Old North State Wealth Management LLC Invests in FMC Co.

Old North State Wealth Management LLC has made a new investment in FMC Co. (NYSE:FMC) during the third quarter of the year, as revealed in its latest Form 13F filing with the SEC. The institutional investor purchased 45,335 shares of the basic materials company's stock, representing a value of around $2,989,000. FMC now constitutes approximately 1.7% of Old North State Wealth Management LLC's investment portfolio, marking it as the 24th largest position held by the firm.

Investment Activity by Other Hedge Funds

Other hedge funds have also altered their positions in FMC Co. Recently, Dark Forest Capital Management LP increased its stake by 3.1% in the second quarter, bringing its total to 6,465 shares worth $372,000 after purchasing an additional 192 shares. Similarly, HB Wealth Management LLC raised its investment in FMC by 3.8%, holding 5,649 shares valued at $325,000 post acquisition of 208 more shares. CreativeOne Wealth LLC grew its stake by 6.7%, now possessing 3,926 shares worth $250,000 after buying an additional 246 shares. Furthermore, UMB Bank n.a. upped its stake by a significant 56.9%, owning 678 shares worth $39,000 after acquiring 246 more shares. Lastly, Benjamin Edwards Inc. expanded its investment by 24.3%, resulting in ownership of 1,326 shares worth $76,000 after acquiring 259 additional shares. Collectively, institutional investors and hedge funds own approximately 91.86% of FMC's stock.

FMC Stock Performance

FMC stock opened at $63.15 on the Nasdaq exchange recently, displaying a 2.8% decline. The company has a 50-day simple moving average of $63.21 and a 200-day simple moving average of $60.92. FMC Co. boasts a market capitalization of $7.88 billion, with a price-to-earnings (P/E) ratio of 5.43 and a P/E to growth (P/G) ratio of 1.66. Furthermore, the company reports a debt-to-equity ratio of 0.65, a current ratio of 1.48, and a quick ratio of 1.07. The stock has ranged from a low of $49.49 to a high of $68.72 in the past year.

Recent Earnings Results

The latest earnings report for FMC was released on October 29th. The company reported earnings per share (EPS) of $0.69, surpassing the consensus estimate of $0.49 by $0.20. FMC recorded a net margin of 34.93% and a return on equity (ROE) of 7.68%. Revenue for the quarter totaled $1.07 billion, exceeding the forecast of $1.04 billion, and marking an 8.5% increase year-over-year from the same quarter last year.

Analysts' Outlook and Price Targets

FMC has been actively discussed in various research reports. Recently, BMO Capital Markets raised their price target for FMC from $60.00 to $65.00 while assigning a "market perform" rating. Likewise, JPMorgan Chase & Co. adjusted their price target upward from $50.00 to $59.00, labeling it as "neutral." Barclays also raised their target for FMC shares from $62.00 to $65.00, maintaining an "equal weight" rating while Royal Bank of Canada increased their target from $78.00 to $81.00, giving an "outperform" rating. KeyCorp revised their target downward from $81.00 to $79.00, still categorizing the stock as "overweight." As it stands, one analyst has issued a sell rating for FMC, ten have rated it hold, four have given buy ratings, and one has indicated a strong buy. According to MarketBeat.com, FMC has a consensus rating of "Hold" with an average price target of $68.00.

FMC Company Overview

FMC Corporation specializes in agricultural sciences, providing a range of products for crop protection, plant health, and pest management. This includes a variety of crop protection chemicals such as insecticides, herbicides, and fungicides, as well as biological products and crop nutrition solutions aimed at enhancing agricultural yield and quality.

investment, finance, stocks