Archer-Daniels-Midland (NYSE:ADM) Issues FY24 Earnings Guidance

Archer-Daniels-Midland (NYSE:ADM - Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $5.25-$6.25 for the period, compared to the consensus estimate of $5.57.

Archer-Daniels-Midland Stock Down 3.3 %

Shares of NYSE:ADM traded down $2.03 during trading hours on Tuesday, reaching $58.66. The stock had a trading volume of 6,730,570 shares, compared to its average volume of 5,893,585. The firm's 50 day moving average is $59.21 and its 200-day moving average is $65.04. Archer-Daniels-Midland has a 1 year low of $50.72 and a 1 year high of $87.30. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.95 and a current ratio of 1.60. The stock has a market capitalization of $29.43 billion, a price-to-earnings ratio of 9.20 and a beta of 0.77.

Archer-Daniels-Midland declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, March 12th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 6.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ADM has been the subject of a number of recent research reports. TheStreet cut shares of Archer-Daniels-Midland from a b- rating to a c+ rating in a research note on Monday, February 12th. Robert W. Baird cut shares of Archer-Daniels-Midland from an outperform rating to a neutral rating and decreased their price target for the stock from $96.00 to $61.00 in a research note on Monday, January 22nd. Roth Capital cut shares of Archer-Daniels-Midland from a buy rating to a neutral rating in a research note on Monday, January 22nd. Jefferies Financial Group decreased their price target on shares of Archer-Daniels-Midland from $70.00 to $65.00 and set a hold rating for the company in a research note on Wednesday, March 13th. Finally, Citigroup increased their price target on shares of Archer-Daniels-Midland from $63.00 to $64.00 and gave the stock a neutral rating in a research note on Wednesday, April 3rd. One analyst has rated the stock with a sell rating and fifteen have assigned a hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $67.50.

Archer-Daniels-Midland Company Profile

Archer-Daniels-Midland Company engages in the procurement, transportation, storage, processing, and merchandising of agricultural commodities, ingredients, flavors, and solutions in the United States, Switzerland, the Cayman Islands, Brazil, Mexico, Canada, the United Kingdom, and internationally. It operates in three segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition.