AGCO (NYSE:AGCO) Issues FY24 Earnings Guidance

AGCO (NYSE:AGCO) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of approx $7.50 for the period, compared to the consensus estimate of $7.93. The company issued revenue guidance of approx $12.00 billion, compared to the consensus revenue estimate of $12.43 billion. AGCO also updated its FY 2024 guidance to 7.500-7.500 EPS.

AGCO Stock Performance

AGCO stock traded up $4.16 during midday trading on Wednesday, reaching $94.39. The company had a trading volume of 1,210,481 shares, compared to its average volume of 769,139. AGCO has a fifty-two week low of $84.35 and a fifty-two week high of $130.26. The firm has a market capitalization of $7.05 billion, a PE ratio of 16.73, a P/E/G ratio of 0.94 and a beta of 1.25. 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 stock has a 50 day moving average price of $95.52 and a 200 day moving average price of $99.57.

AGCO (NYSE:AGCO) last issued its quarterly earnings data on Tuesday, November 5th. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.40). AGCO had a return on equity of 21.17% and a net margin of 3.13%. The business had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.90 billion. During the same quarter in the prior year, the firm posted $3.97 earnings per share. The business’s quarterly revenue was down 24.8% on a year-over-year basis. Analysts anticipate that AGCO will post 7.87 earnings per share for the current year.

AGCO Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be given a $0.29 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.16 annualized dividend and a yield of 1.23%. AGCO’s dividend payout ratio (DPR) is 20.71%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. UBS Group decreased their price objective on AGCO from $107.00 to $104.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. Oppenheimer lowered their price target on AGCO from $131.00 to $111.00 and set an “outperform” rating on the stock in a report on Wednesday. Robert W. Baird decreased their target price on AGCO from $139.00 to $129.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Truist Financial lifted their target price on shares of AGCO from $118.00 to $127.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, StockNews.com downgraded AGCO from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $114.40.

AGCO Company Profile

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.