FMC reports earnings April 28 with short interest down 5.6% over the past month to 11.9% of float. Recent analyst upgrades cluster around $16–$21 targets, well above the $14.88 close.
Short interest stands at 14.85 million shares as of April 23, representing 11.9% of free float. The position has declined 5.6% over the past month, though it edged up 0.9% over the past week. Days to cover sits at 5.59 based on the most recent FINRA data. Cost to borrow is minimal at 0.46%, down 26% week-over-week. Utilisation remains low at 3.0%, far below the 52-week high of 24.6%.
The put/call ratio sits at 0.45, below the 20-day mean of 0.49 and registering a z-score of -0.88. Call activity has picked up relative to puts heading into the print. The current PCR sits near the lower end of the 52-week range (0.34–0.95), signalling more call-oriented positioning than recent months.
Analysts carry a mean price target of $17.41, implying 17% upside from current levels. Four firms raised targets in April alone. Goldman Sachs lifted its Buy-rated target to $21 on April 14, the most bullish call. Wells Fargo raised to $17 (Equal-Weight) on April 21, while RBC Capital increased to $16 (Sector Perform) on April 24. UBS brought its Neutral target to $17 on April 9. Benzinga's bull case highlights management's confidence in achieving ~$600 million EBITDA in the second half, aided by volume recovery in Latin America and U.S. momentum. The bear case cites a 9% year-over-year price decline in Q1 driven by Brazil competition and below-consensus Q2 guidance.
The stock trades at a P/E of 7.6, down from 8.3 a month ago. EV/EBITDA sits at 7.7, down 0.08 points over 30 days. Price-to-book is 0.84. Factor scores place FMC in the 58th percentile on 30-day EPS momentum but only the 10th percentile on 90-day EPS momentum. The dividend score ranks in the 96th percentile.
Insiders bought $469,000 net over the past 90 days, led by director Michael F. Barry's $250,000 purchase in early March. Vanguard increased its stake by 798,000 shares to 13.0 million (10.4% of shares). D.E. Shaw added 5.5 million shares to reach 4.8% ownership.
FMC last reported February 4–5, 2026. The stock has dropped 13.3% over the past week and is flat over one month.
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