AGCO (NYSE:AGCO) Issues FY 2024 Earnings Guidance

AGCO (NYSE:AGCO) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 8.000-8.000 for the period, compared to the consensus earnings per share estimate of 10.950. The company issued revenue guidance of $12.5 billion-$12.5 billion, compared to the consensus revenue estimate of $13.1 billion. AGCO also updated its FY24 guidance to approx $8.00 EPS.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AGCO. Robert W. Baird cut their target price on AGCO from $139.00 to $129.00 and set an outperform rating for the company in a research report on Wednesday. Truist Financial reaffirmed a buy rating and set a $118.00 price objective (down from $130.00) on shares of AGCO in a report on Wednesday. Barclays lowered their target price on shares of AGCO from $145.00 to $110.00 and set an equal weight rating on the stock in a report on Thursday, July 18th. Citigroup initiated coverage on shares of AGCO in a research note on Wednesday, June 26th. They set a neutral rating and a $108.00 target price for the company. Finally, Oppenheimer decreased their price target on shares of AGCO from $133.00 to $132.00 and set an outperform rating on the stock in a research note on Monday, July 22nd. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, AGCO currently has an average rating of Hold and a consensus price target of $121.20.

AGCO Trading Down 1.8 %

Shares of NYSE AGCO traded down $1.77 during midday trading on Wednesday, hitting $94.46. The company’s stock had a trading volume of 1,368,229 shares, compared to its average volume of 759,688. AGCO has a 12-month low of $92.75 and a 12-month high of $136.42. The company has a current ratio of 1.99, a quick ratio of 1.09 and a debt-to-equity ratio of 0.72. The firm has a market cap of $7.05 billion, a P/E ratio of 6.42, a price-to-earnings-growth ratio of 0.70 and a beta of 1.27. The business’s 50 day moving average is $101.18 and its two-hundred day moving average is $111.00.

AGCO (NYSE:AGCO) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.53 EPS for the quarter, missing the consensus estimate of $2.90 by ($0.37). The company had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.48 billion. AGCO had a return on equity of 24.02% and a net margin of 7.90%. The company’s quarterly revenue was down 15.1% on a year-over-year basis. During the same period in the prior year, the business earned $4.29 EPS. As a group, equities research analysts expect that AGCO will post 10.95 EPS for the current year.

AGCO Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, August 15th will be issued a $0.29 dividend. The ex-dividend date is Thursday, August 15th. This represents a $1.16 annualized dividend and a dividend yield of 1.23%. AGCO’s payout ratio is currently 7.85%.

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.