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Archer-Daniels-Midland Company , headquartered in Chicago, Illinois, is a global leader in the agricultural processing and food ingredients industry. With a market cap of $29.89 billion, ADM provides a vast array of products and services across categories such as nutrition, animal feed, and biofuels.
Companies valued at $10 billion or more are classified as "large-cap" stocks, and Archer-Daniels-Midland is a prime example of this, underscoring its significant scale, stability, and influence within the global agriculture and food industry. ADM continues to drive innovation and deliver value across global markets, focusing on sustainable solutions and food security.
ADM shares are trading 24.6% below their 52-week high of $80.14, which they hit on Sep. 20, 2023. The stock has gained marginally over the past three months, underperforming the Consumer Staples Select Sector SPDR Fund , which has gained 7.4% over the same time frame.
In the longer term, ADM is down 16.3% on a YTD basis, and the shares have declined 23.8% over the past 52 weeks. In comparison, the XLP has gained 15.8% in 2024 and rallied 17% over the past year.
To confirm its bearish trend, ADM has been trading below its 50-day moving average since early September and the 200-day moving average since mid-July.
Following the release of its Q2 earnings on Jul. 30, ADM’s stock declined by 1.3% and continued to trade in the red for the subsequent five sessions. The company reported an 11.7% year-over-year decline in revenues to $22.2 billion and a significant 50.9% drop in adjusted net income to $508 million.
ADM has lagged behind its rival, FMC Corporation , which marginally gained on a YTD basis.
Given the stock's recent weak price performance, analysts are cautious about ADM's prospects. The stock has a consensus rating of "Hold" from 11 analysts in coverage. The mean price target is $62.50, which indicates that the stock trades at a premium.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
FMC Corporation FMC benefits from efforts to expand its product portfolio through new product launches and its restructuring actions amid headwinds from pricing and cost pressures and a slower demand recovery.
FMC’s shares are down 14.1% in a year compared with a 7.1% decline of its industry.
Let’s find out why FMC stock is worth retaining at the moment.
New Products, Restructuring Actions Aid FMC Stock
FMC remains focused on strengthening its product portfolio. It is investing in technologies as well as new product launches to enhance value to the farmers. New products launched in Europe, North America and Asia are gaining significant traction. Product introductions are expected to support the company’s results this year.
FMC generated $590 million in sales in 2023 from new products launched in the past five years. It expects revenues from new products to grow by roughly $200 million in 2024. It expects a significant amount of volume growth to come from new products in the second half of 2024. FMC is seeing strong gains in new products including Coragen eVo and Premio Star insecticides and the Onsuva fungicide in Latin America.
The acquisition of BioPhero ApS, a Denmark-based pheromone research and production company, also adds biologically produced state-of-the-art pheromone insect control technology to the company’s product portfolio and R&D pipeline, highlighting FMC's role as a leader in delivering innovative and sustainable crop protection solutions.
The company is also expected to benefit from reduced input costs, favorable product mix and its cost-control actions. It benefited from favorable input costs in the second quarter of 2024. FMC is also making progress with its global restructuring and cost-reduction program. It sees benefits from restructuring to contribute $75-$100 million to full-year 2024 adjusted EBITDA, net of inflation.
Pricing and Cost Pressures to Weigh on FMC’s Margins
FMC is exposed to headwinds from pricing pressure in all regions. In the second quarter of 2024, a 14% year-over-year increase in volumes on the back of improved demand was offset by a 10% decline in prices. Lower prices were partly driven by competitive pressure due to demand recovery and strategic pricing on less differentiated products. The pricing pressure is expected to continue in the third quarter.
Factoring in the slower demand recovery and pricing headwinds, FMC has updated its revenue outlook for full-year 2024 and now sees revenues between $4.30 billion and $4.50 billion, indicating a 2% decline at the midpoint compared to 2023. The revised guidance is 4% lower at the midpoint versus its earlier guidance. While the company is seeing a return of demand in most regions, the recovery has been slower than what it had originally expected.
FMC also faces challenges from significant unobserved fixed costs, which are expected to weigh on its profits. It faces headwinds from a higher cost of goods sold (COGS) in the in the third quarter of 2024. It expects COGS headwinds of roughly $40 million in the third quarter mainly related to unabsorbed fixed costs associated with reduced manufacturing activities. Cost headwinds are expected to weigh on FMC’s EBITDA in the third quarter and full-year 2024.
FMC Corporation Stock Price and Consensus
FMC Corporation price-consensus-chart | FMC Corporation Quote
FMC’s Zacks Rank & Other Key Picks
FMC currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the Basic Materials space are, Hawkins, Inc. HWKN, IAMGOLD Corporation IAG and Eldorado Gold Corporation EGO, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $4.14, indicating a rise of 15.3% from year-ago levels. The Zacks Consensus Estimate for HWKN’s current fiscal-year earnings has increased 12.8% in the past 60 days. The stock has rallied around 95% in the past year.
The consensus estimate for IAMGOLD’s current-year earnings has increased by 46.4% in the past 60 days. IAG beat the consensus estimate in each of the last four quarters with the average surprise being 200%. Its shares have shot up roughly 115% in the past year.
The Zacks Consensus Estimate for Eldorado Gold’s current year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. EGO beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 430.3%. The company's shares have rallied roughly 75% in the past year.
Zacks Investment Research
Launched on 05/08/2007, the First Trust Materials AlphaDEX ETF (FXZ) is a passively managed exchange traded fund designed to provide a broad exposure to the Materials - Broad segment of the equity market.
While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.
Additionally, sector ETFs offer convenient ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Materials - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 15, placing it in bottom 6%.
Index Details
The fund is sponsored by First Trust Advisors. It has amassed assets over $335.44 million, making it one of the average sized ETFs attempting to match the performance of the Materials - Broad segment of the equity market. FXZ seeks to match the performance of the StrataQuant Materials Index before fees and expenses.
The StrataQuant Materials Index is a modified equal-dollar weighted index designed by the AMEX to objectively identify and select stocks from the Russell 1000 Index that may generate positive alpha relative to traditional passive style indices through the use of the AlphaDEX screening methodology.
Costs
Expense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.
Annual operating expenses for this ETF are 0.62%, making it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 1.62%.
Sector Exposure and Top Holdings
While ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Materials sector--about 88.70% of the portfolio. Industrials and Consumer Discretionary round out the top three.
Looking at individual holdings, United States Steel Corporation (X) accounts for about 5.36% of total assets, followed by Fmc Corporation (FMC) and Reliance Inc. (RS).
The top 10 holdings account for about 45.74% of total assets under management.
Performance and Risk
The ETF has lost about -6.77% so far this year and is up roughly 0.83% in the last one year (as of 09/17/2024). In that past 52-week period, it has traded between $58.78 and $72.04.
The ETF has a beta of 1.19 and standard deviation of 24.31% for the trailing three-year period, making it a medium risk choice in the space. With about 38 holdings, it has more concentrated exposure than peers.
Alternatives
First Trust Materials AlphaDEX ETF carries a Zacks ETF Rank of 3 (Hold), which is based on expected asset class return, expense ratio, and momentum, among other factors. Thus, FXZ is a good option for those seeking exposure to the Materials ETFs area of the market. Investors might also want to consider some other ETF options in the space.
Materials Select Sector SPDR ETF (XLB) tracks Materials Select Sector Index and the FlexShares Morningstar Global Upstream Natural Resources ETF (GUNR) tracks Morningstar Global Upstream Natural Resources Index. Materials Select Sector SPDR ETF has $5.47 billion in assets, FlexShares Morningstar Global Upstream Natural Resources ETF has $5.46 billion. XLB has an expense ratio of 0.09% and GUNR charges 0.46%.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
The latest trading session saw Archer Daniels Midland (ADM) ending at $60.41, denoting a +0.03% adjustment from its last day's close. The stock's performance was behind the S&P 500's daily gain of 0.13%. Meanwhile, the Dow gained 0.55%, and the Nasdaq, a tech-heavy index, lost 0.52%.
Shares of the agribusiness giant have appreciated by 2.2% over the course of the past month, underperforming the Consumer Staples sector's gain of 4.49% and the S&P 500's gain of 3.67%.
The investment community will be closely monitoring the performance of Archer Daniels Midland in its forthcoming earnings report. The company is predicted to post an EPS of $1.38, indicating a 15.34% decline compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $20.94 billion, indicating a 3.49% decrease compared to the same quarter of the previous year.
ADM's full-year Zacks Consensus Estimates are calling for earnings of $5.33 per share and revenue of $88.06 billion. These results would represent year-over-year changes of -23.64% and -6.25%, respectively.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Archer Daniels Midland. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.47% downward. Right now, Archer Daniels Midland possesses a Zacks Rank of #4 (Sell).
Looking at valuation, Archer Daniels Midland is presently trading at a Forward P/E ratio of 11.33. This signifies a discount in comparison to the average Forward P/E of 21.49 for its industry.
The Agriculture - Operations industry is part of the Consumer Staples sector. This industry currently has a Zacks Industry Rank of 143, which puts it in the bottom 44% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
Sept 13 (Reuters) - Basis bids for corn and soybeans shipped by barge to the U.S. Gulf Coast were firmer on Friday on rising freight costs and as shippers anticipated a restart of export loading following terminal closures caused by Hurricane Francine, traders said.
* Soybean basis values have firmed this week as barge freight costs climbed while demand for new-crop supplies has improved, particularly from top importer China. Worries about dry late-season weather in the United States and an arid start to Brazil's season also kept a floor under prices.
* Spot barge freight costs in the Midwest have surged by 50 to 125 percentage points of tariff in the past week on rising harvest-season demand and low water problems on the lower Mississippi River that are restricting tonnage per barge.
* Rains from the now-downgraded Hurricane Francine are expected to lift river levels, but not by much. The waterway at Memphis is still forecast to fall to within about 3.5 feet of its all-time low later this month, according to National Water Prediction Service data.
* Shippers are loading less grain in barges to limit drafts in the low water conditions. Barge lines are also restricting the number of barges per tow to navigate the narrower shipping channel.
* CIF corn barges loaded in September were bid 2 cents higher at 70 cents over Chicago Board of Trade December CZ24 futures.
* October export premiums were unquoted on tight near-term export loading capacity following recent rain delays and the hurricane, traders said.
* FOB Gulf export premiums for corn shipped in November were unchanged at 110 cents over CBOT December futures.
* CIF September soy barges were bid 7 cents higher at 68 cents over CBOT November soybean SX24 futures.
* FOB November soy export premiums were unchanged at 117 cents over futures.
(Reporting by Karl Plume in ChicagoEditing by Marguerita Choy)
(( karl.plume@thomsonreuters.com ; +1 313 484 5285) )
For displays of CIF basis, click on the codes in brackets: U.S. CIF Gulf soybeans GRYM U.S. CIF Gulf corn GRYN U.S. CIF Gulf SRW wheat GRYO U.S. CIF Gulf HRW wheat GRYPFor displays of FOB basis, please click on the following codes in brackets: U.S. FOB Gulf corn GRZC U.S. FOB Gulf soybeans GRZD U.S. FOB Gulf SRW wheat GRZE U.S. FOB Gulf HRW wheat GRZF LINKS Corn prices page: Open=corn-cash-marketWheat prices page: Open=wheat-cash-marketU.S. barge freight BG/USU.S. export sales estimates USDA/ESTU.S. grain export summary GRA/UBrazil soybean export prices SYBSBrazil corn export prices SYBXArgentina grain prices GRA/ARGRussia grain prices GRA/RU
Keywords: USA-GRAINS/EXPORTS
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