AGCO (NYSE:AGCO) Issues FY24 Earnings Guidance

AGCO (NYSE:AGCO) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of approx $8.00 for the period, compared to the consensus EPS estimate of $10.96. The company issued revenue guidance of approx $12.50 billion, compared to the consensus revenue estimate of $13.11 billion. AGCO also updated its FY 2024 guidance to 8.000-8.000 EPS.

AGCO Stock Performance

AGCO traded down $4.93 during trading hours on Tuesday, hitting $97.12. 853,423 shares of the stock were exchanged, compared to its average volume of 749,151. The stock has a 50-day simple moving average of $101.42 and a 200-day simple moving average of $111.15. AGCO has a 12 month low of $92.75 and a 12 month high of $136.42. The stock has a market cap of $7.25 billion, a price-to-earnings ratio of 6.47, a price-to-earnings-growth ratio of 0.71 and a beta of 1.27. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.99 and a quick ratio of 1.09.

AGCO (NYSE:AGCO) last issued its quarterly earnings data on Monday, May 6th. The industrial products company reported $2.32 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.03. The business had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.99 billion. AGCO had a net margin of 7.90% and a return on equity of 24.02%. The company’s revenue was down 12.1% on a year-over-year basis. During the same period in the previous year, the business earned $3.51 earnings per share. Analysts anticipate that AGCO will post 10.95 earnings per share for the current year.

AGCO Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, August 15th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $1.16 dividend on an annualized basis and a yield of 1.19%. AGCO’s dividend payout ratio is currently 7.85%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on AGCO shares. Citigroup started coverage on AGCO in a research note on Wednesday, June 26th. They set a neutral rating and a $108.00 target price on the stock. Oppenheimer reduced their price target on AGCO from $133.00 to $132.00 and set an outperform rating for the company in a report on Monday, July 22nd. Truist Financial reduced their price target on AGCO from $142.00 to $137.00 and set a buy rating for the company in a report on Friday, May 3rd. Raymond James initiated coverage on AGCO in a report on Friday, June 28th. They set a market perform rating for the company. Finally, The Goldman Sachs Group reduced their price target on AGCO from $127.00 to $112.00 and set a neutral rating for the company in a report on Thursday, July 11th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $126.63.

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.