AGCO (NYSE:AGCO) Releases FY24 Earnings Guidance

AGCO (NYSE:AGCO) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of approx $7.50 for the period, compared to the consensus estimate of $7.93. The company issued revenue guidance of approx $12.00 billion, compared to the consensus revenue estimate of $12.43 billion. AGCO also updated its FY 2024 guidance to 7.500-7.500 EPS.

AGCO Stock Performance

Shares of AGCO stock opened at $93.00 on Friday. AGCO has a 1 year low of $84.35 and a 1 year high of $130.26. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.72 and a current ratio of 1.52. The firm’s 50-day simple moving average is $95.67 and its 200-day simple moving average is $99.49. The firm has a market cap of $6.94 billion, a PE ratio of 16.81, a price-to-earnings-growth ratio of 0.93 and a beta of 1.25.

AGCO (NYSE:AGCO) last released its quarterly earnings results on Tuesday, November 5th. The industrial products company reported $0.68 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.40). The firm had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.90 billion. AGCO had a return on equity of 21.17% and a net margin of 3.13%. The firm’s revenue was down 24.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.97 EPS. Equities analysts forecast that AGCO will post 7.87 earnings per share for the current fiscal year.

AGCO Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be given a dividend of $0.29 per share. The ex-dividend date is Friday, November 15th. This represents a $1.16 annualized dividend and a dividend yield of 1.25%. AGCO’s dividend payout ratio is presently 20.71%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on AGCO shares. The Goldman Sachs Group reduced their price target on AGCO from $112.00 to $99.00 and set a “neutral” rating for the company in a research report on Wednesday. Robert W. Baird cut their target price on shares of AGCO from $139.00 to $129.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. JPMorgan Chase & Co. lowered their price target on AGCO from $130.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. StockNews.com downgraded AGCO from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, BMO Capital Markets began coverage on AGCO in a research report on Friday, August 9th. They set a “market perform” rating and a $96.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $114.40.

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.