AGCO (NYSE:AGCO) Updates FY24 Earnings Guidance

AGCO (NYSE:AGCO) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of ~$12.00 for the period, compared to the consensus EPS estimate of $12.84. The company issued revenue guidance of ~$13.5 billion, compared to the consensus revenue estimate of $13.55 billion.

AGCO Stock Up 1.1 %

NYSE:AGCO opened at $111.81 on Friday. The business’s fifty day moving average price is $116.61 and its 200 day moving average price is $116.88. The firm has a market capitalization of $8.34 billion, a price-to-earnings ratio of 7.56, a PEG ratio of 0.70 and a beta of 1.32. The company has a current ratio of 1.99, a quick ratio of 0.67 and a debt-to-equity ratio of 0.72. AGCO has a 1-year low of $105.77 and a 1-year high of $140.46.

AGCO (NYSE:AGCO) last issued its earnings results on Thursday, May 2nd. The industrial products company reported $2.32 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.03. The company had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.99 billion. AGCO had a return on equity of 24.02% and a net margin of 7.90%. The firm’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.51 EPS. On average, sell-side analysts forecast that AGCO will post 12 earnings per share for the current fiscal year.

AGCO Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date of this dividend is Tuesday, May 14th. AGCO’s dividend payout ratio (DPR) is currently 7.85%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on AGCO shares. Oppenheimer cut their price objective on AGCO from $154.00 to $145.00 and set an outperform rating for the company in a report on Friday. JPMorgan Chase & Co. cut their price target on AGCO from $150.00 to $135.00 and set an overweight rating for the company in a research note on Friday. StockNews.com cut AGCO from a buy rating to a hold rating in a research note on Friday, February 9th. Finally, Truist Financial cut their price objective on shares of AGCO from $142.00 to $137.00 and set a buy rating on the stock in a research report on Friday. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average 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.