Archer-Daniels-Midland (NYSE:ADM) Releases Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Archer-Daniels-Midland (NYSE:ADM) posted its earnings results on Tuesday. The company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.11, Yahoo Finance reports. The firm had revenue of $21.85 billion during the quarter, compared to the consensus estimate of $22.26 billion. Archer-Daniels-Midland had a net margin of 3.71% and a return on equity of 15.25%. The company’s revenue was down 9.2% on a year-over-year basis. During the same quarter last year, the company earned $2.09 earnings per share. Archer-Daniels-Midland updated its FY24 guidance to $5.25-$6.25 EPS.

Archer-Daniels-Midland Stock Up 0.9 %

Shares of NYSE:ADM traded up $0.53 during midday trading on Wednesday, reaching $59.19. The company’s stock had a trading volume of 2,111,891 shares, compared to its average volume of 5,846,652. The firm has a 50 day moving average of $59.32 and a 200-day moving average of $64.94. The firm has a market capitalization of $29.70 billion, a P/E ratio of 9.26 and a beta of 0.77. The company has a quick ratio of 0.95, a current ratio of 1.60 and a debt-to-equity ratio of 0.34. Archer-Daniels-Midland has a 12-month low of $50.72 and a 12-month high of $87.30.

Archer-Daniels-Midland announced that its board has authorized a share buyback program on Tuesday, March 12th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ADM shares. BMO Capital Markets reduced their target price on shares of Archer-Daniels-Midland from $66.00 to $60.00 and set a “market perform” rating for the company in a research note on Wednesday, March 13th. Barclays cut shares of Archer-Daniels-Midland from an “overweight” rating to an “underweight” rating and set a $60.00 price target for the company. in a research note on Monday, January 22nd. Jefferies Financial Group lowered their price objective on shares of Archer-Daniels-Midland from $70.00 to $65.00 and set a “hold” rating for the company in a report on Wednesday, March 13th. StockNews.com lowered shares of Archer-Daniels-Midland from a “buy” rating to a “hold” rating in a report on Monday, January 22nd. Finally, TheStreet lowered shares of Archer-Daniels-Midland from a “b-” rating to a “c+” rating in a report on Monday, February 12th. One investment analyst has rated the stock with a sell rating and fifteen have issued a hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $67.50.

About Archer-Daniels-Midland

Archer-Daniels-Midland Company engages in the procurement, transportation, storage, processing, and merchandising of agricultural commodities, ingredients, flavors, and solutions in the United States, Switzerland, the Cayman Islands, Brazil, Mexico, Canada, the United Kingdom, and internationally. It operates in three segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition.