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 $7.50 for the period, compared to the consensus EPS 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.

Analysts Set New Price Targets

Several brokerages have recently issued reports on AGCO. Citigroup lifted their price target on AGCO from $88.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. Robert W. Baird cut their price target on shares of AGCO from $139.00 to $129.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Oppenheimer dropped their price objective on AGCO from $131.00 to $111.00 and set an “outperform” rating on the stock in a research note on Wednesday. StockNews.com downgraded AGCO from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Finally, The Goldman Sachs Group dropped their price objective on shares of AGCO from $112.00 to $99.00 and set a “neutral” rating on the stock in a report on Wednesday. One investment 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 company has an average rating of “Hold” and a consensus price target of $114.40.

AGCO Stock Performance

Shares of NYSE AGCO traded up $4.16 during trading on Wednesday, reaching $94.39. 1,210,481 shares of the stock traded hands, compared to its average volume of 769,139. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.52 and a quick ratio of 0.72. The stock has a market capitalization of $7.05 billion, a P/E ratio of 16.73, a price-to-earnings-growth ratio of 0.94 and a beta of 1.25. AGCO has a 52-week low of $84.35 and a 52-week high of $130.26. The company has a 50-day moving average of $95.52 and a 200-day moving average of $99.57.

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 analysts’ consensus estimates of $1.08 by ($0.40). AGCO had a net margin of 3.13% and a return on equity of 21.17%. The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.90 billion. During the same quarter last year, the firm earned $3.97 earnings per share. The firm’s revenue for the quarter was down 24.8% on a year-over-year basis. Analysts forecast that AGCO will post 7.87 EPS for the current fiscal year.

AGCO Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be issued a $0.29 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.16 annualized dividend and a dividend yield of 1.23%. AGCO’s dividend payout ratio is currently 20.71%.

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.