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FMC Corporation FMC has received regulatory approvals for its Keenali herbicide, powered by Dodhylex active, in Peru. With this approval, FMC’s first active ingredient and commercial product has received global registration for this breakthrough herbicide technology. Dodhylex active is the first and only herbicide to be classified as a Group 28 herbicide by the Herbicide Resistance Action Committee and the Weed Science Society of America.
This marks a huge step in the field of agricultural innovation and scientific leadership, FMC noted. Continuous research on the use of Dodhylex is being conducted to discover new benefits in additional crops, including corn, soybean, sugarcane and sunflower to combat resistant weeds.
With its proven performance in matters of crop safety and broad utility in Japonica and Indica rice, Keenali, with the new mode of action, is now set to offer Peruvian rice growers an effective solution for managing yield-reducing and resistant grass weeds, including key grass weeds. This approval has made 10% of more than 4.5 million planted hectares of rice across Latin America accessible to FMC.
Keenali herbicide is anticipated to be commercially available in Peru in August. FMC awaits approval for Dodhylex active in other countries of Latin America. It has also submitted regulatory applications to India, Japan, Malaysia, South Korea, Taiwan and the United States for Keenali. FMC remains committed to innovation and a disciplined approach to advancing new molecules that help combat resistance and support food security for a growing population.
FMC stock has lost 34.5% over the past year compared with the industry’s 10.6% decline.
Image Source: Zacks Investment Research
FMC’s Zacks Rank and Key Picks
FMC currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation CRS, DRDGOLD Limited DRD and Idaho Strategic Resources, Inc. IDR. While CRS sports a Zacks Rank #1 (Strong Buy) at present, DRD and IDR carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Carpenter Technology’s current fiscal-year earnings is pegged at $6.95 per share. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 15.7%. CRS’ shares have soared 116.9% in the past year.
The Zacks Consensus Estimate for DRD’s current-year earnings is pegged at $1.06 per share, indicating a 29.3% year-over-year rise. Its shares have soared 102.4% in the past year.