EPS for the current year.

FMC Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 17th. Shareholders of record on Monday, September 30th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.74%. The ex-dividend date is Monday, September 30th. FMC’s payout ratio is currently 25.89%.

About FMC

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.