AGCO (NYSE:AGCO) Releases Quarterly Earnings Results

AGCO (NYSE:AGCO) issued its quarterly earnings results on Tuesday. The industrial products company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.40), Briefing.com reports. The firm had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.90 billion. AGCO had a net margin of 3.13% and a return on equity of 21.17%. The business’s revenue for the quarter was down 24.8% on a year-over-year basis. During the same quarter last 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 Stock Performance

AGCO stock traded down $0.40 during mid-day trading on Thursday, hitting $94.12. 1,010,570 shares of the company’s stock traded hands, compared to its average volume of 774,428. AGCO has a fifty-two week low of $84.35 and a fifty-two week high of $130.26. The stock has a market cap of $7.03 billion, a price-to-earnings ratio of 16.81, a P/E/G ratio of 0.94 and a beta of 1.25. The firm has a 50 day simple moving average of $95.67 and a two-hundred day simple moving average of $99.49. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.52 and a quick ratio of 0.72.

AGCO Dividend Announcement

The firm also recently declared 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 yield of 1.23%. The ex-dividend date is Friday, November 15th. AGCO’s dividend payout ratio (DPR) is presently 20.71%.

Wall Street Analysts Forecast Growth

Several research firms have commented on AGCO. Citigroup boosted their target price on AGCO from $88.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. reduced their target price on shares of AGCO from $130.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. UBS Group lowered their price target on shares of AGCO from $107.00 to $104.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. The Goldman Sachs Group reduced their price objective on shares of AGCO from $112.00 to $99.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Robert W. Baird decreased their price objective on AGCO from $139.00 to $129.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, AGCO presently has a consensus rating of “Hold” and a consensus target price 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.