AGCO (NYSE:AGCO) Issues Earnings Results

AGCO (NYSE:AGCO) released its quarterly earnings data on Tuesday. The industrial products company reported $0.68 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.40), Briefing.com reports. The company had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.90 billion. AGCO had a net margin of 3.13% and a return on equity of 21.17%. AGCO’s revenue for the quarter was down 24.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.97 earnings per share. AGCO updated its FY 2024 guidance to 7.500-7.500 EPS and its FY24 guidance to approx $7.50 EPS.

AGCO Trading Up 3.4 %

AGCO stock traded up $3.05 during mid-day trading on Wednesday, hitting $93.28. 626,615 shares of the stock were exchanged, compared to its average volume of 766,423. The stock has a market capitalization of $6.96 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 0.94 and a beta of 1.25. AGCO has a 12 month low of $84.35 and a 12 month high of $130.26. The company has a quick ratio of 0.72, a current ratio of 1.52 and a debt-to-equity ratio of 0.89. The firm’s fifty day simple moving average is $95.52 and its two-hundred day simple moving average is $99.57.

AGCO Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend is Friday, November 15th. AGCO’s dividend payout ratio is currently 20.71%.

Analysts Set New Price Targets

Several brokerages have issued reports on AGCO. Barclays cut their price objective on shares of AGCO from $145.00 to $110.00 and set an “equal weight” rating for the company in a research report on Thursday, July 18th. Oppenheimer reduced their price target on AGCO from $131.00 to $111.00 and set an “outperform” rating for the company in a research note on Wednesday. Citigroup increased their price objective on AGCO from $88.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. StockNews.com downgraded AGCO from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, Truist Financial increased their price target on AGCO from $118.00 to $127.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $114.40.

About AGCO

AGCO Corporation manufactures and distributes agricultural equipment and related replacement parts worldwide. It offers horsepower tractors for row crop production, soil cultivation, planting, land leveling, seeding, and commercial hay operations; utility tractors for small- and medium-sized farms, as well as for dairy, livestock, orchards, and vineyards; and compact tractors for small farms, specialty agricultural industries, landscaping, equestrian, and residential uses.