Ag Growth International (TSE:AFN) Shares Down 26.3% - Here's What Happened

Key Points

• Ag Growth International shares plunged 26.3% to C$9.71, with trading volume 173% above average, after previously closing at C$13.18.
• The company reported a quarterly loss of C$2.06 per share, an 8.43% negative net margin and a 48.31% negative return on equity, while revenue totaled C$323.18 million.
• Analysts sharply reduced their price targets, bringing the average target to C$23.56 and maintaining a consensus “Hold” rating; meanwhile, director Gary Keith Anderson purchased nearly C$300,000 of company shares.

Ag Growth International Inc. (TSE:AFN - Get Free Report) was down 26.3% on Thursday . The stock traded as low as C$9.20 and last traded at C$9.71. Approximately 358,282 shares changed hands during mid-day trading, an increase of 173% from the average daily volume of 131,253 shares. The stock had previously closed at C$13.18.

Analyst Ratings Changes

A number of brokerages have commented on AFN. Desjardins cut their price target on shares of Ag Growth International from C$25.00 to C$20.00 and set a "buy" rating for the company in a research note on Friday, July 31st. National Bank Financial lowered their price objective on shares of Ag Growth International from C$20.00 to C$19.00 and set a "sector perform" rating on the stock in a research note on Friday, July 31st. Royal Bank Of Canada cut their target price on shares of Ag Growth International from C$30.00 to C$20.00 and set an "outperform" rating for the company in a research note on Friday, July 31st. Finally, ATB Cormark Capital Markets reduced their price target on Ag Growth International from C$25.00 to C$18.00 and set a "sector perform" rating for the company in a report on Friday, July 31st. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Ag Growth International currently has an average rating of "Hold" and an average price target of C$23.56.

Ag Growth International Stock Down 26.4%

The company has a debt-to-equity ratio of 541.43, a quick ratio of 0.84 and a current ratio of 1.30. The stock's fifty day simple moving average is C$14.97 and its two-hundred day simple moving average is C$19.01. The stock has a market capitalization of C$183.14 million, a P/E ratio of -1.56, a price-to-earnings-growth ratio of 1.30 and a beta of 1.15.

Ag Growth International (TSE:AFN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported C($2.06) EPS for the quarter. Ag Growth International had a negative net margin of 8.43% and a negative return on equity of 48.31%. The firm had revenue of C$323.18 million during the quarter. As a group, research analysts expect that Ag Growth International Inc. will post 6.5761006 EPS for the current fiscal year.

Insider Activity

In related news, Director Gary Keith Anderson bought 21,865 shares of the company's stock in a transaction on Friday, July 31st. The shares were purchased at an average cost of C$13.72 per share, for a total transaction of C$299,987.80. Following the completion of the purchase, the director directly owned 106,990 shares in the company, valued at C$1,467,902.80. The trade was a 25.69% increase in their ownership of the stock. 1.06% of the stock is currently owned by corporate insiders.

About Ag Growth International

Ag Growth International Inc is a leading manufacturer and supplier of equipment and solutions for the agriculture, fertilizer, feed, food and commercial sectors. With manufacturing facilities and operations on six continents, AGI provides complete systems and services that support producers and processors throughout the agricultural value chain.

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