AGCO (NYSE:AGCO) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

AGCO (NYSE:AGCO - Get Free Report) announced its quarterly earnings data on Thursday. The industrial products company reported $2.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.29 by $0.03, Briefing.com reports. The firm had revenue of $2.93 billion for the quarter, compared to analysts' expectations of $2.99 billion. AGCO had a net margin of 8.13% and a return on equity of 26.96%. The business's revenue for the quarter was down 12.1% on a year-over-year basis. During the same period last year, the firm earned $3.51 earnings per share. AGCO updated its FY24 guidance to ~$12.00 EPS.

AGCO Price Performance

Shares of NYSE AGCO traded up $1.16 during midday trading on Friday, reaching $111.79. The company's stock had a trading volume of 1,097,316 shares, compared to its average volume of 712,588. The company has a market cap of $8.34 billion, a P/E ratio of 7.15, a P/E/G ratio of 0.64 and a beta of 1.32. AGCO has a fifty-two week low of $105.77 and a fifty-two week high of $140.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.67 and a current ratio of 1.46. The business's 50 day moving average price is $116.61 and its two-hundred day moving average price is $116.90.

AGCO Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.04%. The ex-dividend date is Tuesday, May 14th. AGCO's dividend payout ratio (DPR) is 7.42%.

Analyst Ratings Changes

Several brokerages have commented on AGCO. Truist Financial lowered their target price on shares of AGCO from $142.00 to $137.00 and set a "buy" rating for the company in a research note on Friday. StockNews.com downgraded AGCO from a "buy" rating to a "hold" rating in a research note on Friday, February 9th. Oppenheimer lowered their price target on AGCO from $154.00 to $145.00 and set an "outperform" rating for the company in a report on Friday. Finally, JPMorgan Chase & Co. reduced their price target on shares of AGCO from $150.00 to $135.00 and set an "overweight" rating for the company in a report on Friday. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $140.86.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.