AGCO (NYSE:AGCO) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

AGCO (NYSE:AGCO) released its earnings results on Thursday. The industrial products company reported $2.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.03, Briefing.com reports. The company had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.99 billion. AGCO had a net margin of 8.13% and a return on equity of 26.96%. The firm’s quarterly revenue was down 12.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.51 EPS. AGCO updated its FY24 guidance to ~$12.00 EPS.

AGCO Trading Up 1.0 %

AGCO stock traded up $1.16 during midday trading on Friday, reaching $111.79. The stock had a trading volume of 1,097,316 shares, compared to its average volume of 712,588. The stock’s 50-day simple moving average is $116.61 and its 200 day simple moving average is $116.90. AGCO has a twelve month low of $105.77 and a twelve month high of $140.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.67 and a current ratio of 1.46. The stock has a market capitalization of $8.34 billion, a PE ratio of 7.15, a price-to-earnings-growth ratio of 0.64 and a beta of 1.32.

AGCO Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.04%. AGCO’s payout ratio is 7.42%.

Analyst Ratings Changes

Several equities analysts recently issued reports on AGCO shares. JPMorgan Chase & Co. reduced their price objective on shares of AGCO from $150.00 to $135.00 and set an “overweight” rating on the stock in a research note on Friday. Oppenheimer reduced their price target on AGCO from $154.00 to $145.00 and set an “outperform” rating on the stock in a research note on Friday. Truist Financial decreased their price objective on AGCO from $142.00 to $137.00 and set a “buy” rating on the stock in a report on Friday. Finally, StockNews.com lowered AGCO from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $140.86.

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.