AGCO (NYSE:AGCO) Posts Earnings Results, Beats Expectations By $0.03 EPS

AGCO (NYSE:AGCO) released its earnings results on Thursday. The industrial products company reported $2.32 EPS for the quarter, beating the consensus estimate of $2.29 by $0.03, Briefing.com reports. AGCO had a return on equity of 24.02% and a net margin of 7.90%. The firm had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.99 billion. During the same period in the prior year, the firm posted $3.51 earnings per share. The business’s quarterly revenue was down 12.1% compared to the same quarter last year. AGCO updated its FY24 guidance to ~$12.00 EPS.

AGCO Stock Up 1.1 %

Shares of NYSE:AGCO traded up $1.18 during midday trading on Friday, hitting $111.81. 1,097,646 shares of the company’s stock traded hands, compared to its average volume of 709,208. The firm’s fifty day moving average price is $116.61 and its two-hundred day moving average price is $116.88. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.67 and a current ratio of 1.99. AGCO has a twelve month low of $105.77 and a twelve month high of $140.46. The company has a market cap of $8.34 billion, a PE ratio of 7.56, a P/E/G ratio of 0.70 and a beta of 1.32.

AGCO Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 1.04%. The ex-dividend date is Tuesday, May 14th. AGCO’s payout ratio is currently 7.85%.

Analysts Set New Price Targets

A number of research firms have recently commented on AGCO. Truist Financial dropped their price objective on shares of AGCO from $142.00 to $137.00 and set a “buy” rating for the company in a research note on Friday. StockNews.com downgraded shares of AGCO from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. JPMorgan Chase & Co. lowered their price objective on shares of AGCO from $150.00 to $135.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Oppenheimer cut their target price on AGCO from $154.00 to $145.00 and set an “outperform” rating on the stock in a research report on Friday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, AGCO has a consensus rating of “Moderate Buy” and a consensus target price of $141.83.

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.