AGCO (NYSE:AGCO) Releases FY 2024 Earnings Guidance

AGCO (NYSE:AGCO) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 8.000-8.000 for the period, compared to the consensus 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.

AGCO Stock Performance

NYSE:AGCO traded down $5.72 during mid-day trading on Tuesday, hitting $96.33. The company’s stock had a trading volume of 951,775 shares, compared to its average volume of 749,796. AGCO has a 1 year low of $92.75 and a 1 year high of $136.42. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.99 and a quick ratio of 1.09. The stock has a market cap of $7.19 billion, a price-to-earnings ratio of 6.47, a PEG ratio of 0.71 and a beta of 1.27. The business’s fifty day moving average is $101.42 and its two-hundred day moving average is $111.15.

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

AGCO Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Thursday, August 15th will be paid a $0.29 dividend. The ex-dividend date is Thursday, August 15th. This represents a $1.16 annualized dividend and a dividend yield of 1.20%. AGCO’s dividend payout ratio (DPR) is 7.85%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AGCO shares. JPMorgan Chase & Co. reduced their target price on shares of AGCO from $135.00 to $130.00 and set an overweight rating on the stock in a report on Friday, June 28th. Oppenheimer lowered their price objective on shares of AGCO from $133.00 to $132.00 and set an outperform rating on the stock in a research report on Monday, July 22nd. Barclays lowered their price objective on shares of AGCO from $145.00 to $110.00 and set an equal weight rating on the stock in a research report on Thursday, July 18th. The Goldman Sachs Group lowered their price objective on shares of AGCO from $127.00 to $112.00 and set a neutral rating on the stock in a research report on Thursday, July 11th. Finally, Citigroup initiated coverage on shares of AGCO in a report on Wednesday, June 26th. They set a neutral rating and a $108.00 price objective on the stock. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, AGCO currently has a consensus rating of Hold and a consensus price target of $126.63.

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.