AGCO (NYSE:AGCO) Announces Quarterly Earnings Results, Misses Expectations By $0.40 EPS

AGCO (NYSE:AGCO) announced its quarterly earnings results on Tuesday. The industrial products company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.40), Briefing.com reports. AGCO had a return on equity of 21.17% and a net margin of 3.13%. The company had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.90 billion. During the same quarter last year, the company posted $3.97 EPS. The company’s quarterly revenue was down 24.8% compared to the same quarter last year. AGCO updated its FY 2024 guidance to 7.500-7.500 EPS and its FY24 guidance to approx $7.50 EPS.

AGCO Stock Performance

Shares of AGCO opened at $94.52 on Thursday. The stock’s 50-day simple moving average is $95.60 and its 200 day simple moving average is $99.53. The stock has a market capitalization of $7.05 billion, a price-to-earnings ratio of 16.88, a price-to-earnings-growth ratio of 0.94 and a beta of 1.25. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.72 and a current ratio of 1.52. AGCO has a 52-week low of $84.35 and a 52-week high of $130.26.

AGCO Dividend Announcement

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

Analyst Ratings Changes

Several research firms have weighed in on AGCO. StockNews.com cut AGCO from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Barclays cut their price objective on AGCO from $145.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 18th. Citigroup boosted their price objective on AGCO from $88.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. cut their price objective on AGCO from $130.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Finally, The Goldman Sachs Group dropped their price target on AGCO from $112.00 to $99.00 and set a “neutral” rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, AGCO currently has a consensus rating of “Hold” and a consensus price target of $114.40.

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.